Judging from Goldman Sachs’ (GS) response to the SEC charges — in which they cite Magnetar’s activities — and Magnetar’s response to ProPublica, we can only conclude that the #1 line on Wall Street is: Everyone else did it too.
That’s basically it.
Whether what everyone else did was illegal or not doesn’t matter, because prosecutors can always find an ex-post facto way to illegalize past activity that appears to be untoward.
So in the end, it’s probably not going to work.
Business Insider Emails & Alerts
Site highlights each day to your inbox.