Tuesday, February 23, 2010

Even if I did cover Matt Taibbi's article about Goldman Sachs scamming the bailouts here earlier, this particular quote from the article deserves another mention...
The question everyone should be asking, as one bailout recipient after another posts massive profits– Goldman reported $13.4 billion in profits last year, after paying out that $16.2 billion in bonuses and compensation– is this: In an economy as horrible as ours, with every factory town between New York and Los Angeles looking like those hollowed-out ghost ships we see on History Channel documentaries like Shipwrecks of the Great Lakes, where in the hell did Wall Street’s eye-popping profits come from, exactly? Did Goldman go from bailout city to $13.4 billion in the black because, as Blankfein suggests, its “performance” was just that awesome? A year and a half after they were minutes away from bankruptcy, how are these assholes not only back on their feet again, but hauling in bonuses at the same rate they were during the bubble? The answer to that question is basically twofold: They raped the taxpayer, and they raped their clients.

No comments: