If you read one article this month, check out the latest Rolling Stone on Goldman Sachs entitled "The Great American Bubble Machine." While the fact Wall Street is led by moral scum may come as no surprise, the central role this Darth Vader investment bank has played in virtually ever asset scam since 1929 will amaze you. And the kicker is they own our governments, Democrat or Republican. In fact, Obama is surrounded by them.
This guy to the left kills puppies and eats children when he's not figuiring out a new way to screw people over while making $50M a year. And if you think you knew that, you don't. The scale of GS's misdeeds are so much larger than you can imagine.
Have a nice day.
6 comments:
Well, you know the knee-jerk response: Rolling Stone is the great illuminator of Wall St. misdeeds? Jann Wenner is the Ben Bradlee of our time?
But I do like the humble tone: bad day at the office?
Have you heard that Hunches record? It is great.
Seriously? Your dismissing the article bc Jan Wenner own Rolling Stone? If the last 10 years has taught us anything, its that so called respectable press has been asleep at the wheel. Washington Post/NY Times was all over the lies leading up to the Iraq War? WSJ was out there early predicting the housing time bomb?
Um, no.
The knee jerk response, is just that.
All that aside, I urge you to read the article. It is absolutely criminal what these types have done, did recently and are doing right now. And many of them are in the Obama admin.
I'm dismissing anything- I'm just saying that would be most folks' knee-jerk response- RS hasn't exactly been on the cutting edge of investigative journalism, and Jann Wenner is a Wall St. whore.
I'll try to read it soon.
Man you're snippy.
I'm snippy? Must be bc I'm so pissed off about Goldman.
In the NY Times today:
Goldman and Rolling Stone Writer Trade Barbs
July 1, 2009, 6:47 am
It seems that a war of the words has broken out between Goldman Sachs and Rolling Stone’s contributing editor, Matt Taibbi, who wrote an article subtitled: “How Goldman Sachs took over Washington by engineering every major market manipulation since the Great Depression.”
The 12-page article focuses on Goldman Sachs’s Teflon-like quality, as the investment bank has managed to dodge bullets that brought down rivals like Bear Stearns and Lehman Brothers.
As The New York Post puts it, “the article echoes a string of conspiracies centered on Goldman’s uncanny ability to make reams of cash in both good times and bad.”
For example, Goldman is said to have made billions trading on both sides of a bet on residential mortgages, pocketing large sums betting against them, while the investment bank was raking in cash packaging and selling those same mortgages. (Goldman was apparently not alone in using such tactics — The Post reports that both Bear and Lehman were up to the same thing.)
However, for Mr. Taibbi, “The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity.”
It is assertions like that in his article that seem to have gotten Goldman’s back up, The Post says.
A Goldman spokesman, Lucas Van Praag, told The Post in an e-mail message: “[Taibbi's] story is an hysterical compilation of conspiracy theories. Notable ones missing are Goldman Sachs as the third shooter [in John F. Kennedy's assassination] and faking the first lunar landing.”
“We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good,” Mr. Van Praag added.
And it didn’t stop there. Goldman’s response so infuriated Mr. Taibbi, that he wrote a length rebuttal on his blog Tuesday, saying that “you’d have to be absolutely crazy…not to accept the notion that Goldman shouldered a significant portion of the blame for the Internet mess. They were, after all, the leading underwriter of Internet I.P.O.’s during the Internet boom years.”
On Goldman’s role in residential mortgages, Mr. Taibbi continues: “[W]hile their ‘former competitors’…were dumb enough to hold their mortgage paper and be sunk by it, Goldman shorted their own crap, which means…they knew that what they were selling was a loser. So while they maybe weren’t the biggest player, they were still a major player, and one can easily make the case that they were the most obnoxious player, given that they dove into this muck with their eyes wide open, unlike so many other idiots on Wall Street.”
Goldman, whose alumni appear all over the financial map, from Washington to Wall Street, survived the financial meltdown last fall, but not without help. It took $10 billion from the government’s Troubled Asset Relief Program, or TARP. It also received a $5 billion investment from Warren E. Buffett’s Berkshire Hathaway that came with a strong endorsement from Mr. Buffett.
What the Times article doesn't mention is GS ultimate insider scam that was part of the morgage scam.
After selling crap knowingly and destroying avg Joe's pension fund, GS then bet against the crap they sold with AIG as a counter party. When the crap blew up, AIG went BK and couldnt pay GS, GS was made whole via an AIG bailout that was made possible by US Treasury Secretary Hank Paulson.
And where did the Treasury get that money? From the same tax payer whose pension fund was hammered by the toxic crap GS sold to them.
And why would the US Sec of Treasury do that? Perhaps it is because he was the former CEO of, you guessed it, Goldman Sachs.
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