The big banks of Wall Street almost took down the American economy. They came very, very close. Millions of Americans are still living every day with the consequences.
But last week, the banks — Goldman Sachs and JP Morgan Chase in the lead — announced record rebounds in profit. Giant pre-crash-scale bonuses are slated to follow.
For a public that just opened its treasury and took on many billions in debt to save the banks, this is hard to swallow.
This hour, On Point: Goldman Sachs critic Matt Taibbi of Rolling Stone, Goldman consultant Charles Ellis, and the battle over the banks.
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Matt Taibbi, contributing editor at Rolling Stone magazine. His article about Goldman Sachs, "The Great American Bubble Machine" (its subtitle: "From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they're about to do it again"), appeared in Rolling Stone's July 9-23 issue.
Charles Ellis, founder and now senior adviser of Greenwich Associates, an international strategy consulting firm he founded in 1972. His book, “The Partnership: The Making of Goldman Sachs” came out last October. He has been a consultant to Goldman Sachs for more than 30 years.
This program aired on July 21, 2009.