The continuing Wall Street crisis

by | Feb 4, 2013


The ever-reliable Michael Lewis, reviewing a new book by a repentant Goldman Sachs employee, nails the (continuing) financial/political crisis:

Stop and think once more about what has just happened on Wall Street: its most admired firm conspired to flood the financial system with worthless securities, then set itself up to profit from betting against those very same securities, and in the bargain helped to precipitate a world historic financial crisis that cost millions of people their jobs and convulsed our political system. In other places, or at other times, the firm would be put out of business, and its leaders shamed and jailed and strung from lampposts. (I am not advocating the latter.) Instead Goldman Sachs, like the other too-big-to-fail firms, has been handed tens of billions in government subsidies, on the theory that we cannot live without them. They were then permitted to pay politicians to prevent laws being passed to change their business, and bribe public officials (with the implicit promise of future employment) to neuter the laws that were passed—so that they might continue to behave in more or less the same way that brought ruin on us all.

Author

  • Mark Weston

    Mark Weston is a writer, researcher and consultant working on public health, justice, youth employability and other global issues. He lived for two years in an informal settlement on Ukerewe Island in Tanzania and lived in revolutionary Sudan until being evacuated because of coronavirus. He is the author of two books on Africa – The Ringtone and the Drum and African Beauty.


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