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Friday, July 17, 2009

Goldman Sachs: The Great Vampire Squid

Goldman Sachs: a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money

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.
— Matt Taibbi, Rolling Stone
Paul Krugman / New York Times:
The Joy of Sachs — The American economy remains in dire straits, with one worker in six unemployed or underemployed. Yet Goldman Sachs just reported record quarterly profits — and it's preparing to hand out huge bonuses, comparable to what it was paying before the crisis. What does this contrast tell us?

First, it tells us that Goldman is very good at what it does. Unfortunately, what it does is bad for America...
Domenico Montanaro / msnbc.com: FIRST THOUGHTS: CHANGING NOTHING
The Daily Bail:
Ritholtz & Ratigan Examine The Vampire Squid -- The vampire squid is Government Goldman. You are a fish. "Annie, go get your nuke."

Dylan Ratigan teams up with Barry Ritholtz...


Matt Taibbi / TrueSlant.com:
The real price of Goldman’s giganto-profits -- So what’s wrong with Goldman posting $3.44 billion in second-quarter profits, what’s wrong with the company so far earmarking $11.4 billion in compensation for its employees? What’s wrong is that this is not free-market earnings but an almost pure state subsidy...

So what does this Goldman profit number mean? This is the final evidence that the bailouts were a political decision to use the power of the state to redirect society’s resources upward, on a grand scale. It was a selective rescue of a small group of chortling jerks who must be laughing all the way to the Hamptons every weekend about how they fleeced all of us at the very moment the game should have been up for all of them....
Mike Morgan / GoldmanSachs666.com:

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia