Goldman Sachs

Many thousands of words have been written about Goldman Sachs lately, and today there are 3 worthy reads:

1) Clusterstock criticizing Taibbi’s Rolling Stone piece. (Megan McCardle’s criticism too).

2) NY Times: Goldman’s Gain, America’s Risk.

3) Jim Bianco (via Barry Ritholtz): What Is Goldman Sachs?

Anytime you read an article about GS, you’ll typically find a slew of comments from angry people describing how corrupt GS is, or how they cheat the system. I was trying to decide if I should even bother putting my own 2 cents in on my own post, and then I read this comment on the Clusterstock piece:

“Most of the people here: You are blaming a company that is gaming a corrupt government . You are once again trying to fix the effects of problems instead of fixing the cause. If a company can legally do something to make a profit then they have a duty to do that. Companies are in business to make money. (Shocking, i know). Now if the problem is a completely corrupt government why don’t we try and fix that instead? Gaming the government should not be a valid business tactic. It only is because our government is vastly over-sized and overreaching. This is the true problem. You will never have a fair system when you spend all your time trying to fix the wrong problems.”

I think that sums it up nicely. The average person hates Goldman Sachs. When GS gets paid billions and billions of taxpayer dollars directly funneled through AIG, it makes people mad – RIGHTFULLY so. But the point is that we should be mad at the GOVERNMENT for making this happen – for allowing it to happen – not at GS. Don’t hate the playa – hate the game.


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