At first glance, Hillary Clinton’s speeches to Goldman Sachs, which she refused to show us but WikiLeaks claims to have now produced the texts of, reveal less blatant hypocrisy or abuse than do the texts of various emails also recently revealed. But take a closer look.
Joseph Stiglitz couldn’t believe his ears. Here they were in the White House, with President Bill Clinton asking the chiefs of the US Treasury for guidance on the life and death of America’s economy, when the Deputy Secretary of the Treasury Larry Summers turns to his boss, Secretary Robert Rubin, and says, “What would Goldman think of that?”
by Ralph Nader
The Nader Page
August 23, 2013
The widening circle applauding megamillionaire Larry Summers –of Harvard University, Washington, D.C. and Wall Street – agrees on one word to describe the colossal failure – Brilliant! That circle includes Barack Obama, who appointed Summers in 2009 to be his chief economic advisor, Bill Clinton, who made him Secretary of the Treasury, and the Harvard Board of Overseers, who named him president of Harvard University in 2001.
Anyone who has paid even minimal attention to the global economic and financial crises gripping the world since 2007 has heard the name Goldman Sachs.
One of the largest banks in the United States, Goldman Sachs was central to the process of creating the housing bubble that popped in 2007-8, which led to the largest economic crisis since the Great Depression. As Matt Taibbi famously documented in Rolling Stone, Goldman has been involved in “every major market manipulation since the Great Depression,” profiting along the way as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”
It’s strictly ingenious. The two big multinational corporations have found the way to ruin the earth. They care about nothing but their own coffers – profit, profit and more profit, and step by step they will move us to the brink. Hopefully they will be the first to fall over the cliff. They will have ruined the earth, water, plants, forests, insects, mammals (the chief mammals being the leaders of this absurd system that rules the world) and all that is comprised in the concept of ecosystems.
The Goldman Sachs coup that failed in America has nearly succeeded in Europe—a permanent, irrevocable, unchallengeable bailout for the banks underwritten by the taxpayers.
In September 2008, Henry Paulson, former CEO of Goldman Sachs, managed to extort a $700 billion bank bailout from Congress. But to pull it off, he had to fall on his knees and threaten the collapse of the entire global financial system and the imposition of martial law; and the bailout was a one-time affair. Paulson’s plea for a permanent bailout fund—the Troubled Asset Relief Program or TARP—was opposed by Congress and ultimately rejected.
Far from reducing risk, derivatives increase risk, often with catastrophic results. — Derivatives expert Satyajit Das, Extreme Money (2011)
The “toxic culture of greed” on Wall Street was highlighted again last week, when Greg Smith went public with his resignation from Goldman Sachs in a scathing oped published in the New York Times. Continue reading
PressTVGlobalNews on Jan 17, 2012
In this edition of the show we discuss the book Money and Power: How Goldman Sachs Came to Rule the World, written by William Cohan.
The book’s behind-the-scenes account shows how, supported by the most aggressive and sophisticated PR machine in the financial industry, Goldman Sachs has continually projected an image of being superior to its competitors – smarter, more collegial, more ethical, and more client-focused.
But William Cohan also reveals another way of viewing Goldman – as a secretive money-making machine that has walked an uneasy line between conflict-of-interest and legitimate deal-making for decades.
William Cohan is the first author to chronicle and to interview the leaders of Goldman Sachs since the 2008 crash, and has gained unprecedented access to the firm’s inner circle.
Every living former chief executive of Goldman Sachs has spoken to him, as well as its current chairman and CEO, Lloyd Blankfein. “Money and Power” is a penetrating study yet of these larger-than-life characters and their secretive world: the definitive account of an institution whose public claims of virtue look very much like ruthlessness when exposed to the light of day.
by Greg Palast and the Palast investigations team at Zuccotti Park Wall Street, Occupy Portland, Occupy Oakland, and Kinshasa, Congo
crossposted at OpedNews.com
Nov. 16, 2011
So big deal. They evicted us. That just means we are among five million Americans evicted from their homes this year.
Our photographer, Zach Roberts, had his camera cracked and his head whacked. [See the photo of the nightstick just before it breaks the lens.]
Go ahead, kick us and evict us. That won’t stop us. Because it’s not about the real estate. Wall Street’s just an address.
Nov 3 2011
AMY GOODMAN: World leaders are gathering in Cannes for the opening of the Group of 20 summit today. That’s the G20 summit. On the top of the agenda is Greece and the European debt crisis. The Greek prime minister, George Papandreou, is coming under intense criticism from European leaders for allowing the Greek people to decide if they want to accept the conditions of a $179 billion E.U. bailout. Continue reading
After some tense discussion (Penguin was partly owned by Gaddafi, so you can imagine…), my publisher has given me the unusual right to give all my readers, for no charge, the entire first chapter of my new book Vultures’ Picnic.
Even if you don’t get the book, I really want you to read the first chapter.
Updated: Nov. 10, 2011: added video of the mock trial of Goldman Sachs. Nov. 3, 2011: added videos of the march and arrests.
Occupy Wall Street: Goldman Sachs Protest Ends in 16 Arrests
By Jessica Firger
Metropolis – blogs.wsj.com
November 3, 2011 Continue reading
GregPalastOffice on Oct 25, 2011
A controversy in the banking community has arisen around the Occupy Wall Street movement. Greg Palast investigates the story behind Goldman Sachs’ recent decision to pull out of a fundraiser for the Lower East Side People’s Federal Credit Union in New York City after it learned the event was honoring the protesters at Occupy Wall Street. The investment bank withdrew its name from the fundraiser and also canceled a $5,000 pledge. Was the $5,000 a Goldman Sachs donation or actually American taxpayer bailout money Goldman set aside for community banks?
In late June of 2011, the Greek government passed another round of austerity measures, ostensibly aimed at getting Greece “back on track” to economic progress, but in reality, implementing a systematic program of ‘social genocide’ in the name of servicing an endless and illegitimate debt to foreign banks. Right on cue, protests and riots broke out in Athens against the draconian measures, and the state moved in to do what states do best: oppress the people with riot police, tear gas and bashing batons, leaving roughly 300 people injured.