2009-11-23nytimes.com

We want to thank The New York Times for saying about Goldman Sachs what we said months ago.

Goldman has repaid its initial $10 billion bailout allotment, but that is only a sliver of its taxpayer support. The firm was paid $12.9 billion, for example, in the bailout of American International Group, and a report by the bailout’s inspector general refutes Goldman’s claim that it did not need the money. Perhaps the biggest continuing prop is that the government clearly considers Goldman too big to fail, which means that taxpayers are on the hook if Goldman faces the abyss again.

Welcome to the party boyz, better late than never.



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