This is an excellent summary of what happened. This is also an excellent example of the Randian philosophy that is so rampant on Wall Street. To wit: "I'm smart

This is an excellent summary of what happened. This is also an excellent example of the Randian philosophy that is so rampant on Wall Street. To wit: "I'm smart, you're dumb, so I win, you loose." Matt Taibbi had a nice summary of this recently: http://www.guardian.co.uk/business/2010/apr/24/will-goldman-prove-greed-is-god http://www.guardian.co.uk/business/2010/apr/24/will-goldman-... Of course, the problem with this attitude is that it actively works against the establishment of a Pareto efficient system, and I think we're seeing the results of that with the most recent economic downturn. I don't know enough about the laws to say whether your assertion that no laws were broken is true or not. All I can say is that I hope some laws were broken. If not, then this does not speak well of the US's ability to regulate itself in such a way that benefits the nation, rather than benefitting a select few.