[p2p-research] Fwd: video on Goldman Sachs in key Governmental positions
michelsub2004 at gmail.com
Wed Aug 26 06:23:40 CEST 2009
---------- Forwarded message ----------
From: Dante-Gabryell Monson <dante.monson at gmail.com>
Date: Wed, Aug 26, 2009 at 3:46 AM
Subject: video on Goldman Sachs in key Governmental positions
To: Michel Bauwens <michelsub2004 at gmail.com>
It completes well with the video I sent earlier , and more videos on the
Video Player : Rolling
Matt Taibbi Breaks Down Goldman Sachs’ Big Scam
Just about everyone has heard of Goldman Sachs. Few, until recently, had
heard of Mike Morgan, a Florida-based investment adviser, just recovered
from heart surgery. Over the past few months, Morgan has become one of those
shooting stars of cyberspace. He set up a blog, goldmansachs666.com , whose
posts have included "Does Goldman Sachs run the world?" and "If Goldman
Sachs robbed your house, what would you do?".
Aggrieved at being traduced under the devil's sign, the American investment
bank ordered Morgan to take down his site. He refused. A legal spat ensued.
Now, the site appears with the following disclaimer: "This website has not
been approved by Goldman Sachs. This website was designed to provide
information about Goldman Sachs to demonstrate [in Mr Morgan's view] how
destructive this company is to our lives and the hopes and dreams of our
Few companies generate such vitriol. But sometimes you wonder if Goldman
doesn't actually want to be hated. Just look at this week's humdinger. Fresh
from repaying $10 billion (£6 billion) of rescue funding from the American
taxpayer, and amid the biggest economic crisis since the 1930s, Goldman
turned in record second-quarter earnings of $3.44 billion a 65 per cent rise
That's only half of it, though. The upshot of these monster earnings is that
Goldman's 29,400 staff are set to rake it in as never before. As if the
credit crunch had never happened, the Goldmanites are on course this year
for average pay, bonus and benefit packages of an eye-watering $770,000 per
head. That's almost twice what President Obama earns
Top of the list is its former chief executive, Henry Paulson, the man who
was George Bush's last Treasury Secretary and the architect of the Wall
Street bank bail-out. Paulson was only following form. Another Goldmanite,
Robert Rubin, was Treasury Secretary under Bill Clinton.
Paulson, it is widely known, could not stand Dick Fuld, the former boss of
Lehman Brothers. So, the conspiracy theory goes, Paulson was happy to let
Lehman go to the wall the one major bank that America declined to rescue.
Even so, it stretches it a lot to say that allowing Lehman to collapse was
all part of a grand design to help Goldman.
As one Wall Street banker puts it: "Lehman almost brought down the entire
financial system, forcing Goldman to go cap in hand to the Treasury for $10
billion of Tarp funds" the bail-out under the US government's Troubled
Assets Relief Programme. "If Paulson had been trying to help his old bank,
he would have let Bear go rather than Lehman."
Two controversies feed the conspiracy theories. First, after Lehman fell,
Goldman and the remaining US investment banks found it impossible to finance
their businesses. So, the US government allowed chief executive Lloyd
Blankfein to turn Goldman into a bank holding company, regulated by the US
Federal Reserve a move also followed by Morgan Stanley. This enabled
Goldman, which was now constituted as a commercial bank, to gain access to
fresh and cheap funding from the Fed.
Work: http://en.wikipedia.org/wiki/Dhurakij_Pundit_University - Research:
http://www.dpu.ac.th/dpuic/info/Research.html - Think thank:
P2P Foundation: http://p2pfoundation.net - http://blog.p2pfoundation.net
Connect: http://p2pfoundation.ning.com; Discuss:
Updates: http://del.icio.us/mbauwens; http://friendfeed.com/mbauwens;
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