Reason notes that the criticism from Andrew Sorkin of the Masters of the Universe on Wall Street that ruined our country is subtle, but it pretty much shows that the cronyism between Goldman Sachs, Morgan Stanley, and the feds was worse than a Skull and Bones meeting. The piece is very informative, although somewhat dry. However, he does throw in this little tidbit to make people without MBAs happy:
Paulson, who had been living on barely three hours of sleep a night for a week, was beginning to feel nauseated. Watching the financial industry crumble in front of his eyes—the world he had inhabited his entire career—was getting to him. For a moment, he felt light-headed.At least there is a little justice in this world.
From outside his office, his staff could hear him vomit.
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5 comments:
pumpkin chunkin!
Don't buy a bit of that shit. The Atlantic just had a good piece about how the Fed was strongarming Bank of America if they didn't go through with the ML merger. It's a good read.
http://www.theatlantic.com/doc/200909/bank-of-america
One of the best quotes from the article, "As the crisis has receded this year, the government has remained aggressive, seeking business outcomes it finds desirable with some apparent indifference to contractual rights."
Nope. This guy here without an MBA doesn't feel better that Paulson puked like a frat boy. Not unless of course he did a Jimi Hendrix and choked on his vomit.
Oh well. Maybe next financial collapse.
You means the feds used coercive force to ensure that the companies with the best lobbyist got what they wanted? Get out!
You didn't read the article did you Nixon :) If a contract between two people or companies can be trumped by the gov't what good is a contract?
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