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By Martin Wolf
Published: April 27 2010 20:54 | Last updated: April 27 2010 20:54
Americans are obsessed with the case launched by the Securities and Exchange Commission against Goldman Sachs. At last, many hope, wrong-doers will be punished. But this misses the point. The problem is more what is allowed than preventing what is not. This is not to deny that there was much fraudulent behaviour behind the financial crisis. As John Kenneth Galbraith wrote, the "bezzle "“ the stock of embezzlement" "“ always rises in good times, But the real catastrophe, as I argued last week, is the risk taken on by the gamblers working legally inside the machine.
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