Business
Published in Liberation
(France) on 20 February 2010
by Francois Sergent (link to original)
(France) on 20 February 2010
by Francois Sergent (link to original)
Translated from
by Daniel Pick.
Edited by Laura Berlinsky-Schine.
In "Wall Street," we all remember Gordon Gekko (Michael Douglas) whose motto "greed is good" represented the wild capitalism of the 1980s, which seems more prudent and less arrogant after the 2009 crisis. Let’s not forget that Goldman Sachs, bank of business and speculative funds, knew enough to place its "former students" in all the key positions of the global economy: the American Treasury, the Obama Administration, central European banks and global banks. Institutions which are supposed to regulate the banks...
Both octopus and vampire, Goldman came back brilliantly these last few months with profits and bonuses. The company pocketed billions of dollars from American contributions, which saved them from the crisis created by their own speculative practices. According to former Clinton cabinet member Robert Reich, " Goldman's resurgence should send shivers down the backs of every hardworking American…because Goldman's high-risk business model hasn't changed one bit from what it was before the implosion of Wall Street. Goldman is still wagering its capital and fueling giant bets with lots of borrowed money.”
Reports on the least troubled American bank — nicknamed "Goldman government" — and Greece show the damage that can be caused by this type of non-regulated business.
Of course, Greece was free to not fall for Wall Street traps while trying to conceal its debts and take care of its deficits. Yet it remains that what is good for Goldman Sachs is not good for America and is certainly not good for the rest of the world.
Both octopus and vampire, Goldman came back brilliantly these last few months with profits and bonuses. The company pocketed billions of dollars from American contributions, which saved them from the crisis created by their own speculative practices. According to former Clinton cabinet member Robert Reich, " Goldman's resurgence should send shivers down the backs of every hardworking American…because Goldman's high-risk business model hasn't changed one bit from what it was before the implosion of Wall Street. Goldman is still wagering its capital and fueling giant bets with lots of borrowed money.”
Reports on the least troubled American bank — nicknamed "Goldman government" — and Greece show the damage that can be caused by this type of non-regulated business.
Of course, Greece was free to not fall for Wall Street traps while trying to conceal its debts and take care of its deficits. Yet it remains that what is good for Goldman Sachs is not good for America and is certainly not good for the rest of the world.