{"id":25345,"date":"2017-09-07T15:35:28","date_gmt":"2017-09-07T20:35:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25345"},"modified":"2017-09-07T15:38:34","modified_gmt":"2017-09-07T20:38:34","slug":"the-worlds-most-powerful-bank-issues-a-major-warning","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25345","title":{"rendered":"The world\u2019s most powerful bank issues a major warning"},"content":{"rendered":"
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The world\u2019s most powerful bank issues a major warning<\/a><\/h3>\n
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In 1869, a 48-year old Jewish immigrant from the tiny village of Trappstadt in Germany\u2019s Bavaria region hung a shingle outside of his small office in lower Manhattan to officially launch his new business.<\/p>\n

His name was Marcus Goldman, and the business he started, what\u2019s now known as Goldman Sachs, has become the preeminent investment bank in the world with nearly $1 trillion in assets.<\/p>\n

They didn\u2019t get there by winning any popularity contests.<\/p>\n

Goldman Sachs has been at the heart of nearly every major banking scandal in recent history.<\/p>\n

The company has settled lawsuits on countless charges, ranging from exchange rate manipulation, stock price manipulation, demanding bribes from their own clients, front-running retail customers, and just about every shady business practice that would put money in their pockets.<\/p>\n

Yet throughout it all, Goldman Sachs has been protected from any serious punishment by its friends in highest offices of government.<\/p>\n

Four out of the last eight US Treasury Secretaries, including the current one, have formerly been on the payroll of Goldman Sachs.<\/p>\n

Three current Federal Reserve Bank presidents are Goldman Sachs alumni.<\/p>\n

The current president of the European Central Bank and the current head of the Bank of England are both former Goldman Sachs employees.<\/p>\n

You get the idea.<\/p>\n

On its face, there\u2019s nothing wrong with government staffing its departments with top executives from the private sector; taxpayers would probably rather have someone who knows what s\/he\u2019s doing behind the desk rather than some random guy off the street.<\/p>\n

But the consequent favoritism that results from this revolving door is blatant and repulsive.<\/p>\n

Case in point: in 2008 when the financial system was going up in flames and most banks were suffering enormous losses, the government orchestrated a sweetheart bailout deal, of which Goldman was the primary beneficiary.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The world\u2019s most powerful bank issues a major warning In 1869, a 48-year old Jewish immigrant from the tiny village of Trappstadt in Germany\u2019s Bavaria region hung a shingle outside of his small office in lower Manhattan to officially launch his new business. His name was Marcus Goldman, and the business he started, what\u2019s now […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[52,56,233,282,303,376,7312,7313,3650],"class_list":["post-25345","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank","tag-bank-of-england","tag-ecb","tag-european-central-bank","tag-fed","tag-goldman-sachs","tag-simon-black","tag-sovereign-man","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25345"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25345\/revisions"}],"predecessor-version":[{"id":25347,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25345\/revisions\/25347"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}