The case against Goldman Sachs is not an open and shut case. Paolo Pelligrini, of Paulson & Co. at the time of the transaction, gave testimony to the SEC that he told ACA he intended to short the CDS in question. The $13 billion hit that Goldman's stock took when this case was announced seems to price in a worst case scenario.
It is undeniable that these bankers have prospered while bringing the country to its knees. Financial reform is needed and this will effect profits in the entire financial sector. However, the way the market trades it seems that Goldman is the only one that will suffer.