November 4, 2009 9:25 AM

Commentary: Goldman Sachs saga shows unregulated market is a jungle

So-called sophisticated investors. Purchase of favorable ratings on investments. Cayman Islands for escape from federal regulation. Bets on a housing collapse. Trolling for suckers. If anyone thinks our financial industry doesn't need tougher regulation, just check out the McClatchy newspaper series on the Goldman Sachs Group, a bank holding company. Here was an iconic Wall Street investment house, a heavyweight player with a history of Washington connections, misleading investors here and abroad, leaving ruin in its wake and tarnishing its own name.

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