GS a short? And five reasons we hate Goldman Sachs
Cody Willard November 19, 2009
Here are five reasons why we want Goldman Sachs destroyed and buried so we can dance on its grave and why these crony apologists are wrong when they say that the “populist outrage at Goldman Sachs is misplaced”.
1. The AIG bailout was a covert bailout of Goldman and we want our money back.
2. Goldman became a “financial holding company” after it became a “bank holding company”after it realized it was going to be insolvent even after it got Stephen Friedman to write them a $13 billion check from AIG funded with taxpayer money.
3. We know for a fact that Goldman’s executives get to talk to and even advise the Treasury and the Fed on how the Treasury and the Fed should be buying and selling in the Treasuries market, in the derivatives markets, in the overnights markets, in the CDO markets and so on.
4. Goldman was packaging and selling toxic derivatives for hundreds of billions of dollars to investors around the world, telling those investors that such derivatives were safe and smart bets. At the same time, Goldman was out at the AIG casino not just hedging their own exposure to the derivatives while they were packaging them, but Goldman was actually betting against those very products.
5. Goldman propaganda is insulting to anybody paying any attention.
Phi Beta Iota: See the full story for expansions on each point. Goldman is clearly indictible for fraud–biullions and billions of counts of fraud, and the author captures public perceptions very well.