To everyone who sees government regulation and oversight as the way to address injustice, please read this story, and open your eyes. It is an overreaching government that enables the worst possible abuses, and also supports the most egregious “income inequality” for the world’s biggest Wall Street criminals.
Matt Taibbi writes for the Rolling Stone:
Today, banks like Morgan Stanley, JPMorgan Chase and Goldman Sachs own oil tankers, run airports and control huge quantities of coal, natural gas, heating oil, electric power and precious metals. They likewise can now be found exerting direct control over the supply of a whole galaxy of raw materials crucial to world industry and to society in general, including everything from food products to metals like zinc, copper, tin, nickel and, most infamously thanks to a recent high-profile scandal, aluminum. And they’re doing it not just here but abroad as well: In Denmark, thousands took to the streets in protest in recent weeks, vampire-squid banners in hand, when news came out that Goldman Sachs was about to buy a 19 percent stake in Dong Energy, a national electric provider. The furor inspired mass resignations of ministers from the government’s ruling coalition, as the Danish public wondered how an American investment bank could possibly hold so much influence over the state energy grid.
There are more eclectic interests, too. After 9/11, we found it worrisome when foreigners started to get into the business of running ports, but there’s been little controversy as banks have done the same, or even started dabbling in other activities with national-security implications – Goldman Sachs, for instance, is apparently now in the uranium business, a piece of news that attracted few headlines.
Note that Matt Taibbi tends to throw in colorful language at times, which I know I’d be more than tempted to do if I were in his shoes. Taibbi generally falls for the opening fallacy—he believes more government is the answer—only proving that sometimes our ideology blinds us to real solutions.
This is one, short explanation of just how criminal the whole Wall Street scam is, fully made possible by alleged Congressional “reforms”:
Every time you bought a can of soda in 2011 and 2012, you paid a little tax thanks to firms like Goldman. Mehta, whose fund has a financial stake in the issue, insists there’s an irony here that should infuriate everyone. “Banks used taxpayer-backed subsidies,” he says, “to drive up prices for the very same taxpayers that bailed them out in the first place.”
Interpretation: without Congressional backing (meaning, theft from taxpayers) these major banks would have gone belly up, and their gross incomes (as in ‘ugly and immoral,’ not pre-tax) would have been much smaller. But… thanks to their accomplices in the Capitol, Wall Street robbed us, then invested those purloined funds to rob us again. So sweet.