Thursday, June 25, 2009

Crony Capitalism

Goldman Sachs, the Wall Street investment firm has received a lot of bad press in the past year, but this might be the worst of it yet. Rollingstone has an article damning Goldman Sachs for its incestuous relationship with the government.

UPDATE 06/30/09 - A much more readable version of this article may be found here.

The article exposes how Goldman Sachs has been involved in creating bubbles and then profiting when they collapse. The article is an interesting read, and raises some very serious questions concerning the relationship between the federal government and Goldman Sachs.

The two most interesting pieces in the article revolve around Goldman Sachs' role in driving up the price of oil last summer and their heavy investment in cap and trade and renewable energy. This company is profiting from cronyism and must be investigated and punished if these allegations are true.

Did anyone else think that $4.00/gallon gasoline last summer was suspicious?

Goldman Sachs

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