Michael Lewis on Goldman Sachs
“The Aristocrats” is one of those iconic (and very off-color) jokes that every comedian of a certain stature feels compelled to put their own comedic imprimatur on.
In fact, the movie of the same name is nothing but a collection of famous comedians telling exactly the same joke, in their own, inimitable styles.
Weighing in on Goldman Sachs is fast becoming the equivalent for business journalists.
Here is an excerpt from Michael Lewis’ somewhat belated (but very worthwhile) take, written from the perspective of an imagined Goldman Sachs foot soldier:
The bozos at Merrill Lynch, the dimwits at Citigroup, the nimrods at Lehman Brothers, the louts at Bear Stearns, even that momentarily useful lunatic Joe Cassano at AIG — all of these people took risks that no non-Goldman person should ever take, in a pathetic attempt to replicate Goldman’s financial returns.
For too long we have allowed others to emulate us. Now we are working productively with Treasury Secretary Tim Geithner and the Congress to ensure that we alone are allowed to take the sort of risks that might destroy the financial system.
–Michael Lewis, “Bashing Goldman Sachs Is Simply a Game for Fools“; Bloomberg.com(7/28/09)
Read the rest of the piece . . . Lewis is superb.