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There he is! Get him! Goldman Sachs chairman Lloyd Blankfein testifies in Senate

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The chairman and CEO of Goldman Sachs, Lloyd Blankfein (not shown), attempts to testify Tuesday before the Senate Governmental Affairs Subcommittee on Investigations.

Do you think the Democratic Obama administration has been successful in driving the Washington media's attention and, therefore, the country's toward its financial reform bill and the evil bankers in you-know-where and away from the unpopular legislation, now law, having to do with you-know-what and health insurance?

Next up for public distraction: Pretending to seek immigration reform.

The Democrat-controlled subcommittee is allegedly probing the role of investment banking in the recent financial crisis. Facing civil fraud charges lodged by federal regulators, Goldman has been set up as the current villain in the Senate show hearing.

Senate investigators say that Goldman earned $3.7 billion by selling short during the collapse of the mortgage market, which precipitated the swift decline of the economy, which the administration says it is attempting to fix.

Goldman executives have denied any wrongdoing and portrayed their operations as business as usual, much like these kinds of hollow hearings are for the Senate, in fact. In the tradition of old-fashioned American capitalists, Goldman shareholders (also not shown) have not objected to the company's profits.

So much for the nearly $1 million Goldman folks donated to the Obama campaign in 2008. Don't bother calling them for the rest of this year.

Our blog buddy Michael Muskal has more on the Capitol Hill entertainment over here and right here and also over here

-- Andrew Malcolm

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Photo: C-SPAN

 
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Wow, rather cynical.


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About the Columnist
A veteran foreign and national correspondent, Andrew Malcolm has served on the L.A. Times Editorial Board and was a Pulitzer finalist in 2004. He is the author of 10 nonfiction books and father of four. Read more.
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