Wednesday, June 24, 2009
Goldman Sachs leads the screw-a-thon
by Larry Geller
This is so disgusting that I don’t even want to dirty my computer by writing about it.
Just go read: "Suck on Our Yachts": Goldman Sachs Issues Non-Apology for Destroying the World Economy (alternet, 6/22/2009).
Ok, just a little snippet:
So some Dutch teachers' union that a year before was buying ultra-safe U.S. Treasury bonds in 2006 runs into a Goldman salesman who offers them a different, "just as safe" AAA-rated investment that, at the moment anyway, just happens to be earning a much higher return than treasuries. Next thing you know, a bunch of teachers in Holland are betting their retirement nest eggs on a bunch of meth addicted "homeowners" in Texas and Arizona.
This isn't really commerce, but much more like organized crime: it was a gigantic fraud perpetrated on the economy that wouldn't have been possible without accomplices in the ratings agencies and regulators willing to turn a blind eye.
Of course, you’ll read my article below on record Goldman Sachs bonuses.