The People vs. Goldman Sachs

Rolling Stone by Matt Taibbi | May. 13, 2011 (Editorial)

To recap: Goldman, to get $1.2 billion in crap off its books, dumps a huge lot of deadly mortgages on its clients, lies about where that crap came from and claims it believes in the product even as it's betting $2 billion against it. When its victims try to run out of the burning house, Goldman stands in the doorway, blasts them all with gasoline before they can escape, and then has the balls to send a bill overcharging its victims for the pleasure of ... Full Story »

Posted by Paul Belle-Isle - via Real Clear Politics, Columbia Journalism Review, Shakthi Sivanathan (t)

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Paul Belle-Isle
4.4
 by Paul Belle-Isle - May. 16, 2011

Taibbi memorably covered Wall Street malfeasance in general and Goldman Sachs misdeeds in particular in his book "Griftopia" to excellent effect. This article serves as somewhat of a follow up, and contains specifics about the manner in which Goldman has broken the law. The author is considered by many - including myself - to be the heir to Hunter S. Thompson in his writing style, but it is important not to be put off by his occasional profanity or gonzo descriptions; Taibbi is a first rate investigative journalist who deals in facts, and this article is no exception.

To recap: Goldman, to get $1.2 billion in crap off its books, dumps a huge lot of deadly mortgages on its clients, lies about where that crap came from and claims it believes in the product even as it’s betting $2 billion against it. When its victims try to run out of the burning house, Goldman stands in the doorway, blasts them all with gasoline before they can escape, and then has the balls to send a bill overcharging its victims for the pleasure of getting fried.

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