Hollywood Couldn’t Come Up With This Stuff
“The AIG bailout, in effect, was Goldman [Sachs] bailing out Goldman [Sachs].”
–Matt Taibbi, “The Big Takeover”; Rolling Stone (3/19/09)
“Here’s the dirty little secret . . . most of the stuff that got us into trouble was perfectly legal. And that is a sign of how much we’ve got to change our laws.”
–President Barack Obama
Taibbi’s article is apparently the buzz of the blogosphere this weekend. Warning: it makes dark, corporate conspiracy movies like Michael Clayton seem like Snow White.
My advice: read it on an empty stomach. It would be a shame to waste a nice meal as you see how all the pieces fit together (at least according to Taibbi).
Quick summary: the dollars are bigger (much) than you think, the process worse and more opaque.