Well, the following article (and its many links) pretty much follow Goldman Sachs through its many iterations over the years. Goldman invariably leaves behind disaster and bankruptcies. It is truly astounding that all their machinations are considered legal (though unethical)!!
And it's true. Goldman leaves in its wake a trail of disaster and bankruptcies just as sure as BP leaves behind massive dead zones. Think Greece. Short sales are now used as financial weapons, to manipulate markets and destroy countries. I seem to recall from history that worldwide domination is not a good thing. It always ends in disaster. It looks like Germany is going to be the first country to say enough is enough. When will America?
As the housing crisis mounted in early 2007, Goldman Sachs was busy selling risky, mortgage-related securities issued by its longtime client, Washington Mutual, a major bank based in Seattle.
Although Goldman had decided months earlier that the mortgage market was headed for a fall, it continued to sell the WaMu securities to investors. While Goldman put its imprimatur on that offering, traders in the same Goldman unit were not so sanguine about WaMu’s prospects: they were betting that the value of WaMu’s stock and other securities would decline.
Goldman’s wager against its customer’s stock — a position known as a “short” — was large enough that it would have generated at least $10 million in profits if WaMu collapsed, according to documents recently released by Congress. And by mid-May, Goldman’s bet against other WaMu securities had made Goldman $2.5 million, the documents show.
WaMu eventually did collapse under the weight of souring mortgage loans; federal regulators seized it in September 2008, making it the biggest bank failure in American history.
Read the rest here