Daily Archives: October 25, 2012

Occupy Goldman Sachs: Night 8

An occupation outside of Goldman Sachs CEO Lloyd Blankfein’s house is in progress in New York City at 61st and Broadway. So, head on down and show your solidarity!

Join and support online as well here: Occupy Goldman Sachs.

 

From the Facebook page:

Goldman Sachs Group, Inc. is a multinational investment bank founded in 1869 and headquartered at 200 West Street in Lower Manhattan. Leading up to the 2008 financial crisis, Goldman Sachs engaged in some of the worse financial fraud the world has ever seen, including packaging and selling billions of dollars in subprime housing derivatives and other worthless securities to small and mid-level investors while hiding the fact that they were simultaneously betting against these same securities. Through such fraud Goldman Sachs decimated the 401(k)s, pensions and mutual funds of thousands of Americans.

Despite blatantly vilating the Securities Act of 1933, which “prohibits deceit, misrepresentation, and other fraud in the sale of securities,” and despite a 650-page Senate subcommittee investigation report accusing them of defrauding clients, not a single official of Goldman Sachs has been prosecuted. Rather, the corporation was rewarded, receiving more government bailout funds than any other investment bank. Goldman Sachs then used this taxpayer money to give its senior executives a staggering $44 billion in mega-bonuses between 2008 and 2011.

While Goldman Sachs CEO Lloyd Blankfein makes an estimated $250,000 a day, regular Americans are losing their jobs and homes at the highest rate since the 1930s. The real unemployment rate (in 2012) is almost twenty percent, far higher than the official number of nine percent, which intentionally factors out workers who have exhausted their unemployment benefits and those working temporary or part time jobs. The so-called “jobless recovery” means that speculators like Lloyd Blankfein can get richer even during a recession. As one private trader, Alessio Rastani, candidly told the BBC in Fall of 2011, “Most traders don’t really care about fixing the economy. If you know what to do, if you have the right plan set up, you can make a lot of money from this [recession].” He continued with another dose of frank cynicism, “This is not a time right now for wishful thinking that governments are going to sort things out. Governments don’t rule the world. Goldman Sachs rules the world.”

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Filed under #OccupyGoldmanSachs, Direct Action, Michael, Solidarity