And for good reason. They’re trying to spin the episode as another routine budget event but as we all know now, the modern Wall Street deals are nothing like the deals of yesteryear. Wall Street loves trying to associate old time finance with the complicate and risky garbage that they sold the world in recent years. At this point, who believes anything they have to say?

The right wing Greek government who did this deal in hopes of pushing the problem out to another government deserves plenty of blame as well, but Goldman does not deserve a free pass. And to play the “everyone else was doing it” card is amazing.