Wall St, recently voted less guilty than Washington in creating this crisis, is edging ever-closer to giving DC and taxpayers the middle finger, and 'giving back' TARP money. Thus they can join the likes of their soulmates Bobby Jindal and Sarah Palin, those noted intelligent defenders of 'free market capitalism' who wish to see the house burn down on ideological principals.
Goldman is now muttering not-so-veiled threats to do so (after having happily been one of the very largest beneficiaries of Gov't largesse, and one of the very largest counterparties to AIG). Today they went to lenghts to dispel these beliefs (Goldman Says It Has No Material Exposure to AIG ) but color me unpersuaded. The next time a leading bank executive speaks utterly truthfully to analysts, investors, counterparties, the Feds, the press, and the public it will be the first such time since August 13, 2007. Goldman may indeed break this streak, but I'd hedge that bet....
PR is PR, even in a crisis, and Goldman's looking to gin their stock price, knowing that in about 2 weeks Emporers Citi and BoA will be revealed as wearing no clothes, and all FS equities will tank, Goldman's included... Plus, their partners are not amused by the prospect of 'filthy rich banker house tours' in Greenwich, and are seeking to regain anonymity, the consequences to the nation be damned...
Every time you want to cut these dudes a break, they again act like the asses who greedily helped cause the problem in the first place. At least the morons in Congress are (supposedly) accountable to the people. All we can do in Goldman's case is to short their stock.
For some juicy background, go no further than here: Goldman Sachs, Welfare Queen
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