Journalist @baltimoresun writer artist runner #amwriting Chaplain PIO #partylikeajournalist

Journalist @baltimoresun writer artist runner #amwriting Chaplain PIO #partylikeajournalist
Journalist @baltimoresun writer artist runner #amwriting Md Troopers Assoc #20 & Westminster Md Fire Dept Chaplain PIO #partylikeajournalist
Showing posts with label Journalists Taibbi Matt. Show all posts
Showing posts with label Journalists Taibbi Matt. Show all posts

Friday, March 23, 2012

Catherine Rampell – New York Times: Making Sure Your Exit Music Is Loud and Clear – Greg Smith’s exit from Goldman Sachs

Catherine Rampell – New York Times: Making Sure Your Exit Music Is Loud and Clear – Greg Smith’s exit from Goldman Sachs


Over the years, Hollywood has offered many examples of employees who’ve made dramatic exits from jobs or situations. Clockwise from top left are Jennifer Aniston as a waitress in the 1999 film “Office Space”; Tom Cruise in “Jerry Maguire” (1996)”; Edward Norton in “Fight Club” (1999); and Anne Hathaway, shown with Meryl Streep, who was playing her imperious boss, in “The Devil Wears Prada” (2006).

Published: March 17, 2012

WE’VE all dreamed about it at one time or another — that exquisite moment when we finally muster the courage to tell the boss what we really think.

For Greg Smith, that moment arrived last Wednesday.

As the world now knows, Mr. Smith is the young man who made one of the most spectacular exits Wall Street has ever seen. He resigned from Goldman Sachs — but he didn’t stop there. He also wrote an Op-Ed article in The New York Times, in which he contended that the culture inside Goldman was “toxic.” The bank, he said, routinely took advantage of its clients. (Goldman vigorously disagreed.)

To some, Mr. Smith was a hero — not quite Norma Rae, granted, but close enough for post-bailout Wall Street. After all, he stood up to the mighty Goldman, the Street’s version of The Man.

Related



March 21, 2012



"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." … http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics






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Thursday, March 22, 2012

When Vampire Squids Become Cannibals – by Kevin Dayhoff – The Tentacle March 21, 2012

March 21, 2012



In case you missed it, last Wednesday Greg Smith, a Goldman Sachs executive, resigned. Actually it was really no big deal, except while he was on his way out the door, he burned his bridges and then strafed the wounded.

Mr. Smith publicly nuked Goldman Sachs in a scathing op-ed article in The New York Times that left many holding their hands up high and shouting “Alleluia.”

Last Wednesday began the same as many of the most recent monotonous mid-week editions of the end of winter blues as our nation’s wounded business and financial community continues to snort and bellow while it tries to extricate itself from an economic tar pit and in the process, try not to pee all over itself anymore than it already has.

The European sovereign debt crisis continues to languish in the markets like a bad hangover and economic public policy, especially unchecked profligate U.S. sovereign spending and debt, continue as troublesome issues. And where there is a financial cesspool, one can count on Goldman Sachs merrily swimming with the rest of the bottom-feeders and leaches.

So, as one may imagine, a headline like “Why I Am Leaving Goldman Sachs,” caught my eye.

Goldman Sachs, the venerable ginormous, intergalactic investment banking, financial services and securities firm has arguably found itself in the caustic crosshairs of public scrutiny more in the past several years than at any other time in its storied history that goes back to 1869… http://www.thetentacle.com/ShowArticle.cfm?mydocid=4986

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"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." … http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics






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Wendell Potter: Goldman Sach's Greg Smith Could Just Have Easily Been Telling the Truth About Health Insurers

Goldman Sach's Greg Smith Could Just Have Easily Been Telling the Truth About Health Insurers


Wendell Potter 03/19/2012


As I was reading former Wall Street executive Greg Smith's bombshell of an Op-Ed in the New York Times last week, I mentally inserted the names of the big for-profit health insurers -- two of which I worked for -- in place of Goldman Sachs, where Smith worked until resigning on the day his column was published.

Smith wrote that he decided to leave Goldman-Sachs because it had veered so far from the company he had joined straight out of college that he could no longer say in good conscience "that I identify with what it stands for."

He put the blame squarely on Goldman's current CEO and president. It was during their watch, he wrote, that "the firm changed the very way it thought about leadership."

"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." … http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics





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Kevin Dayhoff - Soundtrack: July 9, 2009 Matt Taibbi - Rolling Stone: The Great American Bubble Machine

Kevin Dayhoff - Soundtrack: July 9, 2009 Matt Taibbi - Rolling Stone: The Grea...: The Great American Bubble Machine http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405 From tech ...


July 9, 2009 Matt Taibbi - Rolling Stone: The Great American Bubble Machine


“… Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid…”

April 5, 2010 This article appeared in the July 9, 2009 issue of Rolling Stone. The issue is available in the online archive.



20090709 Taibbi The Great American Bubble Machine




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Sunday, March 18, 2012

GOLDMAN SACHS' RESPONSE TO MARCH 14, 2012 NEW YORK TIMES OP-ED


GOLDMAN SACHS' RESPONSE TO MARCH 14, 2012 NEW YORK TIMES OP-ED

The following is the message Lloyd C. Blankfein and Gary D. Cohn sent March 14, 2012 to the people of Goldman Sachs.



By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.

In a company of our size, it is not shocking that some people could feel disgruntled. But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion. But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.

While we expect you find the words you read today foreign from your own day-to-day experiences, we wanted to remind you what we, as a firm – individually and collectively – think about Goldman Sachs and our client-driven culture.
First, 85 percent of the firm responded to our recent People Survey, which provides the most detailed and comprehensive review to determine how our people feel about Goldman Sachs and the work they do… http://www.goldmansachs.com/media-relations/comments-and-responses/current/nyt-op-ed-response.html

UPDATE: ++++++++++


March 21, 2012



So, as one may imagine, a headline like “Why I Am Leaving Goldman Sachs,” caught my eye.

Goldman Sachs, the venerable ginormous, intergalactic investment banking, financial services and securities firm has arguably found itself in the caustic crosshairs of public scrutiny more in the past several years than at any other time in its storied history that goes back to 1869… http://www.thetentacle.com/ShowArticle.cfm?mydocid=4986

++++++++

"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence." … http://www.huffingtonpost.com/wendell-potter/goldman-sachs-greg-smith_b_1362755.html?ref=politics&ir=Politics






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Sunday, February 20, 2011

Matt Taibbi - Rolling Stone: Why Isn't Wall Street in Jail?

Why Isn't Wall Street in Jail?

Financial crooks brought down the world's economy — but the feds are doing more to protect them than to prosecute them



Illustration by Victor Juhasz
By Matt Taibbi
FEBRUARY 16, 2011 9:00 AM ET
Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.
"Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."
I put down my notebook. "Just that?"
"That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there."
Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people...  http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216
This article appears in the March 3, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive February 18.

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Wednesday, October 27, 2010

Exclusive Excerpt: America on Sale, From Matt Taibbi's 'Griftopia'

  

Exclusive Excerpt: America on Sale, From Matt Taibbi's 'Griftopia'

Our cash-strapped country is auctioning off its highways, ports and even parking meters, finding eager buyers in the Middle East




Matt Taibbi's unsparing and authoritative reporting on the financial crisis has produced a series of memorable Rolling Stone features. He showed us how Goldman Sachs, that "great vampire squid", played a central role in creating not only the housing bubble but four other big speculative booms that filled its coffers while wrecking the American economy. He explained how Wall Street banks cooked up schemes that helped decimate municipal budgets and cost countless jobs, and how Wall Street lobbying led to a financial reform bill that won't prevent another meltdown. Taibbi builds on that eye-opening work in his new book,
, due out from Spiegel & Grau on November 2. In this exclusive excerpt, he describes how our cash-strapped country is auctioning off its highways, ports and even parking meters at fire sale prices — and finding eager buyers in the unregulated sovereign wealth funds of oil-rich Middle Eastern countries.
In the summer of 2009 I got a call from an acquaintance who worked in the Middle East. He was a young American who worked for something called a sovereign wealth fund, a giant state-owned pile of money that swims around the world in search of things to buy.
Sovereign wealth funds, or SWFs, are huge in the Middle East. Most of the bigger oil-producing states have massive SWFs that act as cash repositories (with holdings often kept in dollars) for the revenues generated by, for instance, state-owned oil companies. Unlike the central banks of most Western countries, whose main function is to accumulate reserves in an attempt to stabilize the domestic currency, most SWFs have a mission to invest aggressively and generate huge long-term returns. Imagine the biggest and most aggressive hedge fund on Wall Street, then imagine that that same fund is fifty or sixty times bigger and outside the reach of the SEC or any other major regulatory authority, and you've got a pretty good idea of what an SWF is.
My buddy was a young guy who'd come up working on the derivatives desk of one of the more dastardly American investment banks. After a few years of that he decided to take a step up morally and flee to the Middle East to go to work advising a bunch of sheiks on how to spend their oil billions.
Aside from the hot weather, it wasn't such a bad gig. But on one of his trips home, we met in a restaurant and he mentioned that the work had gotten a little, well, weird.
"I was in a meeting where a bunch of American investment bankers were trying to sell us the Pennsylvania Turnpike," he said. "They even had a slide show. They were showing these Arabs what a nice highway we had for sale, what the toll booths looked like . . ."
I dropped my fork. "The Pennsylvania Turnpike is for sale?"
He nodded. "Yeah," he said. "We didn't do the deal, though. But, you know, there are some other deals that have gotten done. Or didn't you know about this?"
As it turns out, the Pennsylvania Turnpike deal almost went through, only to be killed by the state legislature, but there were others just like it that did go through, most notably the sale of all the parking meters in Chicago to a consortium that included the Abu Dhabi Investment Authority, from the United Arab Emirates.
There were others: A toll highway in Indiana. The Chicago Skyway. A stretch of highway in Florida. Parking meters in Nashville, Pittsburgh, Los Angeles, and other cities. A port in Virginia. And a whole bevy of Californian public infrastructure projects, all either already leased or set to be leased for fifty or seventy-five years or more in exchange for one-off lump sum payments of a few billion bucks at best, usually just to help patch a hole or two in a single budget year.
America is quite literally for sale, at rock-bottom prices, and the buyers increasingly are the very people who scored big in the oil bubble. Thanks to Goldman Sachs and Morgan Stanley and the other investment banks that artificially jacked up the price of gasoline over the course of the last decade, Americans delivered a lot of their excess cash into the coffers of sovereign wealth funds like the Qatar Investment Authority, the Libyan Investment Authority, Saudi Arabia's SAMA Foreign Holdings, and the UAE's Abu Dhabi Investment Authority.
Here's yet another diabolic cycle for ordinary Americans, engineered by the grifter class. A Pennsylvanian like Robert Lukens sees his business decline thanks to soaring oil prices that have been jacked up by a handful of banks that paid off a few politicians to hand them the right to manipulate the market. Lukens has no say in this; he pays what he has to pay. Some of that money of his goes into the pockets of the banks that disenfranchise him politically, and the rest of it goes increasingly into the pockets of Middle Eastern oil companies. And since he's making less money now, Lukens is paying less in taxes to the state of Pennsylvania, leaving the state in a budget shortfall. Next thing you know, Governor Ed Rendell is traveling to the Middle East, trying to sell the Pennsylvania Turnpike to the same oil states who've been pocketing Bob Lukens's gas dollars. It's an almost frictionless machine for stripping wealth out of the heart of the country, one that perfectly encapsulates where we are as a nation...  http://www.rollingstone.com/politics/news/17390/222206?RS_show_page=0
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Saturday, October 23, 2010

Rand Paul’s Bizarre College Fraternity By Matt Taibbi

MATT TAIBBI


A Rolling Stone contributing editor, Matt won a National Magazine Award for his coverage of the 2008...


Rand Paul’s Bizarre College Fraternity

Posted: October 21, 2010 8:57 A.M. EDT| By Matt Taibbi


[Editor’s note: Ya know, ya can’t make this stuff up.  Of course, we all went to college and observed folks behaving in a bizarre manner.  It’s called youthful indiscretions.  And we have all been amazed to find out years later that many of these same individuals are now the captains of industry, lawyers, doctors, judges and Indian chiefs.  Go figure…]

Last week Ben Smith at Politico did a story about some material that's been dug up about Rand Paul's college pseudo-fraternity, the "NoZe Brotherhood" - I have a few things to add to the same story today.

First, some background. The "NoZe" was like a fifth-rate Southern wannabe version of George Bush and John Kerry's secret "Skull and Bones" society, a group of wiseass kids from Baylor University (from whence Paul, incidentally, never graduated before heading off to medical school) who got together and smoked herb, pulled dumb pranks and published a very strange newsletter.

[…]

Here's the thing about this stuff: though we know for sure that Paul was a member of the NoZe during the time period in question, Paul's name isn't on any of these articles. Paul's camp isn't commenting on any of these pieces, which is not surprising (though what is mildly surprising is that he has yet to deny the essential facts in the "Aqua Buddha" story). None of this proves that Paul is a racist, or that he hates Christians. But it does prove that in his college years, Rand Paul chose to spend his time with a lot of really stupid and unfunny people. There are a lot of things to criticize about Rand Paul, and a lot of liberal critics have focused on his far-out views on the Civil Rights Act and pegged him as a closet racist, but to me that's not the key with this guy. Far more important is that he just seems like an overgrown adolescent and a dick.

One reporter I talked to in Kentucky put it this way: "He's just the prototypical spoiled college douchebag," the reporter said. "He's every rich kid you knew in college who read The Fountainhead once and loved the idea that sharing is immoral."

The hokey comments in The Rope are one thing, but the sneering, intellectually superior tone of Paul's society-brother newsletter is the one thing that to me seems still relevant to Paul's campaign. If you follow Paul enough and go to enough of his events, you won't be able to miss how much smarter he thinks he is than everyone else; he puts even Al Gore to shame in this department. If you ask him to explain some of his old comments, or something from his father's old libertarian newsletters, as I did, he's liable to roll his eyes at you. He apparently finds the whole answering questions and explaining himself thing very tiresome, and seems put out that he even has to bother with it en route to the Senate. If you read these NoZe articles, you might get an idea of where some of this comes from… http://www.rollingstone.com/politics/matt-taibbi/blogs/TaibbiData_May2010/223948/83512

20101021 RS Taibbi Rand Pauls Bizarre College Fraternity

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Wednesday, May 05, 2010

July 9, 2009 Matt Taibbi - Rolling Stone: The Great American Bubble Machine

The Great American Bubble Machine


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

by: Matt Taibbi

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates… http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405?print=true


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July 9, 2009 Matt Taibbi - Rolling Stone: The Great American Bubble Machine


“… Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid…”

April 5, 2010 This article appeared in the July 9, 2009 issue of Rolling Stone. The issue is available in the online archive.



20090709 Taibbi The Great American Bubble Machine

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