Tag Archives | Goldman Sachs

Goldman Sachs Exec Quits And Tells All

Goldman SucksAbout to be former Goldman Sachs executive Greg Smith is the talk of Wall Street today as a result of his op-ed piece in the New York Times, in which he describes his decision to quit the temple of Mammon (my term, not his):

Today is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way.

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How Does The 1% Exploit America? Find Out In 1 Minute

Even in an Occupy world, most Americans don't know exactly how the 1% does what it does. The mainstream media hasn't explained it, and the 1% likes things that way. That's why we've created a new video series unmasking those in the 1% who are exploiting the 99%--name by name, fact by fact. Each short video--one minute apiece--lays out the truth about a different tycoon. These aren't opinions; these are facts, condensed into bite-sized chunks. Occupy has already revealed the country's widespread outrage at the 1%; now it's time for the plutocracy's dirty deeds to be common knowledge. The best part? Brave New Foundation's audience chose the people we're highlighting. We solicited suggestions on nominees, narrowed them down to 30, and let our audience vote on which ones they thought deserved to be exposed. The new videos represent five of the top vote-getters, with more videos on the way for the rest. Here's one: Of course, the 1% would like to keep its activities shrouded in secrecy...
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Five More Countries For Goldman Sachs To Take Over

octoNow that Goldman Sachs has achieved coups d’etats in Greece and Italy, DJ Pangburn at Death and Taxes lays out five additional countries ripe for bankdom to install leaders:

We present five other countries where Goldman Sachs could install bankers as heads of state.

Where to begin, though? Originally, I considered Ireland to be a prime candidate for some Goldman Sachs coup d’etat action, but it seems that Ireland already got the old Goldman Sachs in/out in the form of Peter Sutherland, a non-executive director of Goldman Sachs, as well as a non-executive at BP. Here are five countries that could use a little Goldman Sachs in/out.

Spain: With concerns in Italy lessening amidst the installation of ex-Goldman man Mario Monti as PM, bankers and investors in the eurozone and abroad are looking to Spain, which the BBC is calling the “weaker link in the eurozone chain.”

This is obviously the first country that requires a Goldman Sachs premiership.

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Bankers Undemocratically Installed As Heads Of Italy And Greece

Pg-12-eurozone-graphicIn case you missed it, over the past eight days, the prime ministers of two major European nations stepped down. The newly appointed, not elected, leaders of Italy and Greece will be Mario Monti (formerly of Goldman Sachs) and Lucas Papademos (formerly head of the Central Bank of Greece). A signal that marriage between capitalism and democracy is coming to an end? The Independent writes:

The ascension of Mario Monti to the Italian prime ministership is remarkable for more reasons than it is possible to count. By replacing the scandal-surfing Silvio Berlusconi, Italy has dislodged the undislodgeable. By imposing rule by unelected technocrats, it has suspended the normal rules of democracy, and maybe democracy itself. And by putting a senior adviser at Goldman Sachs in charge of a Western nation, it has taken to new heights the political power of an investment bank that you might have thought was prohibitively politically toxic.

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Chris Hedges’ Speech in Front of Goldman Sachs Leads to Arrest

Chris Hedges

Photo Courtesy of Chris Hedges

Via Nation of Change:

Chris Hedges made this statement in New York City’s Zuccotti Park on Thursday morning during the People’s Hearing on Goldman Sachs, which he chaired with Dr. Cornel West. The activist and Truthdig columnist then joined a march of several hundred protesters to the nearby corporate headquarters of Goldman Sachs, where he was arrested with 16 others.

Goldman Sachs, which received more subsidies and bailout-related funds than any other investment bank because the Federal Reserve permitted it to become a bank holding company under its “emergency situation,” has used billions in taxpayer money to enrich itself and reward its top executives. It handed its senior employees a staggering $18 billion in 2009, $16 billion in 2010 and $10 billion in 2011 in mega-bonuses. This massive transfer of wealth upwards by the Bush and Obama administrations, now estimated at $13 trillion to $14 trillion, went into the pockets of those who carried out fraud and criminal activity rather than the victims who lost their jobs, their savings and often their homes.

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Goldman Sachs Rules The World

The trader who went on BBC News and admitted that banks rule the world, not governments, appears to have the media reeling, not sure whether or not to believe this brazen bit of truth-telling. New York Magazine's Daily Intel summarizes the confusion:
A trader by the name of Alessio Rastani told a shocked BBC News reporter yesterday, "The governments don't rule the world, Goldman Sachs rules the world." He warned, "The savings of millions of people are going to vanish," and said viewers should "get prepared" because the "economic crisis is like a cancer, if you just wait and wait thinking this will go away, just like a cancer it's going to grow and it's going to be too late."...
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Wrangling The Giant Vampire Squid

VampireSquidMatt Taibbi has been waiting to watch Goldman Sachs executives go to jail for a while–at least since 2009 when he called Goldman the “great vampire squid wrapped around the face of humanity relentlessly jamming its blood funnel into anything that smells like money.”

Released today, the latest installment of Taibbi’s manifesto against all things Goldman sets up a pretty simple proposition based on the recently released 650-page report from Senator Carl Levin’s Subcommittee on Investigations, detailing the collapse of the American financial system. Taibbi wastes no time with whodunnit paragraphs, instead setting the smoking gun on the doorstep of the Department of Justice. Like a rewriting of the Senate investigator’s above quote, Taibbi declares, “Everything’s fucked up, and it’s time for Goldman Sachs to go to jail. You don’t even have to investigate because the Senate did it for you. Just issue those subpoenas.” (The Atlantic Wire)

Apparently the vampire squid also has an appetite for metal.… Read the rest

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Chris Hedges’s Endgame Strategy: Why The Revolution Must Start In America

Synopsis via The Raw Story:
Pulitzer-winning author and former New York Times reporter Chris Hedges has a revolutionary worldview. In the video below, his recent “Endgame Strategy” piece for AdBusters is read aloud by George Atherton. His conclusions are chilling, but not entirely hopeless. “We will have to take care of ourselves,” he wrote. “We will have to rapidly create small, monastic communities where we can sustain and feed ourselves. It will be up to us to keep alive the intellectual, moral and cultural values the corporate state has attempted to snuff out. It is either that or become drones and serfs in a global corporate dystopia. It is not much of a choice. But at least we still have one.
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The Case Against Goldman Sachs

mainIn his usual clear, profane manner, Matt Taibbi lays out why Goldman Sachs’s executives must face criminal charges as soon as possible. Via Rolling Stone:

America has been waiting for a case to bring against Wall Street. Here it is, and the evidence has been gift-wrapped and left at the doorstep of federal prosecutors, evidence that doesn’t leave much doubt: Goldman Sachs should stand trial.

To date, there has been only one successful prosecution of a financial big fish from the mortgage bubble, and that was Lee Farkas, a Florida lender who was just convicted on a smorgasbord of fraud charges and now faces life in prison. But Farkas, sadly, is just an exception proving the rule: Like Bernie Madoff, his comically excessive crime spree (which involved such lunacies as kiting checks to his own bank and selling loans that didn’t exist) was almost completely unconnected to the systematic corruption that led to the crisis.

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