Scary it is!
Everywhere you look, there are ex-Goldman Sachs guys (and gals) in powerful positions – positions of authority, influence, and power.
The argument for hiring these guys has always been that, like a Harvard grad, they are smart, and the doors open for these people.
Or, is that simply an excuse to say that top talent comes from Sachs, when really it is an excuse to put in place those to effect a treasonous agenda. And, like a terrorist cell, could the power be exercised when needed?
I like to use the analogy of a terror cell , as we heard enough of that from George W. Bush shortly after the very iffy 9/11 explanation that it was Al Qaida responsible for the attacks that day. Didn’t it seem a little odd that blame was laid so quickly, the thermite dust hadn’t even settled yet from the pulverized buildings?
And by the way, now would be a good time to suggest you have a look at the recent Conspiracy Theory episode about the Pentagon and 9/11 – good stuff that puts the issue of who is the terrorist and why did the Patriot Act really come into control:
And, in case you missed the original on 9/11, here you go:
Back to Goldman Sachs.
Where there was talk of the financial meltdown, we didn’t have to look far to see that Goldman was right there in the thick of suspicion. The teflon of being a great entity is wearing off as we find more and more underlying corruption associated with Goldman Sachs and their involvment with the derivative scandal.
Remembering back, it was Goldman Sachs that gained large as an investment bank, once it became open season with the repeal of the Glass-Steagal Act by Bill Clinton. And who was it that was involved in convincing him? Was it Robert Rubin, and ex-Goldman boy?
Teflon is definitely getting rubbed off I’d say. The reputation of Goldman has taken a major hit. And it is becoming worrisome.
Observers will point to the firm’s near obsessive focus on recruiting, which has seeded its ranks with an enviable roster of talent, ripe for the poaching. They will highlight Goldman’s record of public service over the past six decades, and the succession of leaders who were encouraged to cap off their lucrative Wall Street careers with a stint in government. And of course, they will reference the company’s unparalleled command of risk: In an era where most of its blue-chip peers have been torched by lax lending standards and questionable bets – think Citigroup, Bear Stearns, UBS and Lehman, to name a few – Goldman has emerged with merely a few singes.
All of these factors go some way toward explaining the ascendancy of so many Goldman alumni amid the debris of the credit crisis. Yet the nature of the crisis has also played a role. Much of this disaster was manufactured on Wall Street, and it is here, at the epicentre of the U.S. financial system, that much of the punishment is being meted out. Given the complexity of the products underlying the collapse of the subprime mortgage market and the potential for a devastating domino effect if some of these major banks fail, it’s little surprise that officials in both the public and private sectors have looked to industry experts for help. And where better to turn than the investment bank that managed to sail through the downturn reasonably intact?
Goldman was indeed a “teflon tim” of the banking industry – no blame or responsibility seems to stick.
Suspicion points to the potential explanation for the longevity of the firm – was it skill or advantage? Was it sound business practice based on a terrific talent pool, or was it due to political favoritism, and the effecting of a political agenda? And are we to see the instilling of these ex-Sachs folks as being recruited to finish off their careers in government, or can we look at the careers in Goldman as the training ground for the real job of government positions?
As Jesse Ventura pointed out on the Wall Street episode, why should the bankers effecting the crisis be given bonuses for destroying the lives of Americans? The more damage you do, the bigger the bonus?:
And Jesse Ventura is not the only critic of Goldman Sachs’ role in the destruction of the American economy. Alternative media is rife with support to suggest that Sachs are financial terrorists bent on the destruction of the middle class. Max Keiser is one such expert with roots on Wall Street, and plenty of ammo:
And, note that the crisis is global – Goldman is in thick everywhere.
And Canada, we are not immune. Check out our Bank of Canada Governor’s roots – you got it – Goldman Sachs!
Along with Mr. Paulson, there was Mr. Carney, who had taken up his job as head of Canada’s central bank only a couple of months earlier, and Bank of Italy Governor Mario Draghi, who was a London-based partner at Goldman from 2002 to 2005. Mr. Draghi also leads the influential Financial Services Forum of central bankers and regulators, which spent six months preparing the report that became the basis of the G7′s demands for more transparency by banks and other regulatory changes.
And the article continues to paint a necessary background on the same sh__, different issue when it comes to what can be expected:
The people at Goldman Sachs are not so successful because they are smarter than the rest of us, just a lot more cunning and crooked in many cases and have the audacity to pull off tricks like Mark Carney’s income trust tax, that steals from the poor to line the pockets of the wealthy.
Let’s not kid ourselves Canada. Time to wake up if not already. There is a plan taking effect. The players are taking position. And the one in Canada is already here.