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Matt Taibbi: The banksters are about to make another big killing, once again at our enormous expense

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According to Matt Taibbi, Goldman Sachs and other big banks aren't just pocketing the trillions we gave them to rescue the economy -- they're up to their necks in the same kind of high-risk gambling as before and are by that means re-creating the conditions for another crash.

What follows here is an abridgement of Matt's recent and rather lengthy new Rolling Stone article, which can be downloaded in its entirety at either of the following two sites:

http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle

http://www.zerohedge.com/article/taibbi-goldman-raped-taxpayer-and-raped-their-clients

On January 21st, Lloyd Blankfein addressed his plan to pay out gigantic year-end bonuses amid widespread controversy over Goldman's role in precipitating the global financial crisis.

The bank had already set aside a tidy $16.2 billion for salaries and bonuses -- meaning that Goldman employees were each set to take home an average of $498,246, a number roughly commensurate with what they received during the bubble years. Still, the troops were worried. After all, the country was broke, 14.8 million Americans were standing in unemployment lines, and Barack Obama and the Democrats were trying to recover the populist high ground (after their b*tch-whipping in Massachusetts) by calling for a "bailout tax" on banks. So maybe this wasn't the right time for Goldman to be throwing its annual Roman bonus orgy.

Not to worry, Blankfein reassured employees. "In a year that proved to have no shortage of story lines," he said, "I believe very strongly that performance is the ultimate narrative." Translation: We made a sh*tload of money last year because we're so amazing at our jobs, so to hell with all those people who want us to reduce our bonuses.

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 

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