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
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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.

See Also:

Review: Griftopia–Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America

Matt Taibbi: The Real Housewives Of Wall Street–How Morgan Stanley Wives Christy Mack & Susan Karches Ripped Off Taxpayers In Geithner-Bernanke Bailout Scheme

Why Isn’t Wall Street in Jail? + US Fraud RECAP

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