Thanks to the Charlottesville Bubble Bloggers for pointing this out.
From the Big Picture:
Let’s review your tax dollars at work: Godlman (sic) Sachs CEO Hank Paulson lobbied the SEC to allow the 5 largest iBanks to be exempt from net capital rules, and then leverage up 40 to 1. Which they did, especially with Mortgage-backed paper and derivatives. Then he becomes Treasury Secretary, and transfers from the taxpayers to these same iBanks — some directly, and some thru AIG — trillions of dollars.
And the first comment says it all:
To review — the mess was caused in part by GS, they benefited from taxpayer monies and now are suing critics.
So … while I don’t have a blogroll anymore, please support GoldmanSachs666.com.