Cyrus Vance

John Gapper

I’ve never played “dogpile” but I think Peter Henning is right to argue that Goldman Sachs has become the target for every US prosecutor to pile on top of, in the hope of finding a civil or criminal charge.

In a column last month I wrote that I doubted whether anything in the report, or in the evidence given by Goldman executives to the committee, amounted to criminal misconduct. Matt Taibbi of Rolling Stone differs with me on this.

But my sympathy with Goldman is limited since I argued before its problems blew up so dramatically that a business model based on “managing” conflicts of interest rather than avoiding them made it vulnerable. Read more