Goldman Engineered 'Every Market Manipulation' Post-Depression
By Wesley Oliver, Newser Staff
Posted Jul 5, 2009 12:30 PM CDT
Goldman Sachs Chairman and CEO Lloyd Blankfein testifies before the House Financial Services Committee.   (Getty Images)

(Newser) – The recession has been good to Goldman Sachs: The world’s most powerful investment bank snatched $10 billion in TARP funds, reclaimed $13 billion from AIG, watched archrival Lehman Brothers disintegrate, and found alumni spearheading Washington’s economic rescue effort. But this isn’t new, Matt Taibbi writes in a scathing Rolling Stone explainer, since Goldman “has engineered every major market manipulation since the Great Depression.”

And Goldman is at it again, now with the cap-and-trade “environmental plan,” Taibbi says: “The new carbon-credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: The rise in prices will be government-mandated. Goldman won't even have to rig the game. It will be rigged in advance.”

View 4 more images
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
You Might Like
Showing 3 of 10 comments
Jul 6, 2009 12:34 PM CDT
the stimulus money never made it down to the consumer-try to get a home loan with a good credit rating-its a joke-wait to the gas guzzler law kicks in-the car cokpanies will sell but rip us off again-they want to make that 3,500 or 4,500 plus whatever they can-they don't just want to move cars-credit card companies are changing all the % rates before the new laew kicks in so the consumer has already benn raped-no one watching where the money is and what it does-but as goes the housing market so goes the economy-and right now thats in the toilet-and I don't expect anyone to fix it soon-republican or democrat-we took 8 years to get into this ness -or more-we ain't gettin out in 1 year
Jul 6, 2009 1:46 AM CDT
I don't think that oligarchy was quite the word Reader was going for--or business.
Jul 5, 2009 11:52 AM CDT
we know it, call it a 5th sense...we can read. no one one purposely type your sh*t without believing it, cloudysight