Goldman Sachs: The New Halliburton
The indictment of Investment firm Goldman Sachs on fraud charges by the Justice Department has made them the official corporate pinata of the anti capitalist left in America. Several years ago it was Enron who was later supplanted by oil services giant Halliburton-which had the misfortune of being tied to the then VP Dick Cheney. In 2009, AIG carried became the poster child for evil corporate greed thanks to the housing meltdown which brought on the financial crisis.
Goldman Sachs assumed this unenviable position due to the enormous profits it made as a result of the TARP money it was all but forced to take during the bank bailout. Some have argued that the timing of the indictment is highly suspicious given the Obama administration's desire to pass the financial reform bill. One thing if for certain, the government usually passes new laws when they have failed to enforce the ones already on the books- as was the case in the Bernie Madoff affair.
Some in the banking industry, such as JP Morgan Chase CEO Jamie Dimon have expressed displeasure at some of the proposed changes which he feels will adversely affect banks profits from credit cards. Its seem obvious to some, including this blogger that the president has a serious problem with capitalism. His unrelenting criticism of and Wall Street will surely cost him in 2012-let's hope so.
Goldman Sachs assumed this unenviable position due to the enormous profits it made as a result of the TARP money it was all but forced to take during the bank bailout. Some have argued that the timing of the indictment is highly suspicious given the Obama administration's desire to pass the financial reform bill. One thing if for certain, the government usually passes new laws when they have failed to enforce the ones already on the books- as was the case in the Bernie Madoff affair.
Some in the banking industry, such as JP Morgan Chase CEO Jamie Dimon have expressed displeasure at some of the proposed changes which he feels will adversely affect banks profits from credit cards. Its seem obvious to some, including this blogger that the president has a serious problem with capitalism. His unrelenting criticism of and Wall Street will surely cost him in 2012-let's hope so.
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