Lloyd C. Blankfein by Wikipedia
Goldman Sachs CEO Lloyd Blankfein
In case you missed it over the weekend, The New York Times published an article in its Sunday Business section entitled, "Goldman Buying Redemption" [i] , as in their giving away more than $1.6 billion in philanthropy since 2008 presumably hoping to be seen as the corporate Good Samaritan.
Yes Lloyd Blankfein's mob better known as Goldman Sachs is one of the leading corporate philanthropists in the country.
But lets not be deceived by this charitable giving; it's nothing more than a con game committed by corporate thieves, a smokescreen and a fig leaf of seeming civic goodness as a means to deflect attention away from its primary enterprise which is to make billions any which way it can.
If that means knowingly committing fraud by packaging and selling worthless securities backed by sub prime mortgages gone bad to unsuspecting buyers who unwittingly trusted them, so be it. And in Goldman's case buying credit default swaps worth billions from insurance giant AIG to insure themselves in the likely event the securities they sold came out to be worthless; well again so be it.
In less polite company that's called, "covering your ass". And Goldman was at the top of the heap in the category of financial swindling that perpetrated the financial meltdown in 2008.
So isn't it noteworthy that at the very time of the financial crisis and onset of the great recession there's Goldman at the forefront of corporate philanthropy.
Now Goldman didn't invent the smokescreen of using philanthropy to mask their sins. Hell, even the mafia does that.
But the financial "masters of the universe" are supposed to be legitimate enterprises whose former executives become treasury secretaries, chief economic advisors to the president, head up the Federal Reserve, serve on the ratings agencies overseeing the financial institutions such as Moody's, the S and P and SEC which by the way are all underwritten by the very financial institutions they are supposed to regulate (ah, please no guffaws and snickering in the aisles).
Is it any wonder the banks too big to fail have gotten larger, their influence over the political agenda even greater since the 2008 debacle.
So instead of breaking them up into smaller entities, re-regulating them to curb their greed and excesses, provide effective oversight and enforcement we're pretty much assured of a new financial crisis probably worse than the last one.
For sure the great recession was so calamitous and the big financial institutions obviously at the heart of perpetrating it something had to be done. So the Dodd Frank law was enacted but it has since been watered down, lobbied against by the big financial interests, including their hiring and enlisting of academic consultants from America's foremost universities who go before Congress and testify against the regulations of Dodd Frank.
And significantly, these professors are not required to reveal their paid association with the financial institutions when they testify before Congressional committees, just list their academic credentials, thus giving the distinct impression they are independent authorities when in fact these college professors are no better than high paid hookers.
So has it all become rotten to the core? When everything seems to be intertwined, connected with tentacles reaching into the fabric of what once were independent institutions of higher learning and they are also part of the corruption with their ethics, morality and integrity so compromised it's hard to come to any other conclusion.
Getting back to the revelation of Goldman's charitable billions in giving while dismissing their philanthropy as a veneer covering up their profligacy; in light of its fraudulent profiteering of hundreds of billions the giving is just a few sheckles in the poor box to assuage the guilt of sociopaths.