“A great vampire squid wrapped around the face of humanity”

Posted: 16 January 2013 in Uncategorized
Tags: , , , ,

GS-2012

“relentlessly jamming its blood funnel into anything that smells like money,” Matt Taibbi observed back in 2009.

And, in 2012, Goldman Sachs [pdf] relentlessly jammed its blood funnel into anything that smelled like money, thus enabling it to capture  a larger share of the available surplus. It had net earnings of $7.48 billion (compared to $4.4 billion in 2011), based on growth in the bank’s trading activity and “principal transactions” while keeping compensation and benefits close to where they were in the previous year.

How else to describe Goldman Sachs, then as now, but in the following terms:

The bank’s unprecedented reach and power have enabled it to turn all of America into a giant pump-and-dump scam, manipulating whole economic sectors for years at a time, moving the dice game as this or that market collapses, and all the time gorging itself on the unseen costs that are breaking families everywhere — high gas prices, rising consumer credit rates, half-eaten pension funds, mass layoffs, future taxes to pay off bailouts. All that money that you’re losing, it’s going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it’s going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance on Earth — pure profit for rich individuals.

Comments
  1. […] competitive by engaging in anticompetitive practices) or Lloyd Blankfein (head of the “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that […]

  2. […] Microsoft competitive by engaging in anticompetitive practices) or Lloyd Blankfein (head of the “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that […]

  3. […] more recent example is Matt Taibbi’s reference to Goldman Sachs as “A great vampire squid wrapped around the face of humanity, […]

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