15 Jul 2009

The Great American Bubble Machine

One of the Top Contributors to Obama’s election campaign was Goldman Sachs. OpenSecrets.org 

Bankers set for record bonuses on back of Goldman Sachs profits - Bankers at Goldman Sachs are on track for average pay packets of more than $770,000 (£475,000) this year after the investment bank astonished Wall Street and the City with barnstorming results yesterday.

Only days after Alistair Darling, the Chancellor, warned that very high City bonuses helped bankers to make reckless decisions that led to the credit crisis, big bonuses are back. Goldman, which employs 5,500 people in London, reported a spectacular recovery in profits to $3.4 billion in the three months to June and earmarked $6.65 billion for pay and bonuses.  Times Online

Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression. Rolling Stone (Further parts here)