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Do these guys ever learn? Apparenlty, Goldman Sachs Chairman Lloyd Blankfein, who previously claimed that he was on Wall Street doing “God’s work,” doesn’t know when to be quiet. This time he told a Congressional panel that the 2008 financial meltdown couldn’t have been predicted and was unavoidable, similar to the string of hurricanes that struck the East Coast in 2004. The WaPo’s Dana Milbank recounts the scene in which Chairman Phil Angelides chastises Blankfein for his arrogant analogy:
“Look, how would you look at the risk of a hurricane?” the man from Goldman retorted.
“Acts of God we’ll exempt,” Angelides said. “These were acts of men and women.”
It seems the Wall Street barons continue to shirk responsibility for the financial crisis. Banks that were too big to fail before the crisis are bigger than ever. Executive bonuses and compensation plans continue to reward risky behavior. And Wall Street continues to bet on exotic financial instruments that do nothing but encourage irresponsible speculation.
Want to know what needs to be done to rein in the banksters? Join Public Citizen President Robert Weissman for a live online chat Friday, noon EST. Click here to sign up.