zerohedge.blogspot.com/2009/06/g … major.html
forums.somethingawful.com/showth … genumber=1
his isn’t really an exclusive, but aside from a scanned PDF copy of the physical magazine, the complete article isn’t online anywhere I can see thanks to Rolling Stone being completely retarded, so I OCR’d it. This is one of the best articles he’s written yet, and even as cynical as I am, I was still sick to my stomach by the time I finished the last section.
THE GREAT AMERICAN BUBBLE MACHINE
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
By MATT TAIBBI
Brilliant article and very accurate.
I really enjoyed reading Matts pieces when he was at The Exile. Hell, I even bought the book when it came out in '99. They caught beautifully the anarchic Wild West spirit of Russia during the '90’s. His weekly column, a consumer guide to Moscow whores, definitely broke new journalistic ground. If that ground really needed to be broken is another matter…
But Matt Taibbi knows shit all about finance and his understanding of history is straight out of Howard Zinn. He is just another inchoate Bay Area lefty with a real facility for words. I read the RS piece when it first came out a few months ago. It is little more than an exceptionally well written conspiracy theory diatribe of the ilk one finds regularly in the SF Bay Guardian or hears daily on KPFA.
A great piece of amusing agitprop to work up a nice lather of self-righous outrage just before you go shopping for Organic papayas in Rainbow Groceries or pop out for a quick Fair Trade coffee at Ritual Coffee Roasters. But if you want accurate and knowledgeable popular journalism about finance I’d stick to Michael Lewis.
Goldman wasn’t always a too-big-to-fail Wall Street behemoth, the ruthless face of kill-or-be-killed capitalism on steroids - just almost always. The bank was actually founded in 1869 by a German immigrant named Marcus Goldman, who built it up with his son-in-law Samuel Sachs.
What’s funny is that if the “German immigrant” bit was expanded further to say “Jewish German immigrant”, the article would be a standard “Protocols of Elders of Zion” conspiracy theory.
Article was posted here a few days ago:
Goldman is certainly the biggest and baddest of them all,but who is going to stop them?,I can’t see any politicians or governments in the west doing it,they either don’t see them as the problem or they are already bought by them.
I think it could only be the Chinese who have the power to stop them, but in bringing them down,Goldman and the rest of the Fed banksters would scuttle entire economic system with them in the process.
Obama pushing Goldman’s baby:
Obama Says Climate-Change Measure Will Transform U.S. Economy
Share | Email | Print | A A A
By Nicholas Johnston
June 27 (Bloomberg) – President Barack Obama said climate- change legislation passed by the U.S. House yesterday would help transform the nation’s economy and create millions of new jobs in alternative energy industries.
In his weekly address on the radio and the Internet, Obama said incentives to develop technologies such as wind, solar and geothermal power would reduce the nation’s dependence on fossil fuels and lead to a stronger economy.
“The nation that leads in the creation of a clean energy economy will be the nation that leads the 21st century global economy,” he said.
The House voted 219-212 to approve the measure that would limit greenhouse-gas emissions
and create a cap-and-trade system of pollution permits while funding investment in new energy sources.
And what an excellent riposte it is.
Even if you didn’t finish the original article, read the riposte. I have no doubt that the next Goldman response will be by a .400 hitter. A .325 at least. They should never have sent out a squib; it’s not like Goldman to underestimate an opponent… are they going soft?
More on the fight in the Senate:
Jun 30, 2009, 3:39 p.m. EST
‘Cap and trade’ faces uphill climb in Senate
Energy action switches sides on Capitol Hill as poll shows uneasiness
By Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) – With a victory for his energy policy in the House of Representatives last week, President Barack Obama now shifts his attention to the Senate, where passage of a controversial “cap-and-trade” system for cutting greenhouse gas emissions is facing a steep uphill climb.
“In the months to come, the Senate will take up its version of the energy bill, and I am confident that they too will choose to move this country forward,” Obama said on Monday. Following the House vote on Friday, Senate Majority Leader Harry Reid said he’s hopeful that the Senate will debate and pass an energy and climate bill “this fall.”
But observers say that getting the “cap-and-trade” bill through the Senate will be a significantly harder task than in the House, where it was approved on a tight vote of 219-212.
independent.co.uk/news/busin … 31328.html
Stephen Foley: Put Goldman on a diet of humble pie
Saturday, 4 July 2009
US Outlook: Perhaps you have heard by now that Goldman Sachs is “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”.
It is the opening line of a piece in Rolling Stone magazine, which has been zinging around the email inboxes of Wall Street for the past few days, and which has got Goldman’s tentacles all a-twitching with fury.
Matt Taibbi’s piece is a rip-roaring read, obviously. It goes over well-trodden ground, listing all the Goldman alumni in positions of power in governments and at regulators around the world (or not listing them actually, since that would be “absurd and pointless, like trying to make a list of everything”), and then accuses the bank of using its influence to get government out of the way so that it can inflate all the recent investment bubbles, from
dot.com stocks, through oil prices, to the biggest one of all, the US housing bubble.
In keeping with the hyperbole of the row, Goldman’s wonderfully arch spokesman Lucas van Praag described the piece as “an hysterical compilation of conspiracy theories,” adding: “Notable ones missing are Goldman Sachs as the third shooter [in John F Kennedy’s assassination] and faking the first lunar landing.”
Very funny. The Rolling Stone article is indeed a horribly unfair arrangement of the facts. In these howls of rage against the way unfettered finance led us into boom and bust, it is always tempting to assume Goldman must be uniquely villainous just because it has been uniquely profitable – but it is illogical to single out any one institution for stoking investment mania that by definition has many, many participants.
It is also not true that the US government’s bailout of Wall Street was a matter of Goldmanites at the Treasury handing taxpayer money over to help out a few of their friends in banking. That is an outright misrepresentation of what happened last autumn, and if people start to believe it, we will doom ourselves to one day letting the banking system collapse – at which point we will learn all over again how ensuring the soundness of the banks is vital to keeping an economy out of a slump.
Yet there has been something troubling me about Goldman’s response to this little flap, and it is this: the sheer lack of humility.
An Inside Look at How Goldman Sachs Lobbies the Senate - Matt Taibbi->
trueslant.com/matttaibbi/2009/09 … s-wsj-com/
Later on this week I have a story coming out in Rolling Stone that looks at the history of the Bear Stearns and Lehman Brothers collapses. The story ends up being more about naked short-selling and the role it played in those incidents than I had originally planned — when I first started looking at the story months ago, I had some other issues in mind, but it turns out that there’s no way to talk about Bear and Lehman without going into the weeds of naked short-selling, and to do that takes up a lot of magazine inches. So among other things, this issue takes up a lot of space in the upcoming story.
there is more
Beta Monster: The Most Dangerous Banks In the World ->
jessescrossroadscafe.blogspot.co … d-for.html
The most leveraged bank by far is the-investment-bank-which-must-not-be-named. It is followed by J.P. Morgan on a percentage basis, but JPM is far larger nominally than these charts indicate because of its much larger capital base. Its in the nature of the difference between a cardshark (GS) and a pawnshop (JPM). Or perhaps just the capital requirements of the short versus the long con.
Luckily for the US financial system the big banks are incapable of making errors in risk management, and always seem to get by with a little helpful information from their friends, and a lot of money from the public.
there is more
SEC Hires 29-Year-Old Ex-Goldman Sachs Exec For Key Role ->
huffingtonpost.com/2009/10/1 … 23526.html
For those who’ve lamented the various links between Goldman Sachs and the financial regulatory system, this certainly isn’t good news.
Bloomberg reports that the Securities Exchange Commission has named Adam Storch, a former Goldman exec, as its enforcement division’s first chief operating officer. Storch is actually just 29 years old and previously worked in Goldman’s business intelligence unit.
there is more
Oct. 20 (Bloomberg) – Former U.S. Treasury Secretary Henry Paulson met privately with Goldman Sachs Group Inc.’s board in Moscow last year and kept the occasion off his official calendar, according to a new book about the financial crisis.
bloomberg.com/apps/news?pid=2060 … qAsBpkiQZE