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).