Saturday, October 27, 2012

Greg Smith’s ‘Why I Left Goldman Sachs’: A Coming of Age Tale, Not a Goldman Exposé

Shameless Goldman Sachs CEO Lloyd Blankfein tesifies before the Senate in April 2010.
Here's Greg Smith's Why I Left Goldman Sachs

And here's Matt Taibbi's Rolling Stone article:

The People vs. Goldman Sachs

A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges

by Matt Taibbi, May 11, 2011

"...They weren't murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it....

... To date, there has been only one successful prosecution of a financial big fish from the mortgage bubble, and that was Lee Farkas, a Florida lender who was just convicted on a smorgasbord of fraud charges and now faces life in prison.

But Farkas, sadly, is just an exception proving the rule: Like Bernie Madoff, his comically excessive crime spree (which involved such lunacies as kiting checks to his own bank and selling loans that didn't exist) was almost completely unconnected to the systematic corruption that led to the crisis.

What's more, many of the earlier criminals in the chain of corruption — from subprime lenders like Countrywide, who herded old ladies and ghetto families into bad loans, to rapacious banks like Washington Mutual, who pawned off fraudulent mortgages on investors — wound up going belly up, sunk by their own greed....."

Read the entire nauseating article at:

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