If you haven’t heard about the article in Rolling Stone yet, now you have. In it, Matt Taibbi asserts nothing less that the famed investment bank Goldman Sachs has helped engineer and profit from all of the major crashes in recent American economic history. It’s not short, but it’s a remarkable piece of writing and reporting. If you want to read it, click here. Otherwise, here’s a taste:
“The formula is relatively simple: Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased.”
As the LA Times notes, this article won’t be excerpted in the company’s next annual report to shareholders.