Goldman's Coup: Matt Taibbi, Mike Lux, and Robert Johnson

[GRITtv]

Run time: 04:29 https://www.youtube.com/watch?v=nFWjXQLDkXg   Posted on YouTube: July 15, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: July 16, 2009 By DU Member: GRITtv Views on DU: 846

 
“They frankly own the place,” Dick Durbin said back in April referring to the power that banks hold over policy decisions in Washington. If they own the place, presumably they can make the rules. But as Goldman Sachs brings in record profits and prepares to dole out handsome bonuses to employees and executives, many are lauding the company's willingness to take risks. So is Goldman Sachs, dubbed by many 'Government Sachs,' a risk taker or a coup maker? And what will it take to confront what may be the most powerful lobby in American history?

[florida08]

1. yes they do own us

They're the Bubble maker.

Paulson allowed Goldman Sachs to bail itself out by giving AIG TARP money (80 billion) which about 14 billion went to GS.
AIG owed GS about 20 billion. Paulson allowed GS biggest competitor Lehman Bros to go under.

Goldman Sachs paid about 14 million in taxes last year..about 1/3 of what it's CEO made in compensation last year.

They were selling the risky mortgages off as A-1 investments under securitization... And what’s important to remember about Goldman, in particular, is they were alone on Wall Street in appearing to know that what they were selling was toxic and was bad, because they were betting heavily against this stuff as they were selling it on the market. And they made an enormous profit, whereas Bear and Lehman thought they had something good, and they ended up being taken down by their own investments.

http://www.democracynow.org/2009/7/15/goldman_sachs_posts_record_profits

[bahrbearian]

2. They don't own us, so much as they own Congress.

[florida08]

3. Congress has control

of our tax dollars..ipso facto

[bertman]

4. Taibbi's succinct breakdown of the taxpayer largesse that financed this coup was very

helpful to me in seeing how all of the Congressional funding worked. Being a layman who doesn't have time to research all of this, I find it illuminating when someone can explain it in simple terms.

Thanks for posting this, GRITtv.

Recommend highly.