Goldman’s Coup: Why Banks Are Benefiting and Workers Aren't

“They frankly own the place,” Dick Durbin said back in April referring to the power that banks hold over policy decisions in Washington. If they own the place, presumably they can make the rules. But as Goldman Sachs brings in record profits and prepares to dole out handsome bonuses to employees and executives, many are lauding the company's willingness to take risks. So is Goldman Sachs, dubbed by many 'Government Sachs,' a risk taker or a coup maker? And what will it take to confront what may be the most powerful lobby in American history?


Matt Taibbi, contributing editor at Rolling Stone and author of The Great Derangement: A Terrifying True Story of War, Politics, and Religionir?t=lauraflanders-20&l=as2&o=1&a=038552062X, Robert Johnson, former chief economist of the Senate Banking Committee, and Michael Lux, co-director of Progressive Strategies and author of The Progressive Revolution: How the Best in America Came to Beir?t=lauraflanders-20&l=as2&o=1&a=0470395117 on why the banks are benefiting and the American worker isn't. You can read Taibbi's recent article in Rolling Stone on how Goldman Sachs blew up the economy here.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

Close
alternet logo

Tough Times

Demand honest news. Help support AlterNet and our mission to keep you informed during this crisis.