 egoldstein says: I'll be the first to admit that i don't understand Goldman Sachs well enough to have an opinion here - though they do seem to have their tentacles deep into all aspects of the federal government wherever money is concerned. That said, this introduction to Goldman Sachs in an article from Rolling Stone are so powerfully worded that i felt compelled to amplify them. The description is very scary sounding. More on that topic at this article: It's No Secret That the Banks Own the Government i find it hard to credit that no one--no one at all--had any inkling that greed might become a problem in a nation embracing capitalism fused with a helping of (inaccurate) darwinism. other than that quibble, rolling stone has it right. Even more: read John Kenneth Galbraith's definitive book on the Great Depression: The Great Crash: 1929. Chapter III is titled In Goldman, Sachs We Trust. Apparently, even though G,S came late to leveraged buying (significant contributor to the cause of the crash), once they adopted the practice, they pursued it so aggressively that other companies stepped up their use of leverage, thus accelerating the onset of the crash and worsening its effects. There were other shady dealings as well. This company has been closely tied to the two most adverse economic events in the last hundred years. It's about time ... |
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