Matt Taibbi at Rolling Stone has a written an explosive article on the exploits of Goldman Sachs. The article charts the bank's remarkable political influence, and its role in creating a series of inflationary bubbles (the Great Depression, tech stocks, housing and food/fuel), while somehow always emerging intact and lavishly compensating its employees.
Last year, IATP documented how Wall Street speculators, including Goldman Sachs, drove up agriculture commodity prices and contributed to the global food crisis. Taibbi reports on how Goldman is positioning itself once again to take advantage of the new U.S. carbon market established in the climate change bill passed by the House of Representatives on June 26.
Taibbi writes, "The new carbon-credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won't even have to rig the game. It will be rigged in advance."