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)
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(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.”