Commentary: Don't punish Goldman, JPMorgan for success

07/20/2009 | Washington Post (tiered subscription model), The

Columnist Mark Gimein explains that the Goldman Sachs bashing began as soon as the bank reported almost $3.5 billion in quarterly profit. While Goldman and JPMorgan Chase are seeing healthy profits because they have managed to withstand the financial crisis, they should not be punished for being right, Gimein writes. "Does the financial system need reform? Yes ... But the way to do it is to keep banks from again making the kinds of idiotic blunders that have left half the banking industry defunct or on life support," he writes. "The way to keep everything from again going wrong is not to punish Goldman for having been right."

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