Wednesday, March 14, 2012

Goldman Sachs: The true threat to our economy?

To many on the right of the political scale, Obama's so-called socialist agenda is the biggest threat to our country. They vehemently regurgitate the spoon fed dribble about the dangers of Obamanism promoted by FOX and company.

They have been counseled to fear and hate government whether it is small, medium or large. They have been conditioned (brainwashed) to rise up in emotional fervor against any program designed to help the middle-class, working class or poor.

The elite billionaires -- think Koch brothers -- have done a remarkable job of using divisive wedge issues, xenophobic propaganda and fear to get the rank-and-file GOP supporters to continue to vote against their own economic best interest.

Meanwhile, in true cloak and dagger form, the true menaces, barons, crooks, tyrants go about business as usual in looting America dry. These corrupted and amoral folks represent the biggest threat to the American way of life.

Case in point, the New York Times op-ed page printed an open letter resignation/explanation by a former Goldman Sachs executive director. In his letter, Greg Smith confirms our worse suspicions about the illicit practices of GS and the overall morally bankrupt culture that thrived -- unchecked -- in this Wall Street institution:

Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.

TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it. 

To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.  read entire story

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