Goldman Sachs sent its second-highest-ranking officer to to tell the FCIC that his company is staffed by complete idiots. David Viniar claimed that his company just doesn't know how to do basic bookkeeping.
Imagine if airline pilots only landed 70 percent of airplanes, crossing guards only protected 70 percent of students or if your bank only honored 70 percent of your checks. It would be a public scandal.
Like George W. Bush's claim that "everyone" got it wrong about the intelligence showing that Iraq had stockpiles of WMD, Alan Greenspan is still trying to convince us that "everyone" got the housing bubble wrong too.
If Buffett really levels with Phil Angelides today, he'll say there's no reason to have rating agencies and given the weight of his words, that could be the final nail in the coffin of this scam of a business.
Mayor Gavin Newsom has entered the race for Lieutenant Governor, a job he ridiculed while running for Governor -- and his supporters include San Franciscans who figure it's an opportunity to get rid of him.