A great thorough article on the investment bank Goldman Sachs, which Matt Taibbi calls a vampire squid, meaning that it feeds upon our society to live and has got its tentacles all over the place.
By now almost everyone knows that for decades mortgage dealers insisted that home buyers be able to produce a down payment of 10 percent or more, show a steady income and good credit rating, and possess a real first and last name. Then, at the dawn of the new millennium, they suddenly threw all that shit out the window and started writing mortgages on the backs of napkins to cocktail waitresses and excons carrying five bucks and a Snickers bar.
The way that these large banks are behaving is inherent to capitalism run amok. Instead of trying to regulate these banks, the US government has been pushing to deregulate them. There’s just so much that is wrong with this picture that I’m almost speechless.
It’s the prime example of why these banks are the epitome of capitalism gone wrong, a perfect example of overwhelming greed. These types of institutions will just continue doing what they’re doing until someone stops them.