In these turbulent times, Goldman Sachs (GS) is proving to be a lightning rod for criticism. Some would say this is entirely legitimate; others would say the world is looking for a scapegoat.

The latest flashpoint: The debt swaps that Goldman Sachs sold to Greece. One outraged professor at MIT thinks the EU needs to open an investigation into whether these sorts of arrangements are undermining the Maastricht accords. Simon Johnson, professor at the Sloan School, says at a minimum all debt swaps by all countries ought to be disclosed (disclosure news). But other pundits ask whether any laws were violated or whether the spirit of any law was violated. Maybe not. It appears that the EU allowed countries to adjust their deficits for debt swaps. We'll see how all this plays out.

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