What I Think of Goldman Sachs

Embarrassed by the revelation that they were handing out more than $16 billion in bonuses this year, Goldman Sachs announced that it is coughing up $500 million to “help out” small businesses.

The Chairman and CEO of GS actually called this ploy “doing God’s work.”

Happily, none of the newspapers I read took the bait.

It’s obviously an attempt to buy “good will,” The New York Times said. A way of “apologizing to the public,” was how The Wall Street Journal saw it.

Goldman Sachs, let us remember, was a major culprit in the recent fleecing of the American investor. It was also a major recipient of the taxpayer-funded bailout.

Goldman Sachs’s job — and this is true of all investment houses — is to shake its clients upside-down until all the money falls out of their pockets. That’s the way their business works. But when they pick up that money, blow it at the racetrack, and then tell those same investors to fork up more money (through taxes) so they can continue their shakedowns — well, that doesn’t make sense to me.

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