Goldman Sachs reports record profits

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Diogenes Diogenes's picture
Goldman Sachs reports record profits

At the risk of being accused of being an anti-semite or an advocate of the "protocals" (which I was ingnorant of until a thread I posted on Babble was terminated), I offer this ineteresting perspective on the world's most successful investment bank - Inside The Great American Bubble Machine - from Rolling Stone Magazine.

I discovered this link while reading comments on an article published in The Economist.

The current Governor General of the Bank of Canada, Mark Carney is a GS alumni. Look into the history of Canada's handling of the ABCP crisis to see what side he is on.

Canada's oligopily of banks offers some of the lowest interest rates on deposits and highest service charges (for a withdrawal) and the highest Management Expense Ratios (MER's) on mutual funds in the developed world.

Our cell phone rates are amoungst the highest in OECD and our internet infrastructure, once the fastest and cheapest in the world, has stagnated.  We are  focussed on internet throttling now.  There are no plans for a fibre optic infastucture and no pressure on Canada's media to upgrade technology to provide High Definition broadcast (free) television to the public (like in the US).

And our largest media conglomerate, Canwest, has been technically bankrupt for months but somehow keeps operating.  Need I mention that Goldman Sachs is one of their enablers?