In 2009, Rolling Stone writer Matt Taibbi applied the most apt metaphor for Goldman Sachs that anyone has yet come up with, calling the bank "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." The phrase took off and even two years later was the inspiration for Occupy Wall Street's "squidding" protests yesterday, which resulted in 17 arrests.
DealBook reached Taibbi by phone today, and even he is sick of the squid metaphor.More »
The video above is from Occupy Wall Street's Goldman Sachs protest at the World Financial Center this morning, where 17 people were arrested. Watch starting at around the 2:00 mark. The photographer, who's been identified as New York Times freelancer Robert Stolarik, is blocked repeatedly from getting photos of arrests happening in the atrium by cops, even though he has a press badge.More »
Goldman Sachs has said they will not spend their money on political advertising, showing what the New York Times calls "an unexpected sign of restraint" following a Supreme Court ruling (Citizens United v. Federal Election Commission) stating that on the basis of free speech, corporations can give unlimited amounts to electing (or defeating!) candidates for federal office.
If one man could be considered the most important single person to the success of the U.S. economy, there is an argument to be made for mega-billionaire Warren Buffet. (This post is not that argument.) But Buffet chose Saturday to lead the counter-backlash, coming out in favor of the embattled Goldman Sachs Co., who have seen their stock plummet since the SEC announced an investigation two weeks ago.
At a meeting of wealthy white men -- Berkshire Hathaway Inc.'s annual shareholders conference -- Buffet, a man practically made of cash and one of the world's top investors, voiced his support for Goldman and its evil, white male overlords.More »
Remember the old days, like before the recession, when talking about money was considered "gauche" and frowned upon at cocktail parties and sophisticated events? Well, now, thanks to so many people losing their jobs and the Real Housewives franchise being such a hit -- not to mention Goldman doing that very bad thing they might have done -- it's totally cool to talk about how much cash is in your wallet. All the time. To anyone who will listen. (It's $35, and I have no idea how it got there.)
Yeah, kill all the lawyers, but good luck eviscerating McKee Nelson, the law firm that vetted the sneaky scheme by Goldman Sachs to sell America short. It's long gone.
It won't be missed — except to answer questions. Some of the 901 pages of documents in the SEC's case against CEO Lloyd Blankfein's Goldman crew strongly hint that Goldman's outside counsel may have been directly involved in Goldman's lack of disclosure about how shitty this CDO was.
What did McKee Nelson know about Goldman's side-bet chicanery? Who knows? Should we expect someone to hang? As we keep pointing out (and now Bill Clinton agrees), Goldman probably didn't break any laws, except in God's eyes, and what's She going to do about it?
Try as he might, Senator Carl Levin can't get a straight answer out of Goldman Sachs during today's hearing of the Senate's Investigations Committee about how Goldman and its CEO, Lloyd Blankfein, bet against America.
At least not so far (tune in live here).
As the clip above proves, Levin is even speaking their language — it's "shitty deal" this and "shitty deal" that.