He's insisting in a message to staffers that the focus is on one employee, presumably the young trader Fabrice Tourre, and bad investments in lousy mortgage loans cost Goldman a lot of money, too.
Financial experts sayThe Wall Street Journal reports that the SEC may widen the investigation...which probably has several financial institutions in a cold sweat right now.
Greed is definitely not good - but it really isn't illegal. Fraud is, and if a crime was committed the perpetrators will be punished.
But looking at the big picture, Wall Street may need a big cultural shift - a new way to incentivize people to do the right thing - because shame and bad publicity sure aren't stopping them.
That's a page from my notebook.
I'm Katie Couric, CBS News.