Simon Johnson: Our Pecora Moment Has Finally Arrived With Fraud Charges Against Goldman Sachs

We have waited long and patiently for our Ferdinand Pecora moment - a modern equivalent of the episode when a tough prosecutor from New York seized the imagination of the country in the early 1930s and, over a series of congressional hearings: laid bare the wrong-doings of Wall Street in simple and vivid terms that everyone could understand, and created the groundswell of public support necessary for comprehensive reregulation. On Friday, that moment finally arrived.

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