UPDATE: Several commenters add a crucial point:
back in September, the Federal Reserve allowed
Goldman (and a few other surviving institutions) to
convert from an investment bank into a bank holding
company.  The Wall St. Journal claimed at the time
that the move meant the firm would "come under the
close supervision of national bank regulators,
subjecting them to new capital requirements,
additional oversight, and far less profitability
than they have historically enjoyed."  A mere nine
months later, Goldman boasts of "blowout profits."
So much for "less profitability."  As for allegedly
greater regulations and capital restrictions, they
freely admitted from the start:  "'We don't believe
we'll have to get out of any businesses,' says
Lucas van Praag, a Goldman spokesman. Adds Morgan
Stanley's Mark Lake, 'There will not be much in
terms of divestitures'."

But what the conversion did allow was access to
lending from the Federal Reserve.  Since then, the
Fed has increased its balance sheet by $2 trillion
while steadfastly refusing to disclose the
beneficiaries of that credit.  Thus, even aside
from the bailout money it directly received and the
billions in bailout money which it indirectly
received (through AIG), Goldman has had access to
massive amounts of Fed lending in order to fuel its
bulging profits.  That unimaginably enormous
(though entirely secret) lending is, in part, what
is behind the Ron Paul-sponsored bill to audit the
Fed -- a bill that is now co-sponsored by a
majority of House members from across the political
spectrum (progressive, conservative and everything
in between), yet which continues to be blocked by
Congressional leaders from receiving a floor vote.

BLACK: The Bush administration and now the Obama
administration kept secret from us what was being
done with AIG. AIG was being used secretly to bail
out favored banks like UBS and like Goldman Sachs.
Secretary Paulson's firm, that he had come from
being CEO. It got the largest amount of money.
$12.9 billion. And they didn't want us to know
that. And it was only Congressional pressure, and
not Congressional pressure, by the way, on
Geithner, but Congressional pressure on AIG.

    Where Congress said, "We will not give you a
single penny more unless we know who received the
money." And, you know, when he was Treasury
Secretary, Paulson created a recommendation group
to tell Treasury what they ought to do with AIG.
And he put Goldman Sachs on it.

MOYERS: Even though Goldman Sachs had a big vested
stake.

BLACK: Massive stake. And even though he had just
been CEO of Goldman Sachs before becoming Treasury
Secretary. Now, in most stages in American history,
that would be a scandal of such proportions that he
wouldn't be allowed in civilized society.

MOYERS: Yeah, like a conflict of interest, it seems.

BLACK: Massive conflict of interests.

MOYERS: So, how did he get away with it?

BLACK: I don't know whether we've lost our
capability of outrage. Or whether the cover up has
been so successful that people just don't have the
facts to react to it.