The scrappy, much-maligned firm has gone straight for the heart of evil by taking on the great and powerful goldmansachs666.com, a blog unfriendly to GS.
Here we are in the midst of the worst credit crisis in memory and the bank was forced to take bailout money from the government shortly after it was forced to change its structure from an investment bank to a bank holding company.
Really, Lloyd? Fighting Goldmansachs666.com is where you want to put your money right now?
… How long Morgan will last in this legal battle with Goldman Sachs will likely depend on the generosity and effectiveness of his lawyers. But how long Goldman will last may well depend on the level of populist rage that fueled the very existence of Morgan’s site in the first place.
First, make that our money.
And second, UD finds this populist rage thing very interesting. Evidence accumulates that many Americans have had enough of the massive greed of our recent markets and marketeers.
But what can do we do? They’ve got the government as sewed up as they’ve got the banks. As Ben Stein reminds us in today’s New York Times, “Wall Street knows how to get its hooks into government. This is how the world works. Money talks.”
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Thanks for the tip, RJO.
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Update: When GS decides to go after satire too, they should keep an eye on this author’s projected book:
The Takeover: Goldman Sachs and the Leveraged Buyout of America
No single company has ever had the prolonged hold on the American political establishment that has been achieved by Goldman Sachs. Of the last four Goldman CEOs, two have been chief economic advisor to the president (Rubin and Friedman), two have been Treasury Secretary (Rubin and Paulson), and one has been a governor and a senator (Corzine). But the firm’s unparalleled influence has extended for decades from former Deputy Treasury John Whitehead thru Bush 43 White House Chief of Staff Josh Bolton to current Treasury Secretary Tim Geithner’s chief of staff plus the guy who runs the TARP program plus there are rumors that new White House public liaison official Kal Penn’s movie Harold and Kumar Go to White Castle was actually backed with Goldman money. During this period in which Goldman rode the government like a pony, U.S. policy has not only thrown off the regulatory shackles that freed them to make money by the boatload, the USG has intervened directly and regularly to the benefit of Goldman from the Tequila Crisis “bail-in” to the AIG “bail out.” How can this have happened? Why has the media rolled over and let Goldman scratch them on the belly throughout? … Why is the government still full of them and others from even less reputable financial institutions (which, to Goldman’s credit, is virtually all others)? Why are we still drinking the Kool Aid that somehow these people have special powers after all we have been through? This book will provide answers. (Unless Goldman pays the author more to shut up. In which case, this one, I volunteer to write…well, to be lucratively co-opted out of writing.)
April 12th, 2009 at 1:56PM
‘You know the cliche, "it’s not the crime, it’s the cover-up"? Well, there is public relations corollary: "It’s not the blog, it’s the complaining about the blog."’ (Via Instapundit)