Will SEC "Wich Hunts" Hurt the Economy?

.8 million shares in the company, said it was “disturbed” about a federal lawsuit and it also said it intended to question company executives at an upcoming meeting to discuss the way they operate.

CalPERS should probably ask the executives of other investment banks the same tough questions, because while it’s popular to scold Goldman, the truth is all the Wall Street sleazebags were engaging in equally fraudulent activities.

But what will happen to the financial sector if these “witch hunts” continue? Who cares? I hope the financial sector goes through a long-term secular bear market. We need less financial engineers, and more electrical, mechanical, chemical and software engineers. We need less complicated structured products, more transparency and new sectors should take the lead in the economy. In other words, enough of the tyranny of high finance.

Let the witch hunts continue. Besides, it’s just another circus show and ultimately nothing will change on Wall Street. The sleazebags will find new ways to satisfy their insatiable greed.