Probe should focus on wider rot in the system

Goldman Sachs Group Inc, in the billiard room, with a rope and a bloodstained collateralized debt obligation. That seemed to be the answer the Financial Crisis Inquiry Commission was aiming for as it kicked off a giant game of "Clue" meant to solve the mystery of who killed the financial system.

Now don't get me wrong. A bit of Goldman bashing is good sport, since the firm is one of the biggest and most profitable on Wall Street. And there are plenty of serious questions that need probing regarding products it created and its dealings with American International Group Inc.

It's just that the commission's first day of public hearings needed to focus less on Goldman and more on the wider rot within the financial system. This misfire made for an inauspicious start for the panel, whose hot seat was filled by Goldman Chief Executive Officer Lloyd Blankfein, JPMorgan Chase & Co CEO Jamie Dimon, Morgan Stanley chief John Mack and Bank of America Corp's newly minted honcho, Brian Moynihan.