Who Will Hold Goldman Accountable? - Might Just be Everyday People
Posted on Huffington Post, November 13, 2009

By George Goehl, Executive Director, NPA

Whether it is Goldman Sachs' central role in the subprime crisis, handing out hundreds of millions in bonuses soon after receiving a $10 billion taxpayer bailout, or CEO Lloyd Blankfein claiming that his company does "God's work," this Wall Street giant has rightfully earned the leading role in the story of "All That is Wrong with Wall Street."

Ten years ago neighborhood residents from 20 states came to Washington, DC to try and block the repeal of Glass-Steagall, the Depression era banking act that provided a firewall between commercial banks and investment firms. Led by longtime community leader, Gale Cincotta, hundreds of Americans went to the home of Phil Gramm, the champion of this deregulatory effort, to challenge the then Texas Senator to reverse course.

He didn't, and the American people have paid the price for it. There is no question that the repeal of Glass-Steagall resulted in the massive growth of a number of financial institutions, making them less accountable and more dangerous. It is also clear that tearing down critical financial firewalls paved the way for the casino-like behavior that drove the subprime crisis. As you list the monstrosities that grew out of the repeal of Glass-Steagall you won't read long before naming Goldman Sachs.

One of the people who made the trek to see Gramm in 1999 was Des Moines resident Brenda LaBlanc. Three weeks ago the 81-year old Iowan led 1,000 people to the America Bankers Association Convention in Chicago. With the Administration and Congress being slow to hold banks accountable, she and other Americans deputized themselves, calling for a Showdown in Chicago.  

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