"I'm shocked, shocked to find that gambling is going on in here!"

Just read an interesting piece in the NYT about the Goldman Sachs debacle. In it the author says: "Many more people now know that synthetic C.D.O.’s are a simple wager." Well, duh.

I'm reminded of the famous line in the Casablanca when Claude Rains feigns shock that there is gambling going on.

Capitalism has become so enmeshed and dependent on Wall Street that it risks transformation from a model of providing quality goods and honest services to a model based on simple (or not so simple) gambling. And sometimes the dice are even loaded.

Maybe it's just me.