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Systemic flaws

"Systemic flaws" Continued...

Issue: "GOP idea man," May 22, 2010

Tunku Varadarajan, a fellow at the Hoover Institution and professor at New York University's Stern School of Business, agreed that it's hard to legislate ethical behavior: "What reform needs to do is to put in place conditions-an architecture, if you like-that make it harder for banks to behave unethically. And this will only come from rules that ensure the greatest degree of transparency on Wall Street. Sunshine is the best disinfectant."

As the debate continued, the universe, in Rabbi Lippmann's equation, continued to rotate against Goldman. Since the SEC brought its charges, Goldman stocks have plunged 21 percent and the firm has lost an estimated $21 billion.

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