Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Jeffrey Sachs: Failure To Regulate The "Crooks" On Wall Street Is "Pathetic"
By
Christopher Robbins
Published Apr 28, 2013
Modified Apr 28, 2013
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
Getty Images
By
Christopher Robbins
Published Apr 28, 2013
Modified Apr 28, 2013
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
The Dow Jones is "too hot" to handle, the economy is moving at a cheerful stagger, and you've finally grown to appreciate how cheap NYC is. Who cares if not a single person was prosecuted for destroying the economy? Jeffrey Sachs, noted lox ogler and famous Columbia economics professor, seems to care a great deal, telling the audience at a financial conference in Philadelphia earlier this month that Wall Street is basically a .gif of a Hogarth engraving.
The economist calls Wall Street's behavior "pathological," and enabled by a culture of impunity. "They have no responsibility to pay taxes. They have no responsibility to their clients. They have no responsibility to people, counterparties in transactions. They are tough, greedy, aggressive, and feel absolutely out of control, you know, in a quite literal sense."
You can read a partial transcript here, but the audio is worth listening to. Sachs, his voice unmodulated and occasionally strained with emotion, kind of sounds like Matt Foley. Bill Still, the host of The Still Report, who recorded Sachs' comments on his iPhone, is quivering with excitement (listen to him yelp after Sachs delivers the "pathological" line).
"[Banks] have gamed the system to a remarkable extent, and they have a docile president, a docile White House, and a docile regulatory system that absolutely can’t find its voice," Sachs says.
I have waited for four years, five years now, to see one figure on Wall Street speak in a moral language, and I’ve not seen it once. And that is shocking to me. And if they won’t, I’ve waited for a judge, for our president, for somebody, and it hasn’t happened. And by the way it’s not going to happen anytime soon it seems.
Mr. Sachs, meet U.S. District Judge Jed Rakoff.
Tagged
financial crisis
goldman sachs
jeffrey sachs
pure evil
revolving door
wall street
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
A big, bright Saturn will be the highlight of NYC's fall stargazing season
Stargazers will have a great view of Saturn and two meteor showers in October.
By
Rosemary Misdary
Published Oct 3, 2026 at 6:00 a.m. ET
NYC tow companies busted for ripping off drivers must give $67K in refunds, city says
Mayor Mamdani has expanded enforcement on towing scams, but the unlicensed towing industry remains largely unregulated.
By
Liam Quigley
News
NYC tow companies busted for ripping off drivers must give $67K in refunds, city says
Mayor Mamdani has expanded enforcement on towing scams, but the unlicensed towing industry remains largely unregulated.
By
Liam Quigley
Off-duty NYPD officer stabbed in the Bronx, police say
By
Ryan Kost
DOC negligence factored in death at Rikers' Bellevue hospital outpost, jail officials say
By
Brittany Kriegstein
Conductor on NYC subway that dragged man to death may have skipped safety check, source says
By
Stephen Nessen
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .