Goldman Sachs: Master of the Universe - by Stephen Lendman
The status applies to all Wall Street giants, none, however, the equal of Goldman, the Grand Master. Like the fabled comic book Superman hero, it's:
-- faster than its competitors, thanks to its proprietary software ability to front run markets (illegal, but no matter);
-- more powerful than the government it controls; and
-- able to leap past competitors, given its special status.
Founded in 1869, GS calls itself "a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide."
Since going public in 1999, the same year Glass-Steagall ended letting banks, insurers and securities companies combine, GS became a giant hedge fund trading against the advice given clients with the full faith and blessing of Washington - the same thing other Street giants did and profited handsomely.
In his April 17 article headlined, "Goldman Sachs Vampire Squid Gets Handcuffed," L. Randall Wray noted SEC laxity for years, "managing to sleep through every bubble and bust in recent memory," and saying Goldman acts above the law "since it took over Washington during the Clinton years." Their criminal behavior is nothing new. It's their established business model, the reason it's been immersed in nearly all financial scandals since the 19th century.