Goldman

Shortly before the crash Goldman Sacks changed its banking status from investment to commercial. Commercial banks are covered by FDIC but investment banks are not and current coverage is $250,000 per account. Goldman was the same company that put together high risk mortgage bundles that they knew would fail and made money selling these to unsuspecting customers while they were buying insurance against failure so they made money both ways and at the expense of the customers. Others in Goldman sold these investments short and made money when they collapsed. In Goldman this was called the Big Short. Goldman representatives were called before congress and they said there was no short selling and that was the end of it. The basic concepts of the free market are designed to promote innovation by offering great rewards. When Besos introduced Amazon he took risk with his own money and time and ended up making billions but he also built a large company that employs over 300,000 people and provides a great service to many millions. When banks come up with these new financial things like derivatives the banks make millions in fees but they are not creating jobs. Our political system is designed to help out the poor. Our elected representatives are the lobbyist for the working people. When these representatives come to Washington that is their desire but that changes over time. They find out that living in Washington and maintaining a home in their district is costly. They know that in two years there will be another election and they need cash which they can get in the form of campaign contributions some of which can help defer other expenses. This requires shuffling funds around in ways that skirt the law and they have experts to take care of that. In time their loyalty to their constituents is frayed and they slowly come under the influence of the lobbyist.