If history is any guide, Blankfein may not go tomorrow, or even next month, but sometime in 2011, Blankfein will at the very least no longer be chairman of Goldman, and may also be forced out of the firm altogether.
Running a gambling casino is actually a pretty simple, straightforward and honest business. You're closely regulated by the state gambling commission. But if you're Goldman Sachs, you can load the dice.
Fraud is a serious charge. Fraud charges hurt shareholders, destroy reputations, and end careers. The assessment of whether fraud occurred should not be so subjective that 2 out of the 5 SEC decision-makers disagree with it.
The SEC chose to charge Goldman Sachs with something that's not only illegal, but resonates easily with Main Street as also being unethical. This is a welcome sign -- a charge that at least tries to re-unite the legal and the ethical.