1 May 2010
New York-based financial blogger the Epicurean Dealmaker has written a blog post which outlines why America has fallen out of love with the squid.
The writer, himself an investment banker, suggests that the Americans have finally had the scales lifted from their eyes and recognised that a devious and scheming plutocracy — led by those delightful fellows at Goldman Sachs, who tragically have many naive and/or corrupt US politicians in their thrall — has been taking them for a ride for years.
Here’s an excerpt: “Citizens are discovering that a very large percentage of people whom they used to admire and envy for mouth-watering financial success earned a large portion of that success by cheating, by gaming the system, and by rigging the rules in their favor.
“What seems to outrage many Americans even more is that these very financiers do not seem to recognize that they have violated the implicit social norms almost everybody else seems to accept. They hide behind a defense of arrogance, superciliousness, and moral obliviousness which makes most Americans’ teeth grind in frustration. This is a dangerous situation for the plutocracy.
To read the entire blog post, “American Baby”, click here.
Matt Taibbi expressed not dissimilar views on Goldman in his seminal article “The Great American Bubble Machine” published in Rolling Stone magazine in July 2009. Taibbi accuses the investment bank of inflating at least six major bubbles since 1928, before then successfully profiting from the bursts/crashes. Taibbi also accuses Goldman Sachs of rigging the 2008 US banking and insurance bailouts in its favour.
Here’s an excerpt: “[Goldman Sachs’s] unprecedented reach and power have enabled it to turn all of America into a giant pump-and-dump scam, manipulating whole economic sectors for years at a time, moving the dice game as this or that market collapses, and all the time gorging itself on the unseen costs that are breaking families everywhere -– high gas prices, rising consumer-credit rates, half-eaten pension funds, mass layoffs, future taxes to pay off bailouts.
“All that money that you’re losing, it’s going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it’s going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance on Earth – pure profit for rich individuals.
The US commentator Max Keiser expressed his disgust at Goldman Sach’s disturbing modus operandi on France 24 in July 2009. Keiser accuses Goldman of being “scum” who have managed to “co-opt the government”. He also says they have “done more harm than Osama bin Laden”, and should be “taken to the international criminal court in the Hague and tried for crimes against humanity”. The Keiser clip will seem over the top to many but it’s a must watch!