July 2009 Rolling Stone article: Americans allow Goldman Sachs to rob them in broad daylight: "You can't really register the fact that you're no longer a citizen of a thriving first-world democracy....It's a gangster state, running on gangster economics."...
6/1/2017, "Goldman Sachs CEO’s first-ever tweet slams Trump’s climate decision," NY Post, Kevin Dugan
6/2/2017, "Goldman Sachs CEO bashes Trump again in bizarre, emoji-filled tweet," NY Post, Kevin Dugan
"A groundbreaking new commodities bubble, disguised as an "environmental plan" called cap-and-trade."
7/02/2009, "The Great American Bubble Machine: How Goldman Sachs has Engineered Every Major Market Manipulation Since the Great Depression," Rolling Stone, by Matt Taibbi
scroll to, "Bubble #6: Global Warming"...
"It's early June (2009) in Washington, D.C., Barack Obama, a popular young
politician whose leading private campaign donor was an investment bank
called Goldman Sachs — its employees paid some $981,000 to his campaign —
sits in the White House. Having seamlessly navigated the political
minefield of the bailout era, Goldman is once again back to its old
business, scouting out loopholes in a new government-created market with
the aid of a new set of alumni occupying key government jobs.
Gone are Hank Paulson and Neel Kashkari; in their place are Treasury
chief of staff Mark Patterson and CFTC chief Gary Gensler, both former
Goldmanites. (Gensler was the firm's co-head of finance.) And instead of
credit derivatives or oil futures or mortgage-backed CDOs, the new game
in town, the next bubble, is in carbon credits — a booming trillion
dollar market that barely even exists yet, but will if the Democratic
Party that it gave $4,452,585 to in the last election manages to push
into existence a groundbreaking new commodities bubble, disguised as an
"environmental plan," called cap-and-trade.
The new carbon-credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle:
If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won't even have to rig the game.
It will be rigged in advance....
The feature of this plan that has special appeal to speculators is that
the "cap" on carbon will be continually lowered by the government, which
means that carbon credits will become more and more scarce with each
passing year. Which means that this is a brand new commodities market
where the main commodity to be traded is guaranteed to rise in price
over time. The volume of this new market will be upwards of a trillion
dollars annually; for comparison's sake, the annual combined revenues of
all electricity suppliers in the U.S. total $320 billion....
Goldman started pushing hard for cap-and-trade long ago, but things
really ramped up last year (2008) when the firm spent $3.5 million to lobby
climate issues. (One of their lobbyists at the time was none other than
Patterson, now Treasury chief of staff.) Back in 2005, when Hank Paulson
was chief of Goldman, he personally helped author the bank's
environmental policy, a document that contains some surprising elements
for a firm that in all other areas has been consistently opposed to any
sort of government regulation. Paulson's report argued that "voluntary
action alone cannot solve the climate change problem." A few years
later, the bank's carbon chief, Ken Newcombe, insisted that
cap-and-trade alone won't be enough to fix the climate problem and
called for further public investments in research and development.
is convenient, considering that Goldman made early investments in wind
power (it bought a subsidiary called Horizon Wind Energy), renewable
diesel (it is an investor in a firm called Changing World Technologies)
and solar power (it partnered with BP Solar), exactly the kind of deals
that will prosper if the government forces energy producers to use
cleaner energy. As Paulson said at the time, "We're not making those
investments to lose money."
The bank owns a 10 percent stake in the Chicago Climate Exchange,
where the carbon credits will be traded. Moreover, Goldman owns a
minority stake in Blue Source LLC, a Utah-based firm that sells carbon
credits of the type that will be in great demand if the bill passes.
Nobel Prize winner Al Gore, who is intimately involved with the planning
of cap-and-trade, started up a company called Generation Investment
Management with three former bigwigs from Goldman Sachs Asset
Management, David Blood, Mark Ferguson and Peter Harris.
Investing in carbon offsets. There's also a $500 million Green Growth
Fund set up by a Goldmanite to invest in green-tech…the list goes on
and on. Goldman is ahead of the headlines again....
Well, you might say, who cares? If cap-and-trade succeeds, won't we
all be saved from the catastrophe of global warming? Maybe — but cap-and-trade, as envisioned by Goldman, is really just a carbon tax
structured so that private interests collect the revenues. Instead of
simply imposing a fixed government levy on carbon pollution and forcing
unclean energy producers to pay for the mess they make, cap-and-trade
will allow a small tribe of greedy-as-hell Wall Street swine to turn yet
another commodities market into a private tax collection scheme. This
is worse than the bailout: It allows the bank to seize taxpayer money before it's even collected....
Cap-and-trade is going to happen. Or, if it doesn't, something like it
will. The moral is the same as for all the other bubbles that Goldman
helped create, from 1929 to 2009. In almost every case, the very same
bank that behaved recklessly for years, weighing down the system with
toxic loans and predatory debt, and accomplishing nothing but massive
bonuses for a few bosses, has been rewarded with mountains of virtually
free money and government guarantees — while the actual victims in this
mess, ordinary taxpayers, are the ones paying for it.
It's not always easy to accept he reality of what we now routinely
allow these people to get away with; there's a kind of collective denial
that kicks in when a country goes through what America has gone through
lately, when a people lose as much prestige and status as we have in
the past few years. You can't really register the fact that you're no
longer a citizen of a thriving first-world democracy, that you're no
longer above getting robbed in broad daylight, because like an amputee,
you can still sort of feel things that are no longer there.
But this is it. This is the world we live in now. And in this world,
some of us have to play by the rules, while others get a note from the
principal excusing them from homework till the end of time, plus 10
billion free dollars in a paper bag to buy lunch. It's a gangster state,
running on gangster economics, and even prices can't be trusted
anymore; there are hidden taxes in every buck you pay. And maybe we
can't stop it, but we should at least know where it's all going....
(1st. parag) The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most
powerful investment bank is a great vampire squid wrapped around the
face of humanity, relentlessly jamming its blood funnel into anything
that smells like money. In fact, the history of the recent financial
crisis, which doubles as a history of the rapid decline and fall of the
suddenly swindled dry American empire, reads like a Who's Who of Goldman
Invasion of the Home Snatchers
By now, most of us know the major players. As George Bush's last
Treasury secretary, former Goldman CEO Henry Paulson was the architect
of the bailout, a suspiciously self-serving plan to funnel trillions of
Your Dollars to a handful of his old friends on Wall Street. Robert
Rubin, Bill Clinton's former Treasury secretary, spent 26 years at
Goldman before becoming chairman of Citigroup — which in turn got a $300
billion taxpayer bailout from Paulson.
There's John Thain, the asshole
chief of Merrill Lynch who bought an $87,000 area rug for his office as
his company was imploding; a former Goldman banker, Thain enjoyed a
multi-billion-dollar handout from Paulson, who used billions in taxpayer
funds to help Bank of America rescue Thain's sorry company. And Robert
Steel, the former Goldmanite head of Wachovia, scored himself and his
fellow executives $225 million in golden-parachute payments as his bank
There's Joshua Bolten, Bush's chief of staff
during the bailout, and Mark Patterson, the current Treasury chief of
staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the
former Goldman director whom Paulson put in charge of bailed-out
insurance giant AIG, which forked over $13 billion to Goldman after
Liddy came on board. The heads of the Canadian and Italian national
banks are Goldman alums, as is
the head of the World Bank,
the head of
the New York Stock Exchange,
the last two heads of the Federal Reserve
Bank of New York —
which, incidentally, is now in charge of overseeing
Goldman — not to mention …
But then, any attempt to construct a narrative around all the former
Goldmanites in influential positions quickly becomes an absurd and
pointless exercise, like trying to make a list of everything. What you
need to know is the big picture: If America is circling the drain,
Goldman Sachs has found a way to be that drain — an extremely
unfortunate loophole in the system of Western democratic capitalism,
which never foresaw that in a society governed passively by free markets
and free elections, organized greed always defeats disorganized
The bank's unprecedented reach and power have enabled it to turn all
of America into a giant pump-and-dump scam, manipulating whole economic
sectors for years at a time, moving the dice game as this or that market
collapses, and all the time gorging itself on the unseen costs that are
breaking families everywhere — high gas prices, rising consumer credit
rates, half-eaten pension funds, mass layoffs, future taxes to pay off
bailouts. All that money that you're losing, it's going somewhere, and
in both a literal and a figurative sense, Goldman Sachs is where it's
going: The bank is a huge, highly sophisticated engine for converting
the useful, deployed wealth of society into the least useful, most
wasteful and insoluble substance on Earth — pure profit for rich
The Feds vs. Goldman
They achieve this using the same playbook over and over again.
formula is relatively simple: Goldman positions itself in the middle of a
speculative bubble, selling investments they know are crap. Then they
hoover up vast sums from the middle and lower floors of society with the
aid of a crippled and corrupt state that allows it to rewrite the rules
in exchange for the relative pennies the bank throws at political
patronage. Finally, when it all goes bust, leaving millions of ordinary
citizens broke and starving, they begin the entire process over again,
riding in to rescue us all by lending us back our own money at interest,
selling themselves as men above greed, just a bunch of really smart
guys keeping the wheels greased. They've been pulling this same stunt
over and over since the 1920s — and now they're preparing to do it
again, creating what may be the biggest and most audacious bubble yet.
If you want to understand how we got into this financial crisis, you
have to first understand where all the money went — and in order to
understand that, you need to understand what Goldman has already gotten
away with. It is a history exactly five bubbles long — including last
year's strange and seemingly inexplicable spike in the price of oil.
There were a lot of losers in each of those bubbles, and in the bailout
that followed. But Goldman wasn't one of them."....
"This article originally appeared in the July 9-23, 2009 of Rolling Stone."
6 Goldman Sachs bubbles per 2009 Rolling Stone article:
1. The Great Depression
2. Tech Stocks
3. The Housing Craze
4. $4 a Gallon
5. Rigging the Bailout
6. Global Warming
News that doesn't receive the necessary attention.
Friday, June 2, 2017
What caused Goldman Sachs CEO Blankfein to emerge on twitter for the first time ever on June 1, 2017? Global Warming is one of 6 Goldman Sachs money-making bubbles. They never had to worry about who won US elections, Goldman Sachs profits were always guaranteed in advance by corrupt government pals-July 2009, Rolling Stone, Matt Taibbi
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