Goldman Sachs, Government Sachs, the Vampire Squid is one of the cronyist companies in existence. (There is strong competition for the top spot from many contenders.)
I will never forget how Goldman Sachs first leveraged itself up, at least 100 to1, then got caught to the downside in the 2008 Crash, then got bailed out by the US taxpayers thanks in large part to Hank Paulson the Bush Treasury Secretary and former CEO of Goldman Sachs.
After that Goldman proceeded to pay the biggest bonuses in its history, totally paid for by the US citizenry. (Even though Goldman should have gone bankrupt and disappeared from the earth.)
Meanwhile the little guy all across the country was being crushed. People lost their houses even though they ran their “books” way better and more responsibly than Goldman Sachs.
Oh, and Goldman was Obama’s biggest contributor after the California University system.
Goldman got fat while the people who paid for the bank’s mid-recession bonuses were in some cases put out on the street.
Goldman is crony capitalism on a massive scale, and we will NEVER forget the bailouts. And neither should you.
(From Market Watch)
Taleb, an New York University professor and the author of “Black Sawn,” sat down with the New Statesman, to discuss everything from “cronyism” to the ever-widening divide between rich and poor .
He also touched on his belief that, as the author of the article put it, “the fiercest circle of hell” is reserved for bankers and neoconservatives.
“Banking is rent-seeking of industrial proportions,” said Taleb, who made his fortune as a derivative trader. “If you’re taking risks, God bless you. This is why I accept inequality. I’ve seen people go from trader to cab driver and back again.”