ZH: "The People Vs Goldman Sachs" - Matt Taibbi's Magnum Opus

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pinecarr's picture
pinecarr
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Joined: Apr 13 2008
Posts: 2258
ZH: "The People Vs Goldman Sachs" - Matt Taibbi's Magnum Opus

Hat-tip to ZH, for the tip that Matt Taibbi has a new article out in Rolling Stone.  Per ZH: (bold mine):

Matt Taibbi does the seemingly impossible: translates the 650-page Levin report "Wall Street and the Financial Crisis: Anatomy of a Financial Collapse" in simple English, and lays out the criminal case against one Goldman Sachs for everyone to read, comprehend, and scratch their heads how nobody has gone to jail yet:

Taibbi wrote:

They weren't murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it. When it came time for Goldman CEO Lloyd Blankfein to testify, the banker hedged and stammered like a brain-addled boxer who couldn't quite follow the questions. When Levin asked how Blankfein felt about the fact that Goldman collected $13 billion from U.S. taxpayers through the AIG bailout, the CEO deflected over and over, insisting that Goldman would somehow have made that money anyway through its private insurance policies on AIG. When Levin pressed Blankfein, pointing out that he hadn't answered the question, Blankfein simply peered at Levin like he didn't understand....This isn't just a matter of a few seedy guys stealing a few bucks. This is America: Corporate stealing is practically the national pastime, and Goldman Sachs is far from the only company to get away with doing it. But the prominence of this bank and the high-profile nature of its confrontation with a powerful Senate committee makes this a political story as well. If the Justice Department fails to give the American people a chance to judge this case — if Goldman skates without so much as a trial — it will confirm once and for all the embarrassing truth: that the law in America is subjective, and crime is defined not by what you did, but by who you are."

Here's the link to the original article at Rolling Stone: http://www.zerohedge.com/article/people-vs-goldman-sachs-taibbis-magnum-opus

The summary above is on ZH's home page, and the ZH article is on http://www.zerohedge.com/article/people-vs-goldman-sachs-taibbis-magnum-opus . 

Rock on, Matt!! 

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2258
Correct link to new Matt Taibbi article in Rolling Stone

Oops!  Sorry about that; here's the correct link to the original Matt Taibbi article in Rolling Stone:  http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511 .

At this time, the link only gets you to an excerpt at RS,  At the end is states: "This article appears in the May 26, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive May 13."

JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
No more "Sachs Tax"!

Thanks for this Pinecarr....I don't get over to ZH much anymore but I am a fan of Taibbi's work. Personally I'm sick and tired of paying the "Sachs Tax" on everything from gasoline to bubble gum, and it's not fun planning my meals based on foodstuffs that are not traded in the futures market (i.e. potatoes). Looking forward to this read....thanks again....Jeff

Power to the Sheeple!

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2258
You're welcomed, JAG!  I

You're welcomed, JAG!  I love that there's a "Matt Taibbi" out there!  And I love that there's a Chris M, Ferfal, ZH, Davos and so many other important and complementary voices of our time!

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