Just finished reading The Weekend Interview with Hank Greenberg by Holman W. Jenkins, Jr. Can AIG Be Saved? in the Wall Street Journal.
The questions Mr. Greenberg raises in his interview with Mr. Jenkins are very disturbing. His two suspects for the changes made by the ISDA of Goldman Sachs and Deutsche Bank does not surprise me. Ever since I read Never Enough by Joe McGinnis , a Holy Cross Alumnus and the research done by my friend Bill Callahan showing the overwhelming numbers of foreclosures in Cuyahoga County brought by Deutsche Bank or their servicers I have felt that these two firms are not to be trusted.
We should listen to what Mr. Greenberg has to say about the machinations of Goldman Sachs during the New York Federal Reserve’s meeting before the collapse of AIG. This article in Issue 1075 0f The Rolling Stone by Matt Taibbi is a wonderful resource concerning the backroom dealings that weekend before the Monday announcement. Accessing the full article to get a clearer picture is a good idea.
It is clear to me that Goldman Sachs is not God and Lloyd Blankfein is not Jesus and neither are doing God’s work. Goldman Sachs does not work from the premise of abundance but rather deals in scarcity and fear. As Mr. Greenberg states in the article it is up to the American public to demand transparency and accountability for the debacle Wall Street has become. The average American Taxpayer does not reap the benefits of obscene bonuses or the lobbying efforts of banks “too big to fail” or corporations seen in the same light, but we will be paying the bills for generations to come.