

© Tom Toles

Now that the SEC has accused Goldman Sachs of securities fraud, are we going to find ourselves with a new category of company: Too Big to Jail?

Or will their defense be more like this?



© Walt Handelsman

UPDATE: Here’s the best explanation I’ve seen of the fraud charges against Goldman Sachs, and what they mean.

UPDATE 2: Or it is much more fun to watch Jon Stewart explain the whole mess:

UPDATE 3: Even conservatives say the Republicans are lying when they claim that financial reform will cause more bailouts. Says Time Magazine’s Mark Halperin “I cannot defend what they are doing. They are willfully misreading the bill or they are engaged in a cynical attempt to keep the president from achieving something.”