PAUL B. FARRELL
'Goldman Conspiracy:' Bogle's 'pathological mutation?'
Machinations on Wall Street, in government give rise to 13-episode TV plot
By Paul B. Farrell, MarketWatch
Last update: 6:50 p.m. EDT May 4, 2009Comments: 226ARROYO GRANDE, Calif. (MarketWatch) -- Prediction: The new movie "Public Enemies" will be a mega-blockbuster. Not because everybody loves "Pirates of the Caribbean" star Johnny Depp and Christian Bale, star of "Terminator: Salvation" and "Dark Knight."
No, it'll be a blockbuster because we get a chance to cheer for a new dark antihero, the infamous Depression era gangster, machine-gun-toting John Dillinger: Cheer because this new Dillinger is doing what we all secretly want to do -- rip off our corrupt banking system, turn the tables on the guys who have been ripping us off for too long.
Video: Goldman connection at N.Y. Fed
When Goldman Sachs became a bank holding company late last year, New York Fed official Stephen Friedman inadvertently found himself in violation of charter rules. Kate Kelly reports on his efforts to receive a waiver and potential conflicts of interests.Dillinger must be the guy former SEC Chairman Arthur Levitt had in mind when he told Fortune: "America's investors have been ripped off as massively as a bank being held up by a guy with a gun and a mask." That was the last recession. Today, it's a heck of a lot worse in the "Great Recession:" Bad banks, financial weapons of mass destruction, AK-47 derivatives.
Yes, this time the banks are the gangsters. They're robbing Main Street's Treasury. And it's an inside job. Hank Paulson, the "Goldman Conspiracy's" Trojan Horse, plays a "Dillinger," leading a much bigger conspiracy, the "Happy Conspiracy," that robbed America's 300 million citizens and taxpayers. They made off with trillions, while our "guards," a clueless Congress, laid down their guns and surrendered the keys to the vault. See previous Paul B. Farrell.
The "Happy Conspiracy?" Yes, that's what Vanguard founder Jack Bogle calls Wall Street in his bestseller, "The Battle for the Soul of Capitalism." He sees Wall Street as a "pathological mutation" of capitalism. Adam Smith's "invisible hand" no longer drives "capitalism in a healthy, positive direction." Instead, Bogle sees the invisible hands of this elite "Happy Conspiracy" running capitalism to serve its own selfish, greedy agenda:
"Over the past century, a gradual move from owners' capitalism -- providing the lion's share of the rewards of investment to those who put up the money and risk their own capital -- has culminated in an extreme version of managers' capitalism -- providing vastly disproportionate rewards to those whom we have trusted to manage our enterprises in the interest of their owners."
Today, the "Goldman Conspiracy" is the visible hand of Bogle's invisible "Happy Conspiracy" that's "ripping us off as massively as a bank being held up by a guy with a gun and a mask." Except today: No masks, no guns. Congress just writes blank checks.
The plot's so hot we read all 1,243 comments, emails and links to related Web sites, such as goldman666.com, that were posted on our earlier discussion of this topic. See previous Paul B. Farrell.
What emerged has the makings of what may be the next mega-successful long-running television series. Here are some plot points for the first season:
Episode 1. 'Goldman Conspiracy' as the new Mafia Godfather
Readers are mad as hell: One simply passed on "the inscription on the very first page of Mario Puzo's "The Godfather:" "Behind every great fortune, is a great crime.' So who'll play the new Godfather? How about Michael Chiklis, the corrupt cop in "The Shield?"
Episode 2. 'Goldman Conspiracy' hires Barney Frank guy as lobbyist
Great drama, like "The Sopranos?" A reader sent this Economic Policy Journal report: "The Goldman Sachs relationship with Congress has just gotten even more intimate. Goldman has grown another tentacle, designed to grab directly at the House Financial Services Committee chair Rep. Barney Frank, D-Mass. The new top lobbyist, Michael Paese, was recently the top staffer to Frank. He has been a registered lobbyist for the Securities Industries and Financial Markets Association since he left Frank's committee in September." Like Damages and Dexter, you can't just make up a juicy plot like this.
Episode 3. 'Goldman Conspiracy' amassing power to rule the world?
One reader said it all: "This is not about political parties, political movements, or control of political theory. This is about power! Pure, in your face, control of every asset and wealth variable in this world. Goldman Sachs and co-conspirators have control and in the best position for control of much of the world's investments and assets." And many don't like what they see: "Stop the looting. Start the prosecutions. Now!" Unfortunately Goldman is real and more dangerous than the conspiracies Jack Bauer destroys in "24."
Episode 4. 'Goldman Conspiracy' is manipulating stock market
"Something smells fishy in the market. And the aroma seems to be coming from Goldman Sachs," says John Crudele in the New York Post. Stocks prices soaring. "So, who's moving the market?" Not the little guy. "Professional traders, with Goldman Sachs leading the way." NYSE numbers show "Goldman did twice the number of so-called big program trades during the week of April 13," over a billion shares, creating "a historic rally despite the fact that the economy continues to be in serious trouble." Then he tells us why: Because the "Goldman Conspiracy" is using TARP and Fed money, churning the markets. They are "gambling with taxpayer money."
Episode 5. 'Goldman Conspiracy' Cartel? Plutocracy? Dictatorship?
"The Goldman Cartel like the Drug Cartel, like the mafia, like communism. Americans fell asleep at the wheel. We have crashed. We were brainwashed that America was good. We pledge allegiance to the flag, etc." Yes many like this reader were angry, ready to fight, near rebellion, because "now we are a fascist nation, maybe worse."
Episode 6. 'Goldman Conspiracy' repeating record 2006-07 earnings
'Goldman Conspiracy:' Bogle's 'pathological mutation?'
Machinations on Wall Street, in government give rise to 13-episode TV plot
By Paul B. Farrell, MarketWatch
Last update: 6:50 p.m. EDT May 4, 2009Comments: 226ARROYO GRANDE, Calif. (MarketWatch) -- Prediction: The new movie "Public Enemies" will be a mega-blockbuster. Not because everybody loves "Pirates of the Caribbean" star Johnny Depp and Christian Bale, star of "Terminator: Salvation" and "Dark Knight."
No, it'll be a blockbuster because we get a chance to cheer for a new dark antihero, the infamous Depression era gangster, machine-gun-toting John Dillinger: Cheer because this new Dillinger is doing what we all secretly want to do -- rip off our corrupt banking system, turn the tables on the guys who have been ripping us off for too long.
Video: Goldman connection at N.Y. Fed
When Goldman Sachs became a bank holding company late last year, New York Fed official Stephen Friedman inadvertently found himself in violation of charter rules. Kate Kelly reports on his efforts to receive a waiver and potential conflicts of interests.Dillinger must be the guy former SEC Chairman Arthur Levitt had in mind when he told Fortune: "America's investors have been ripped off as massively as a bank being held up by a guy with a gun and a mask." That was the last recession. Today, it's a heck of a lot worse in the "Great Recession:" Bad banks, financial weapons of mass destruction, AK-47 derivatives.
Yes, this time the banks are the gangsters. They're robbing Main Street's Treasury. And it's an inside job. Hank Paulson, the "Goldman Conspiracy's" Trojan Horse, plays a "Dillinger," leading a much bigger conspiracy, the "Happy Conspiracy," that robbed America's 300 million citizens and taxpayers. They made off with trillions, while our "guards," a clueless Congress, laid down their guns and surrendered the keys to the vault. See previous Paul B. Farrell.
The "Happy Conspiracy?" Yes, that's what Vanguard founder Jack Bogle calls Wall Street in his bestseller, "The Battle for the Soul of Capitalism." He sees Wall Street as a "pathological mutation" of capitalism. Adam Smith's "invisible hand" no longer drives "capitalism in a healthy, positive direction." Instead, Bogle sees the invisible hands of this elite "Happy Conspiracy" running capitalism to serve its own selfish, greedy agenda:
"Over the past century, a gradual move from owners' capitalism -- providing the lion's share of the rewards of investment to those who put up the money and risk their own capital -- has culminated in an extreme version of managers' capitalism -- providing vastly disproportionate rewards to those whom we have trusted to manage our enterprises in the interest of their owners."
Today, the "Goldman Conspiracy" is the visible hand of Bogle's invisible "Happy Conspiracy" that's "ripping us off as massively as a bank being held up by a guy with a gun and a mask." Except today: No masks, no guns. Congress just writes blank checks.
The plot's so hot we read all 1,243 comments, emails and links to related Web sites, such as goldman666.com, that were posted on our earlier discussion of this topic. See previous Paul B. Farrell.
What emerged has the makings of what may be the next mega-successful long-running television series. Here are some plot points for the first season:
Episode 1. 'Goldman Conspiracy' as the new Mafia Godfather
Readers are mad as hell: One simply passed on "the inscription on the very first page of Mario Puzo's "The Godfather:" "Behind every great fortune, is a great crime.' So who'll play the new Godfather? How about Michael Chiklis, the corrupt cop in "The Shield?"
Episode 2. 'Goldman Conspiracy' hires Barney Frank guy as lobbyist
Great drama, like "The Sopranos?" A reader sent this Economic Policy Journal report: "The Goldman Sachs relationship with Congress has just gotten even more intimate. Goldman has grown another tentacle, designed to grab directly at the House Financial Services Committee chair Rep. Barney Frank, D-Mass. The new top lobbyist, Michael Paese, was recently the top staffer to Frank. He has been a registered lobbyist for the Securities Industries and Financial Markets Association since he left Frank's committee in September." Like Damages and Dexter, you can't just make up a juicy plot like this.
Episode 3. 'Goldman Conspiracy' amassing power to rule the world?
One reader said it all: "This is not about political parties, political movements, or control of political theory. This is about power! Pure, in your face, control of every asset and wealth variable in this world. Goldman Sachs and co-conspirators have control and in the best position for control of much of the world's investments and assets." And many don't like what they see: "Stop the looting. Start the prosecutions. Now!" Unfortunately Goldman is real and more dangerous than the conspiracies Jack Bauer destroys in "24."
Episode 4. 'Goldman Conspiracy' is manipulating stock market
"Something smells fishy in the market. And the aroma seems to be coming from Goldman Sachs," says John Crudele in the New York Post. Stocks prices soaring. "So, who's moving the market?" Not the little guy. "Professional traders, with Goldman Sachs leading the way." NYSE numbers show "Goldman did twice the number of so-called big program trades during the week of April 13," over a billion shares, creating "a historic rally despite the fact that the economy continues to be in serious trouble." Then he tells us why: Because the "Goldman Conspiracy" is using TARP and Fed money, churning the markets. They are "gambling with taxpayer money."
Episode 5. 'Goldman Conspiracy' Cartel? Plutocracy? Dictatorship?
"The Goldman Cartel like the Drug Cartel, like the mafia, like communism. Americans fell asleep at the wheel. We have crashed. We were brainwashed that America was good. We pledge allegiance to the flag, etc." Yes many like this reader were angry, ready to fight, near rebellion, because "now we are a fascist nation, maybe worse."
Episode 6. 'Goldman Conspiracy' repeating record 2006-07 earnings
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