Public Utilities - Electricity, Water, Sewage... Vampire Squids?

In recently declassified testimony (why is this crap classified anyways??) given back in November 2009, Mssr. Bernanke had this response when asked about his thoughts on new financial reform...

I just want to say this as strongly as possible -- the reform will be a failure if we could not contemplate the failure of Goldman Sachs. That is, there needs to be a system by which Goldman Sachs will go bankrupt and Goldman Sachs’ creditors could lose money. If we don’t have that, then we might as well treat them as a utility, because that’s what they are.

Goldman Juxtaposed - Fiduciary Duty or Big Bonus

Exhibit 1 - 5/19/2010

Seven of the investment bank’s nine “recommended top trades for 2010” have been money losers for investors who adopted the New York-based firm’s advice... -Bloomberg  


Exhibit 2 - 5/11/2010

"Goldman Sachs Group Inc. (NYSE: GS - News) traders didn't lose any money at the end of each trading day during the first quarter, a first for the Wall Street firm, which typically loses funds on at least a handful of days in the period." -WSJ


Exhibit 3 - Date Unknown

Our clients' interests always come first.
Our experience shows that if we serve our clients well, our own success will follow. -Goldman


lol, wtf?