Read in this month's Vanity Fair: a feature on Goldman Sachs. To announce it, editorial writer Carter gives some shocking insite into the cynicism of this top-tier financial insitution (that caused the financial crisis in the first place). Every 13 seconds someone's home is still being foreclosed while banking interests are being benificiaries of 17,5 TRILLION dollar in guarantees, loans and bailouts. This aid means record profits which again means ... record bonusses while the disconnect between America's most rich and America's most downtrodden hasn't been this dramatic since the late 1800s.
On this disconnect one Goldman Sachs advisor says 'we have to tolerate inequality as a way to achieve greater prosperity and opportunity for all' ... Or how about this one. At Goldman Sachs they do ... 'God's work'. And let's not forget they're into charity. The 2008 tax returns for the charitable foundation of Goldman tells us that the assets have dropped 1/3rd even though they are being managed by Goldman who, by the way, bill the charity almost 4 million dollar for these services.
Warren Buffet has a lot of praise for them , though. They have really turned the financial meltdown of 2008 into one big victory. Huge profits from betting against mortgage-related financial instruments ànd getting bailed out for it. Two main competitors bankrupt. Even getting H1N1 vaccines before hospitals did. And they are topping it of by spending hundreds of millions of dollars on lobbying in Washington to prevent banking reform legislation from happening.
Doesn't it give a warm X-massy feeling when you read all that?
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