So despite calls by experts like Simon Johnsonfor more regulation of trades and even for the blacklisting of Goldman Sachs in Europe or in sovereign debt markets generally, European countries have a disincentive to do more than point fingers and talk about how it’s all Goldman’s fault. They’ve all been dancing with the debt-masking devil, be it at Goldman or elsewhere. If they kick Goldman off the floor, it’ll be easy enough to find a new partner, and if they make the dance illegal, it’s their public balance sheets that will suffer — and their politicians’ butts on the line. It’s not just Goldman whose hands will end up tied: EU member countries will end up tying their own hands as well, and everyone knows politicians hate to be left with nothing but transparency and honesty.