Source: Law & Liberty
by John O McGinnis
“In his piquant memoir, Streetwise, Lloyd Blankfein, former CEO of Goldman Sachs, shares an arresting anecdote about the administrative state. The SEC sued Goldman for allegedly misleading investors about the risks of mortgage-backed securities. Blankfein considered the suit meritless but settled for $550 million. ‘You can’t litigate against your regulator. It’s like a Star Trek episode: an alien controls the Enterprise’s bridge and threatens to shut off life support unless the ship surrenders.’ The dilemma for the regulated firm is that even if it wins the suit, its regulating agency has many other ways to make life unpleasant.” (04/09/26)