Great article on how Goldmans Sach has manipulated the stock market.

[Rman]

It's pretty lengthy.  Here are some snippets.  Fascinating stuff.

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates.

They achieve this using the same playbook over and over again. 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. They've been pulling this same stunt over and over since the 1920s — and now they're preparing to do it again, creating what may be the biggest and most audacious bubble yet.

http://bit.ly/3EQc5

[Great Rumbler]

I said it before, but it bears repeating: Nuke Wall Street.

[sonarrat]

I said it before, but it bears repeating: Nuke Wall Street.

The terrorists clearly missed.

[Great Rumbler]

Oh, and if the article isn't enough to make your grind your teeth in raw fury, this should:

Goldman Sachs expected in December 2008 to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.

Also, I've always thought that those conspiracy theories about Skull and Bones and how US presidents are groomed since birth to take over the office and all that stuff was silly nonsense spread by mouth-breathers. But reading that article and looking about the list of of Goldman Sachs alumni, and just how widespread they really are, is downright terrifying:

    * Henry H. Fowler - 58th United States Secretary of the Treasury (1965-1969)
    * Robert Rubin - Former United States Treasury Secretary, ex-Chairman of Citigroup.
    * Henry Paulson - Former United States Treasury Secretary.
    * Edward Lampert- Hedge Fund Manager of ESL Investments. Brought K-Mart out of Bankruptcy in 2003.
    * Joshua Bolten - former White House Chief of Staff
    * Erin Burnett - CNBC Host
    * Jon Corzine - Governor of the State of New Jersey.
    * Michael Cohrs - Head of Global Banking at Deutsche Bank
    * Emanuel Derman - Author of My Life as a Quant and co-developer of the Black-Derman-Toy model.
    * Jim Cramer - founder of TheStreet.com, best selling author, and host of Mad Money on CNBC
    * Ashwin Navin - President and co-founder of BitTorrent, Inc.
    * Abby Joseph Cohen - Perma-bull market forecaster formerly of Drexel Burnham Lambert
    * George Herbert Walker IV - member of the Bush family and current managing director at Neuberger Berman
    * Robert Zoellick - United States Trade Representative (2001-2005), Deputy Secretary of State (2005-2006), World Bank President.
    * Mark Carney - Current Governor of the Bank of Canada [92][93]
    * Michael D. Fascitelli- President & Trustee of Vornado Realty Trust.
    * Neel Kashkari - former Assistant Secretary of the Treasury for Financial Stability
    * Charlie Haas - Wrestler, who is working for World Wrestling Entertainment.
    * Malcolm Turnbull - Australian politician, currently the federal leader of the Liberal Party of Australia.
    * John Thain - former Chairman and CEO, Merrill Lynch, and former chairman of the NYSE.
    * Robert Steel - Chairman and President, Wachovia.
    * Reuben Jeffery III, Under Secretary of State for Economic, Business, and Agricultural Affairs (2007-)
    * Romano Prodi, Prime Minister of Italy twice (1996-1998 and 2006-2008) and President of the European Commission (1999-2004)[94]
    * Mario Draghi, governor of the Bank of Italy (2006- )[94]
    * Massimo Tononi, Italian deputy treasury chief (2006-2008)[94]
    * Guy Hands - CEO of Terra Firma Capital Partners

[Don Flamenco]

I know some folks that got laid off from there amid cutbacks, then 5 months later, OH HAY WE MADE A PROFIT LOL

[Olivia Wilde Homo]

The larger banking interests got off lucky with this recession.  The government essentially just got on their knees and slobbed enough of their knobs to get the Dow up to a level where people were no longer scared about maybe having to live in a Bushville.  Since most people think the Dow reflects the economy as a whole, the economy can still be in the shitter but the Dow showing a strong comeback.

[Cormacaroni]

I had a few nits to pick with that article when i first read it, but i can't remember 'em all now. oh well.

The raping will just get worse: the US is going to be issuing debt (bonds) for YEARS to pay for TARP etc....they clean up on that. Not to mention, Paulson's fund making out like bandits by buying GS stock before the rebound.

At some point (when China's appetite for buying US bonds declines), the US govt. is probably going to have to go to GS for a bailout Will be interesting to see if they reciprocate!

[Kestastrophe]

Pretty damning article. If you really want to get all conspiracy theorist, recall that Warren Buffet increased his Berkshire stake in Goldman last September by something like $5 billion and at ridiculously favorable terms

[Scurvy Stan]

Hey look, rich people helping themselves get richer.

[Cormacaroni]

Hey look, rich people helping themselves get richer.

Just the blend of cynicism and insight this thread has been lacking thus far!