Or do other people also think that it is ridiculous for anyone in Congress to lecture others on how to be responsible with money?
UPDATE: Megan McArdle’s thoughts on the show trial of Goldman Sachs are my own as well:
It is true that clients would like to know what Goldman is doing, but it’s also true that the seller of the house I just bid on would like to know what my reservation price is. That doesn’t mean that I have some obligation to disclose this information. These are large securities firms that are presumed to know how to evaluate a security; if they can’t, they should turn in their charter and disband.
Goldman was making a bet. That bet could have gone wrong (not in this case, but in many similar). Other firms had different opinions of the market. Goldman was under no obligation to disabuse them of their opinions. They’re not investment advisers; they’re securities issuers.