It’s really unbelievable. The way that Goldman Sachs keeps sticking its foot in it is simply unbelievable. Let’s not review their unbelievable bonus pool or their many failed PR schemes to gloss over unseemly profits (a practice we have dubbed “greedwashing”). Let’s simply recap this week’s news.
On Sunday, the New York Times detailed in a front-page exposé how Goldman may have hastened the demise of AIG (and perhaps the global economy), by betting that the housing market would collapse and jacking up its insurance for mortgage securities with AIG to extract more and more money from the firm as the housing market went south.
On Tuesday, the respected German magazine Der Spiegel revealed that Goldman did a billion dollar deal with Greece in 2002, which helped that nation hide its staggering debt for years. Now Greece is tottering on the brink of default, a scenario that could lead to another global meltdown, and Goldman’s role is coming under scrutiny. (Unlike the rest of the world, Goldman is probably hedged against a Greek collapse.)
Now the trenchant traders at Goldman have picked a new target. Not satisfied with bringing the global economy to the brink, they now appear to be devoting time and energy to mini, cyber attacks on bank reform campaigners.