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Bill Black talks to Bethany McLean and Maria Bartiromo about Goldman Sachs

In the video below, Bill Black argues that the Obama Administration, following in its tradition of not bringing forward criminal prosecutions, decided not to prosecute Goldman Sachs. Bethany McLean argues the other side, that the Justice Department had a weak case. The host, Maria Bartiromo, appears to side with McLean.

My take: Given the declining number of prosecutions in the financial service industry despite an epic financial crisis, Standard Chartered will also escape prosecution. They will settle, paying a large fine without an admission of guilt except in the case of the $14 million which they have already admitted to.

About 

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.

1 Comment

  1. MTS67 says:

    She is a crook; put the facts in her Wikipedia article.

    Bethany McLean is an ex-Goldman employee that eagerly supports Wall Street criminals. Before this, she was writing articles smearing companies in concert with hedgefunds shorting the same companies.

    Check out the emails used in an ongoing criminal case:
    “From: Marc Cohodes
    Sent: Wednesday, March 21, 2007 9:51 AM
    To: Bethany McLean
    Subject: ffh

    you hear anything there??? the stock is up 45 points since your piece and I dont understand it… ”

    “From: Bethany McLean
    Sent: Wednesday, March 21, 2007 11:51:57 AM
    To: Marc Cohodes
    Subject: Re: ffh

    I’m getting the same question from other people. No, I don’t have a clue. I’m worried they’ve gotten the SEC or the Southern District to take them seriously –”

    “From: Bethany McLean
    Sent: Thursday, March 22, 2007 6:12:48 PM
    To: Marc Cohodes
    Subject: Re: ffh

    Sorry to be a little bad-tempered. This FFH story almost killed me, so I hate hearing that it was pointless. Maybe it’ll be a long, slow thing..”

    http://www.youtube.com/watch?v=FHQeZ9czrKc