Re: [Pen-l] Working at Goldman-Sachs

[raghu <mraghu01@xxxxxxxxx>]

On Fri, Mar 27, 2009 at 11:40 AM, Louis Proyect <lnp3@xxxxxxxxx> wrote:
> Next to AIG, Goldman has borne the brunt of populist fury.

Interesting writeup.

But I wish the above was true! It seems to me that Goldman-Sachs have,
for the most part, escaped populist fury. They made a big deal out of
still being profitable in 2008 and their executives managed to
sidestep outrage over bonuses unlike Merill and others. They along
with JPM-Chase are touted as role-models who managed to avoid the
mistakes of their peers.

This is all complete garbage on so many levels. Their profits resulted
from being beneficiaries of huge sums of bailout money, directly
through TARP or indirectly (possibly fraudulently) through AIG,
massive mark-to-model Level-3 assets and preferential treatment from
the Fed and Treasury.

As to whether they are better than the rest of Wall Street: who cares.
It is like being the smartest in a room full of retards. The fact that
they are able to get away with it is to me the most disgraceful aspect
of this whole crisis.
-raghu.


--
Seeing is deceiving. It's eating that's believing.
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