Wednesday, March 14, 2012

Goldman Sachs Executive Criticizes Firm For Ripping Off Clients

These revelations are simply confirmation of what anyone willing to embrace reality already knew.  We have seen it in revelation after revelation of their smarmy activities or as Goldman’s CEO has stated, “Doing God’s work.”.     This dynamic has been building since Wall Street got its legs back underneath it in the Great Depression they were responsible for.  Once Wall Street was allowed to trade with its own money (our money backed by taxpayers and shareholders) who cares about making 2% off of clients?  Those people are captured and really don’t have a whole lot of choices worth leaving for.  So, then Wall Street could focus on making 50%, 100% and more by ripping off countries, schools, municipalities, corporate clients and finally society. 

Private, for-profit banking is a criminal enterprise that seeks to serve the purpose of a very few over the needs of a democracy.   It needs to go away.  Forever.  Especially the capital market functions provided by private banking.    And, by the time this cycle is over however many years from now,  I believe it will be gone.  Forever. 

Title link here.

New York Times Op-Ed By Goldman Executive -  “Why I Am Leaving Goldman Sachs”.

posted by TimingLogic at 12:21 PM

Links to this post:

Create a Link

<< Home