21 April 2011
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the 635-page report prepared by Senator Carl Levin’s Senate Permanent Subcommittee on Investigations into the causes of the financial crisis, Anatomy of a Financial Collapse.
Among other things the report alleges that New York-based investment bank Goldman Sachs, known as the giant vampire squid because of its proclivity for gaming the financial system and rigging markets in order to enrich itself at its clients’ (and also at the wider economy’s) expense, lied and perjured itself when giving evidence last year. The firm has since 2006 been run by Lloyd Blankfein.
In the second half of the episode, Max talks to credit derivatives expert Janet Tavakoli and author of “Dear Mr. Buffett,” about corruption in US finance and the Obama administration’s decision to let Wall Street off the hook. Keiser and Tavakoli suggest it will only be a matter of time before Berkshire Hathaway chairman Warren Buffet joins Goldman’s Blankfein in finance’s Hall of Infamy.
On the strength of this episode, I have invited Keiser and Herbert to come to Edinburgh, a city where the damage done by “financial terrorists” at places like RBS and HBOS has yet to be fully quantified.