As King Midas is fondly remembered by the Greeks for turning everything into gold that he touched bringing about the term, Midas touch, another institution has during this global economic recession been on the right side of the market every time, timing it more than perfect constantly.
As was reported on July 19th on this blog, Goldman posted record profits along with JP Morgan/Chase. The fact that Goldman Sachs made record profits betting against it's own bad mortgages bundled/packaged together as derivatives and hedge its own bets and had companies like AIG to provide insurance - known as credit-default swaps as well as receiving government TARP funds is not sitting well with main street.
Matt Taibbi attacked Goldman in his article in Rolling Stone magazine titled, "THE GREAT AMERICAN BUBBLE MACHINE", "From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again"
please read the full article here
David Weidner also had a go on the www.marketwatch.com in his article "Government Sachs is in control"
please read the full article here
Matt Goldstein also posted an article on Reuters, "Goldman’s real estate gambit", "This savvy and somewhat stealthy strategy enabled Goldman to pawn off lots of its soon-to-be toxic mortgages and mortgage-backed securities on other institutions — forcing those foolhardy speculators to pay the price when the subprime market blew up.And much to everyone else’s chagrin, Goldman even made money off the housing meltdown when some of its hedges — specifically a bet that a subprime mortgage index would plunge — paid off handsomely."
Please see the full article here.
No article on Goldman can also be posted without Max Keisers meltdown on their Modus Operandi, Enjoy.
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