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Goldman Sachs is back, but Paulson and Geithner are not part of the story to media


As the U.S. and world economies continue to struggle and falter, Goldman Sachs is back to making big money. This weekend, several stories came out about the Wall Street behemoth:

  • WSJ: "Goldman Sachs to Gain from Budget Woes -- Analyst"
  • Cabot: "Goldman Sachs Expected to Report $2B Profits"
  • New York Times: "For Goldman, a Swift Return to Lofty Profits"
  • Business Insider: "Two Billion More Reasons To Hate Goldman Sachs"
  • All of these stories discuss how Goldman Sachs has returned to making money. And all of them refused to mention two important names - former U.S. Secretary Henry Paulson (A former Goldman Sachs CEO who led the original TARP bailout) and current U.S. Treasury Secretary Tim Geithner (former resident of the New York Fed and noted Goldman Sachs enabler).

    Yes, Goldman Sachs is back and two of its biggest fans helped it get there. But to business writers, Paulson and Geithner are not even part of the story.

    Of course, the radical Matt Taibbi was unafraid to name names, but don't worry, according to the Business Insider, Taibbi's work is "a joke."

    Read Taibbi's Rolling Stone piece on Goldman Sachs here and decide what the joke is yourself.

    -WKW


    4 Comments

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    Greenwald was all over this this morning, too.

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    The Boys from Brazil think alike ;)

    I saw the NYT story in this a.m.'s Pittsburgh Gazette and was just flabbergasted. Then looked up more stories and saw the same thing. Just incredible.

    Off to see Glenzilla's more-detailed takedown.

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    it's all their derring-do, what with the risky trades, apparently.

    emperor...still butt naked...

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    GOLDMAN SACHS Writes To The President.... A LETTER of THANKS.

    http://pacificgatepost.blogspot.com/2009/07/goldman-sachs-thank-you-mr-president.html

    ……. And the circus continues, with Taxpayer singing the tune.

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    William K. Wolfrum

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