These A-holes are no longer happy with the “Greed is Good” mantra? Kicking it up to the Almighty now? Great job ducking those questions from Congress today. Matt Taibbi, who’s been excellent on speaking the truth behind the so-called financial “crisis,” writes in the Guardian:
The investment bank’s cult of self-interest is on trial against the whole idea of civilisation — the collective decision by all of us not to screw each other over even if we can.
So Goldman Sachs, the world’s greatest and smuggest investment bank, has been sued for fraud by the American Securities and Exchange Commission. Legally, the case hangs on a technicality.
Morally, however, the Goldman Sachs case may turn into a final referendum on the greed-is-good ethos that conquered America sometime in the 80s – and in the years since has aped other horrifying American trends such as boybands and reality shows in spreading across the western world like a venereal disease.
When Britain and other countries were engulfed in the flood of defaults and derivative losses that emerged from the collapse of the American housing bubble two years ago, few people understood that the crash had its roots in the lunatic greed-centered objectivist religion, fostered back in the 50s and 60s by ponderous emigre novelist Ayn Rand.