Mr. William Poole's Comment on Goldman

Funny, the former president of the St. Louis Fed, William Poole, makes comment about Goldman's raking AIG over the coals before their collapse. His comment:

It’s not the responsibility of any private firm to determine what the public interest is -- that’s why we have a government.

Strange when someone who basically resigned because of his interest in Goldman was seen as a complete contradiction to his job "protecting" the financial system, hence the citizenry, would make such a comment.

I have been arguing for years now that the reason the credit markets and the hugely profitable unregulated, opaque derivative markets have not been regulated is because those that have a hand in regulating were just making to much money off the same markets they supposedly regulated to do anything about it. Look at the impotent SEC, Fed, Treasury, Legislative bodies and White House over last 8 years and you get the picture.

Now, for someone who is no longer in their highly powerful and influential position to come out and say, "Hey, I know I was in government when all this was happening and I know we did not do shit about it, but that is tough cause it's nobody else's responsibility either." is kind of a joke.