Former Goldman Sachs CEO Says Company's Actions Hard to Justify

Corzine: Well you can argue about detail, but the fact is the more transparency, the more controls on liquidity, the more controls with regard to excessive leverage that build up in the system, not just at Goldman Sachs, but broadly across the system. The fact that we need to have regulators who are proactive in overseeing a system so they can make judgments before the fact instead of after the fact, whether the kinds of transactions that in question here are legal, are the kinds of regulatory scheming we need. I support it. It will be good for the banks themselves, but most importantly, we can avoid having eight, nine, 10 million people on the unemployment line when there's a car crash.

Golodryga: Lloyd Blankfein is testifying Tuesday. Do you think he ultimately holds responsibility? Some people are saying that he should step down to save the grace of the company name?

Corzine: I think that the issue here is the systemic problem not the individual issue. I think when we try to personalize it, and maybe that's what everybody's going to want is somebody's head, but the fact is this is a system problem and what we really need to do is get this financial regulation passed, in place, so that the public is safe, safer, in the world as we go forward.

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