The Great American Bubble Machine - by Matt Taibi
Very long (8 pages) Rolling Stone article about Goldman Sachs
Detailed but very readable and absolutley shocking stuff about G$.
"The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates." [Page 1]
"Taken together, the numbers show that Goldman essentially borrowed a $5 billion salary payout for its executives in the middle of the global economic crisis it helped cause, using half-baked accounting to reel in investors, just months after receiving billions in a taxpayer bailout." [Page 7]
"Converting to a bank-holding company has other benefits as well: Goldman's primary supervisor is now the New York Fed, whose chairman at the time of its announcement was Stephen Friedman, a former co-chairman of Goldman Sachs. Friedman was technically in violation of Federal Reserve policy by remaining on the board of Goldman even as he was supposedly regulating the bank; in order to rectify the problem, he applied for, and got, a conflict of interest waiver from the government." [Page 7 - my emphasis]
yeah, politics schmolitics.
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Avast is still alive!!!!, Sun 27 Feb 2011, 18:52,
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Great read
(was in the newsletter though)
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Wet-chinned bag shanker Cannot parse Wogan, Sun 27 Feb 2011, 20:30,
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most ethical administration..pfffft!
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BrokenCoccyx doesn't mind if you grope on, Sun 27 Feb 2011, 21:35,
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