Friday, June 19, 2009

Taibbi: Goldman's Weak Apology For The Financial Crisis

I follow Matt religiously and I must say, this one ranks up there as one of his best works. I have never read or heard a more visual explanation of the mortgage mess (chopped up over-hyped mortgages, sold in the markets as CDO, CDS, etc.):

"This isn"t really commerce, but much more like organized crime: it was a gigantic fraud perpetrated on the economy that wouldn"t have been possible without accomplices in the ratings agencies and regulators willing to turn a blind eye. Imagine a meat company that bred ten billion rats, fattened them on trash and sewage, ground their bodies into chuck, and then sold it all as grade-A ground beef to McDonald"s and Burger King, right under the noses of the USDA: this is exactly the same thing, only with debt instead of food. We"re eating it, they"re counting the money."

Can you think of a better narrative? It's the Matt Taibbi that we love!
About Goldman Sachs
Read the Article at HuffingtonPost

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