Tuesday, June 30, 2009

Link to Goldman Article in Rolling Stone

The Rolling Stone article by Matt Taibbi

http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine

Some quotes from the article:

"From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again"

"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."

“It’s a gangster state, running on gangster economics, and even prices can’t be trusted anymore; there are hidden taxes in every buck you pay. And maybe we can’t stop it, but at least we know where it’s all going.”

Also, more Goldman bashing in this article after their 3.44 billion Q2 earnings release and estimated 770k compensation per employee this year:

http://www.nytimes.com/2009/07/17/opinion/17krugman.html?em

"The bottom line is that Goldman’s blowout quarter is good news for Goldman and the people who work there. It’s good news for financial superstars in general, whose paychecks are rapidly climbing back to precrisis levels. But it’s bad news for almost everyone else."

"Other banks invested heavily in the same toxic waste they were selling to the public at large. Goldman, famously, made a lot of money selling securities backed by subprime mortgages — then made a lot more money by selling mortgage-backed securities short, just before their value crashed. All of this was perfectly legal, but the net effect was that Goldman made profits by playing the rest of us for suckers."

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