The great fleecing of the American taxpayer by Goldman Sachs is now official

the lede to matt taibbi's rolling stone article on goldman sachs...

From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again.

and just to be fair, here's megan mcardle's 10 july takedown of taibbi's article from the atlantic...

It's not that everything he says is wrong, but the bits that are true aren't interesting, and the bits that are interesting aren't true.

however, let's step away from spin and opinion for just a moment and focus on the reality of the just-announced second quarter profit declared by goldman sachs...

from today's nyt article...

Comfortably beating analysts’ forecasts, Goldman Sachs earned second-quarter net profits of $3.44 billion, or $4.93 a share, the bank announced on Tuesday.

The results continue a robust turnaround for the firm since it rode out the final tumultuous months of last year with the aid of a federal rescue. They come just one month after it paid back its $10 billion in federal aid.

what's wrong with this picture...? we bail out the richest of the rich which then turns around and suddenly becomes immensely richer thanks to the largesse of us'ns, the american taxpayers...

full disclosure: personally, i don't care for matt taibbi... his one-man vendetta against "conspiracy theorists" has always seemed to me to be the near-hysterical rantings of someone who can't accept the remotest possibility that things aren't always what they seem... now that he's done a complete about-face and made hay out of his goldman sachs conspiracy theory, all i can say is that he's a hypocritical little shit... unfortunately, where goldman sachs is concerned, i think he's absolutely right, megan mcardle notwithstanding...

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