Monday, February 15, 2010
Goldman Sachs Equals Financial Cancer
Metastasize - transfer of disease from one organ or part of the body to another not directly connected with it, all malignant tumors are capable of metastasizing.
Goldman Sachs is a cancer on the economy of the United States and now it has metastasized and become a cancer to Greece as well. This corporation has no ethical compass. Its only purpose is to make money for itself and its principals. They have infected the government of the United States and now that malignancy is spreading around the world.
In the Sunday New York Times of February 14, 2010, is a well written article about how Goldman Sachs advised the government of Greece to go deeper in debt while keeping the debt off their balance sheet. This kind of stuff is not rocket science. Any asshole can suggest that a country part with future revenue streams from fees that would be needed to pay existing debt service. And, that folks is exactly what Goldman Sachs did. Now Greece is looking at going belly up because it can not meet the interest payments on its existing debt. Is this the way a financial adviser advices a client nation?
It sure will be interesting to see how much will change as a result of the new regulations that are coming out of Congress. Given the amount of influence that the Wall Street firms have with our politicians, it will be interesting to see if there will be a meaningful change. If there is no meaningful change and the games continue, we will be headed back down that same road to the next financial crisis. Too big to fail and too big in influence will eventually bury us as a nation. The world will not play our game of financial cancer forever.