How evil, exactly, is Goldman Sachs?
There’s not much room for discussion on U.S. congressional testimony in this space, but the Goldman Sachs mess happening south of the border right now is just too intriguing to pass up.
As you may have heard, the notorious investment bank is on trial in the States, facing furious claims that the firm cashed in on the country’s housing meltdown by betting against home loan securities and duping its own investors.
Carl Levin, the Democratic Senator from Michigan, is leading the charge against GS, which – through leaked internal emails and scathing, in-depth magazine pieces – is pretty much being painted as the most evil, soul-sucking corporation of all-time.
But can Goldman Sachs really be as malicious as has been suggested?
Let’s consider the facts – or, at the very least, the well-sourced allegations against the Wall Street giant:
First of all, you really have to read Matt Taibbi’s venomous Rolling Stone feature on GS. Though the article came out last July, its revelations are even more remarkable in hindsight and considering the trial under fire GS is now facing from Levin.
Taibbi essentially portrays GS as the money-grubbing, profits-above-all-else firm they’ve been made out to be, but also alleges the investment bank has been behind almost every major world market bubble since the Great Depression.
A taste, from the article’s subsection that claims Goldman Sachs was responsible for driving gas prices through the roof back in 2008:
“So what caused the huge spike in (the cost of oil)? Take a wild guess … Goldman did it by persuading pension funds and other large institutional investors to invest in oil futures – agreeing to buy oil at a certain price on a fixed date. The push transformed oil from a physical commodity, rigidly subject to supply and demand, into something to bet on, like a stock …
“… By the middle of last summer, despite rising supply and a drop in demand, (Americans) were paying $4 a gallon every time (they) pulled up to the pump.”
It’s a scathing piece, the entire article, but it’s also a fascinating read given the allegations that GS knew exactly the crap it was selling to its own investors.
And the Rolling Stone story has been given tremendous justice in these latest congressional hearings, where Levin reveals internal Goldman Sachs emails that feature traders openly discussing the “sh*tty” deals they knowingly forced on their clients. The particular fund the foul-mouthed traders were talking about happened to shed 80% of its value within months of being released.
Click here to see the video. Beware, though, there is explicit language.
By Jason Buckland, MSN Money
Posted by: Rino | Apr 28, 2021 9:22:17 AM
Levin against GC.....you make me lough
Posted by: Tom Degan | Apr 28, 2021 9:33:10 AM
As Jimmy Paige once wrote - or was it Robert Plant? - "It makes me wonder". I wonder what defect it is in the psychological makeup of a group of human beings that would have them putting the health and well being of millions of other human beings behind the private profit of a very few. Most of these lawmakers who live in the pockets of the Plutocracy call themselves "Christians". Have they ever made a serious study of the books? You know! - Matthew, Mark, Luke and John? - Those guys! How do they justify their actions? How do they sleep at night? We're talkin' major hypocrisy here! That's what makes them so much fun to watch! I always get a certain twisted delight in watching their fake piety. Imagine Wendy O. Williams being cast as Bernadette of Lourdes; or Marilyn Manson as Mahatma Gandhi. It's kind of the same thing.
Sooner or later our right wing friends, within the Congress and without, are going to be forced to admit that the era of anything goes deregulation was a really stupid idea. You can only sit calmly in a burning house, ignoring the flames all about you, for just so long. Sooner or later you'll be forced to flee for your life. After making your escape, if you still refuse to acknowledge that the house is indeed on fire, you're beyond the point where you can make rational decisions on your own. You've entered Librium Country, hombre!
http://www.tomdegan.blogspot.com
Tom Degan
Posted by: Carl Fournier | Apr 28, 2021 10:51:24 AM
I keep hearing about Goldman Sachs and wonder where is the news in this? I am very serious about this. The CEO and board of directors weren't doing anything that any other capitalist wouldn't do, the difference is they got caught. The US of A has created a situation in which the needs and wants of the 10% wealthiest and richest are taken care of at the expense of the other 90%. Once again what is the surprise? This is a society that routinely says that government is evil, tryannical and power hungry and business is good, democratic and concerned about the common good. Whether or not Obama's reform legislation to regulate Wall Street will be interesting to watch as it will probably be watered down enormously so as to appease the other big banks and life will go on.
It's time for people to demand better, but also to realize that this is how business is conducted and more importantly how politics is done. Get angry and join organizations dedicated to providing better. Whatever you do, don't be surprised. As the Mafia say so well: it's nothing personal, it's just business.
Posted by: Bill Boy | Apr 28, 2021 11:11:39 AM
All corporations are "evil" because if you were to examine their actions in order to establish a psycological and behavioral profile, all corporations would be deemed sociopaths.
Corporations are devoid of a moral compass. Their actions are always driven by a profit-motive. They will poison your water if they thought they could make money and get away with it. If it appears that they are doing good in the community, it is a calculated ruse.
Corporations were created a few hundred years ago by certain powerful European interests so that they may hide their wealth. They have grown in power because they have infiltrated government - we now live in a corporate-fascist surveillance society where the government sees you as a "taxpayer" and the corporation as a "consumer". We are simply a resource that they need to use. They spend a lot of money to understand the human psyche in order to better manipulate you.
You go to their schools to get braiwashed, they create the "need" and psycology that pushes you to consume, they rob you of your true power and freedom so that you become a docile, dependant, misinformed, entertained and superficial human being that they can manipulate.
It is only when you recognize that you are a divine, sovereign human being who is a living miracle and you begin to take your rightful place on this Earth that you begin to strip the veil that has been placed before your eyes and see the matrix of control that exists all around you. You will then wake from the lie(s) that you have been programmed with all your life.
Goldman is at the top of the pyramid in the NWO (New world order) and their interests are not aligned with yours.
If you want to learn more, google the following topis:
"The money masters" - documentary about history of banking
"From Freedom to fascism" - documentary
"The Bilderberg group"
"Michael Tsarion - Symbolism in the media"
Posted by: Lisa | Apr 28, 2021 2:07:52 PM
So, G.S. got caught with his pants down. This is good.
However, I'm stunned at the beliefs that some of you have about the American government. I'm part American and very proud of it. I came here to suggest that you STUDY HOW the American government works, no matter who is in power.
They are actually the most DEMOCRATIC nation on this earth. I'm not going to go into this now, as there is not the room or the time. However, STUDY things before you make accusations and get your beliefs "set in stone."
As for saying that corporate america is bad. "Corporate america" for the most part (and there are the "bad eggs"), is what keeps a country going. Would you rather the companies have monopolies like Canada and you, the consumer be forced to buy only certain products at ridiculous prices??
Is THAT democracy?? The answer that comes to my mind is "no."
Posted by: Grant | Apr 28, 2021 2:15:58 PM
I don't think it is a reason to forgive Goldman & Sachs but the aspect of sub-prime mortgages was forced on the finance industry, an action that they knew would eventually collapse. If I knew that a financial package was going to collapse and was forced to manage it anyway, I'm not sure that I would not have done the same. Now maybe the direction should have been to protect the company instead of lining their own pockets but the fall of the sub-prime mortgages was seen well in advance.
Posted by: Steve | Apr 28, 2021 2:28:34 PM
When the rest of the world reads in the news about some big shot stealing millions
or some one steling pension funds or as in the case of Goldman Sachs rubbing there hands togeather
as they see the suffering of millions as chance to make even more profit we are not shocked at all.
The out rage comes from with in the US.
Why?
The US has created a geedy, self serving, narcissistic culture.
You worry about extremism in other cultures
What would you call yours????
When others asked the truth of me, I was convinced it was not the truth they wanted, but an illusion they could bear to live with. -Anais Nin, writer (1903-1977)
Your leaders must have read this. Them seem to use it to justify there lies.
Posted by: Sam | Apr 28, 2021 2:29:16 PM
Evil does as evil is... Evil as being anti-NorthAmerican, putting their interests ahead of everyone else.
It's like borrowing money at the bank knowing you will defraud them later. Their sense of morality is having none at all.
Posted by: fatcat billybob | Apr 28, 2021 4:21:00 PM
To all you wonderful Communist Party bleeding heart loosers G. S. did not do anything illegal. The difference between all of you and G.S. they are smart- you are not, they are rich and you are a bunch of dumb loosers. They have ambitions ,you don't. You whine- they make money. I have news for you all: money does buy happiness, and capitalism is still the best system. Why. because unlike in communism the capitalist system rewards the smart ones. Without them all you lazy, whining loosers wuold not have a pot to piss in. And, for your information all those evil corporations are owned by shareholdres and like millions of people you too can be a shareholder, you too can share the profits. So what do YOU do ? You blame everybody but yourself for your miserable life. I pity all of you. You live in the best country in the world with all kinds of oportunities, but instead of using to your benefit you bitch. As Comrad Breshnev used to say: "the useful idiots" and I am sure Comrad Fidel Castro would welcome you all with open arms!
Posted by: C | Apr 28, 2021 4:54:23 PM
Wow, fatcat. God knows that not believing that the US should be a plutocracy automatically means we believe it should be communist. You're ignorance astounds me. You call those GS people hard-working? Have you ever worked in a bank? The people who are making that money are the same ones taking Friday off for their weekly golf game and having 3-hour boozy "business lunches" charged to their business accounts. The real hard-working people are those working 12-hour days at minimum wage jobs just to survive only to get screwed outta their house by some shady mortgage practices. The idea that all you have to do to make money is work hard, has proven false, time and time and time again. Maybe it was true 50 years ago, but wake up. The reality is that you have to HAVE money, to make money. So, why don't you leave all us people who actually believe in the rule of law and make your way over to Russia. I hear everyone there fends for themselves. I think you'd like it.
Posted by: W | Apr 28, 2021 5:04:52 PM
Do you think $9 million bonuses might be contributing to the corruption of companies like GS ;-)
Posted by: don | Apr 28, 2021 5:06:39 PM
Wow.....fatcat billybob. You have got it all figured.out. Being in this lovely capitlist society you speak of also has something called freedom of speech and people have the right to disagree with you.....or do they? There is a difference between legal and moral that you seemed to have missed. I do not always agree with opinions that are posted but I dont feel the need to insult people if their opinions do not agree with mine. Everything has some good and some bad....I guess you are showing us some of the bad side. A lot you say I do agree with. To bad the message gets lost in all the garbage.
Posted by: N.G. | Apr 28, 2021 6:18:10 PM
I hope Bernie Madoff is gussing up his cell for a couple of roommates! Why not gather up all these clowns (Hedge Funders/C.E.O.'s/C.F.O.'s and the like) put them on a plane and drop them off on some remote island where they'll have to take care of each other.....totally unlike their present situations of taking care of themselves with other people's money. They are all evil! At least the Mafia "took care" of those who robbed their families and friends. Let lady justice hang them out to dry!
Posted by: Norm | Apr 28, 2021 6:31:57 PM
I don't mind anybody making loads of money.....the HONEST WAY, but when I hear about families being forced out of their homes because they can't pay their mortgages because they have lost their jobs and have to resort to food banks, I wonder why the likes of the C.E.O.'s of G.S. and many other financial institutions (and they will be coming out of the woodwork) aren't made to pay back and then as an added BONUS (sorry about that choice of word) made to go work in the food bank, go down in that ditch with the hard working guy, go without heat on a cold winter night, and sweat your backside off, in your 10 year old vehicle that has lost it's air conditioning IN THE MIDDLE OF JULY. MMMMMMMMM wouldn't you just love to see these fatcats deal with the realities of life......something to be said for Karma! Bring it on!!!!!
Posted by: john | Apr 28, 2021 7:40:12 PM
this just boggles my mind like the title says "the devil" who said he is one individual when it can be many just like his name "legion". all this does is shows me how foolish we all are for letting things like this happen by believing in a company that just wants to rip us all off . we as people put these companies and people into power then once they have it the power who cares about the little guy right. we all need to take back what is all of ours our lives because that is the only way there will ever be peace in this world. peace does not come from money it comes from our souls and if we all put our faith in these companies and people then we might as well sell our souls to the devil because we will never see peace in this world so people wake up because i as one still believe in hope for us all. p.s. i am not a religious man more spiritual but i know this money doesn't exist in hell or heaven think about that for a while and think deep.
Posted by: dfw | Apr 28, 2021 7:51:15 PM
Are they evil? yes they are!!!!
I hope they all rot in hell
Posted by: Steve | Apr 28, 2021 8:11:34 PM
To Lisa:
Companies in Canada are not monopolies. In fact, many American companies operate in Canada. We have a democracy in Canada that works better than in America. That is why we are not in the economic mess that exists in America. We have the world's best and most stable banking system. We have universal health care and an excellent social safety net. We have a high standard of living and we are not up to our eyeballs in debt like in America. Yes.... many Americans will say we have higher taxes and this is true but compare the state of America to Canada. Which country has a more socially progressive democracy? Which country has less crime, poverty and is in better health?
There has to be social responsibility with capitalism. Look to the PEOPLE that operate at GS and you will find the TYPE of people that are responsible for the greed and immorality that led to the downfall of America.
Posted by: snowey bc | Apr 28, 2021 8:21:28 PM
I've really been enjoying the SCC hearings into GS. However how did the govenment ever think that "stated income" and loans based on that was a good thing? GS doesn't come accross any worse than any used car salesman.
My take US of A govn't made a mistake with the stated income issue, GS played a game and did it better than the others. Govn't looking to blame others, but should blame themselves for the morgages allowed to peop's without assests.
I'm willing to contact GS and lay a bet that the US of A will not go with reform and will have another financial crisis with in 50 years. I'm selling short??
Posted by: night_caper | Apr 28, 2021 9:01:52 PM
@Lisa, the problem with your argument is that the US of A is NOT A DEMOCRACY, it's a REPUBLIC, or it's supposed to be, there's a difference, so you go and do your homework.
Monopolies, please, get a grip. Yes, there are a lot fewer "options" in Canada, but that all bows to supply-and-demand, but let's step back ... practically all these companies are monopolies, including in the USA, trace back all the parent companies that own them all, and you'll eat your words.
Posted by: Lisa | Apr 29, 2021 8:48:47 AM
Hey guys...I've done my homework! lol I have a parent who came from the USA. Therefore, was in the USA school system, right?? Actually, ironically, even though I"m supposedly Canadian first, I know my American history alot better. (That says something for the Canadian school system too, doesn't it? However, let's not go there right now.) Sorry...but the USA DOES have the BEST DEMOCRACY there is. However, again, don't take my word for it...go study these things yourself.
To Steve: Actually, I just found out recently that our banking system ISN'T any better than the states. Here is why I say that. I just found out that there are 30-40 year mortgages allowed here. Do you know how ridiculous that is??? So, our system hasn't fallen through YET.
Now, I, personally would never consider a 40 year mortgage, however, these days I feel for the people who did!
On the topic of less crime, poverty and better health care. Geez, where do I start. I"m not sure how you come to the conclusion that they have less crime. I haven't studied crime, but in my travels, my experiences would actually disagree with you. However, on the topic of poverty, I have American relatives who are quite poor and I"d much rather live in the CHEAPER house that is OWNED by my very poor relative, (we don't have CHEAP houses in this country) then have to live in subsidized housing in Canada (which I have done.) As far as our great health care system goes. All I can say there is, that's a laugh. Personally, I don't like our health care system in the least and I have too many reasons there to mention. However, put it this way...everything is NOT always as it appears.
As far as "nigh caper" saying that Canada has fewer options but it all bows to supply and demand. Really??? Then why do many Canadians, like myself, get excited when we can do cross-border shopping. Why?? There is alot more option in the USA. Here are the reasons many USA companies don't come to Canada, in case you didn't know. Paperwork, taxes and the french language (which is not an official language in the USA.) Actually, I don't blame the USA for any of those reasons.
The bottom line, Canada needs to open their minds and borders a little...and realize they are trading in a WORLD market. Anyway...Cheers to all!