Matt Taibbi: Bloomberg’s Marie Antoinette Moment

03 Economy, 07 Other Atrocities, 11 Society, Civil Society, Commerce, Commercial Intelligence, Corruption, Cultural Intelligence, Government, Misinformation & Propaganda, Money, Banks & Concentrated Wealth
Matt Taibbi

Mike Bloomberg’s Marie Antoinette Moment

Rolling Stone, November 3, 11:00 AM ET

Last year I had a chance to see New York Mayor Mike Bloomberg up close at the Huffington Post’s “Game Changers” event. I was standing right behind the guy when he was introduced by Nora Ephron, and watched as the would-be third party powerhouse wowed the liberal crowd with one zinger after another.

Includes short video.

EXTRACT:

The whole game was based on one new innovation: the derivative instruments like CDOs that allowed them to take junk-rated home loans and turn them into AAA-rated instruments. It was not Barney Frank who made it possible for Goldman, Sachs to sell the home loan of an occasionally-employed janitor in Oakland or Detroit as something just as safe as, and more profitable than, a United States Treasury Bill. This was something they cooked up entirely by themselves and developed solely with the aim of making more money.

Read full skewering of Mike Bloomberg.

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