Saturday, February 13, 2010

Goldman Sucks

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Does it get any more disgusting?




UPDATE: The video is now set as "private" on YouTube. (Goldman Sachs is usually pretty aggressive, armed with a formidable team of lawyers, to squelch those who attempt to expose their criminality.) YOU CAN STILL WATCH THE VIDEO HERE (but mention of Goldman Sachs' connection has been scrubbed). Also, here's an article about the FDIC's response to the video.

Then there's the recent PBS Newshour expose on Goldman Sachs:

Part I

Part II

Also see the Rolling Stone piece, Inside The Great American Bubble Machine.

The beauty of free enterprise is that most often money accrues to those who create value for others thus enriching all. Clearly this is not the case with Goldman Sachs which seems best described by Matt Taibbi of Rolling Stone magazine as follows:

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.

The bottom line is that the company has no redeeming value for society-at-large and is basically a giant, overly-influential hedge fund holding the world hostage to feed it unearned money "or else". Ultimately, this is criminal theft by the rich of the poor. Put 'em in jail.

2 comments:

jayjay said...

It's an unfortunate aspect of the capitalistic system that some entities like GS will take advantage of of the multiple loopholes in the system. As far as the rich looting the poor, that has been going on for centuries and will probably never stop. I have frequently told my friends that the great internet/stock bubble bust of March 1980 was the single largest looting by the rich and powerful Wall Street types of the american middle class. It was a classic "pump-and-dump" scenario in which the weak not only got looted but were made to feel ashamed of their naivety! In sum, it was the GREATEST transfer of wealth from the middle class to the upper class in the shortest time period in history! The ugliest aspect is that not only the rich got away with this slick sleight of hand but NEVER got blamed for it! The victims blamed THEMSELVES! I know a number of friends and colleagues whose 401Ks never recovered --- especially a poor, old Admin Asst. (secretary) who told me privately that her "managed" retirement fund lost 95% of its value!

J. Adams said...

GS is almost a caricature of the immorality of Wall Street greed. Check this newest bit out:

http://market-ticker.org/archives/1964-Now-The-Games-Afoot-Greece-and-Goldman.html

If seeking a profit results in new technologies and companies that provide valuable goods and services for society, that serves its purpose. But what redeeming value does GS have for society? The company is just a gigantic hedge funds using innovative finance and political influence to line its pockets in ways that harm the financial system and society-at-large. Put 'em in jail!

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