Matt Taibbi schools Wall Street apologist

Taibblog, Rolling Stone:

Wanted to post the video for an appearance I did this weekend on "CNN Your Money" with Ali Velishi, in which I was invited to debate the Goldman issue with Megan McArdle of The Atlantic. Megan and I have a long history, which I don't need to get into here, but I'll say this: her ragged intellectual poverty could not possibly have been laid any more bare than it was in this appearance. In it, she actually argues that Goldman did not have any more responsibility to see that their clients made money than, say, The Atlantic magazine has a responsibility to see that Rolling Stone makes money.

I will leave it to the reader to figure out how exact a correlation there might be between a bank that sells a multibillion-dollar pool of mortgages to a client with whom it has an written contractual commercial agreement – an agreement struck under the umbrella of an extensive series of securities laws – and two magazines that have absolutely no business relationship whatsoever.

The rest of this interview is self-explanatory, I think.