As Obama today returns to Cooper Union to reprise his arguments for financial regulatory reform, we know this: whatever the ultimate legal merits of the SEC's case against Goldman Sachs, the political impact now will be a game changer.
Almost nobody in Washington wants to be caught committing an epic sell-out to Wall Street during the final stages of the reform process, when the public is watching every move. The political momentum is with Lincoln.
Enron, Collateralized Debt Obligations, and BP. From my perspective the common link is that Congress abdicated its responsibilities for oversight to organizations and agencies that were hopelessly riddled with conflicts of interest.
If the Times truly captures the essence of the advice Goldman is able to dispense, then would-be small business owners are sure to take away some pretty sophisticated business lessons -- if, by "sophisticated," you mean "banal."