Greed works

I am perpetually outraged by the way the Banks have gotten away with laying waste to the economy and manage to profit from it (if only by surviving, and executive and corrupt managers remain on the job).

Vanity Fair’s Joesph Stiglitz does an autopsy of the zombie of American Captialism here.

Speakin of Zombies, Henry Paulson gets taken down fiercely by Matt Taibbi for True/Slant for his self-serving role in the debacle.


Some highlights:
“But thanks to Hank Paulson, who heroically stepped in and gave AIG $80 billion the same weekend he allowed one of Goldman’s last key competitors, Lehman, to collapse, Goldman didn’t have to go without that money; $13 billion of the AIG bailout went straight to Goldman. So I guess we have Paulson to thank for the fact that he used about $13 billion of our taxpayer money to essentially bail out his own fuckups. I mean, that’s heroism if I’ve ever seen it. Audie Murphy has nothing on that. Sit your asses back down, Harriet Tubman, Thomas More, Gandhi and Jesus Christ. Hank Paulson is in the house!…

…If anyone besides Paulson had been running Goldman Sachs earlier in this decade — if a person with a serious brain injury had been in his place, for instance, or a horse, or a head of lettuce — we’d all be better off today, because there wouldn’t be so many toxic Goldman-underwritten mortgage-backed CDOs on the market.”

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