Matt_Taibbi-The_Great_American_Bubble_Machine

Matt_Taibbi-The_Great_American_Bubble_Machine -...

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THE GREAT AMERICAN BUBBLE MACHINE From tech stocks to high gas prices, Goldman Sachs has engineered   every major market manipulation since the Great Depression - and they're   about to do it again By MATT TAIBBI The   first   thing   you   need   to   know   about   Goldman   Sachs   is   that   it's  everywhere. The world's most powerful investment bank is a great vampire  squid wrapped around the face of humanity, relentlessly jamming its blood  funnel into anything that smells like money. In fact, the history of the recent  financial crisis, which doubles as a history of the rapid decline and fall of  the suddenly swindled-dry American empire, reads like a Who's Who of  Goldman Sachs graduates. By  now,   most   of  us   know  the   major   players.  As   George   Bush's   last  Treasury secretary, former Goldman CEO Henry Paulson was the architect  of the bailout, a suspiciously self-serving plan to funnel trillions of Your  Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill  Clinton's former Treasury secretary, spent 26 years at Goldman before  becoming chairman of Citigroup - which in turn got a $300 billion taxpayer  bailout from Paulson. There's John Thain, the rear end in a top hat chief of  Merrill   Lynch   who   bought   an   $87,000   area   rug   for   his   office   as   his  company   was   imploding;   a   former   Goldman   banker,   Thain   enjoyed   a  multibillion-dollar handout  from Paulson, who used billions  in taxpayer  funds to help Bank of America rescue Thain's sorry company. And Robert  Steel, the former Goldmanite head of Wachovia, scored himself and his  fellow executives $225 million in golden parachute payments as his bank  was self-destructing. There's Joshua Bolten, Bush's chief of staff during the  bailout, and Mark Patterson, the current Treasury chief of staff, who was a  Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman  director whom Paulson put in charge of bailed-out insurance giant AIG,  1
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which forked over $13 billion to Goldman after Liddy came on board. The  heads of the Canadian and Italian national banks are Goldman alums, as  is the head of the World Bank, the head of the New York Stock Exchange,  the last two heads of the Federal Reserve Bank of New York - which,  incidentally, is now in charge of overseeing Goldman - not to mention . .. But   then,   any   attempt   to   construct   a   narrative   around   all   the   former 
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This note was uploaded on 10/16/2011 for the course FIN 353 taught by Professor Cobus during the Spring '08 term at S.F. State.

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Matt_Taibbi-The_Great_American_Bubble_Machine -...

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