Goldman Sachs and sovereign wealth funds

The Goldman Sachs investment bank has been a force of financial evil for a long time and yet it has managed to use its power and influence to avoid being brought to account for its actions. Matt Taibbi did an expose of the bank and said that it had “engineered every major market manipulation since the Great Depression” and gave it the memorable description of a “great vampire squid wrapped round the face of humanity”. But even after the financial collapse of 2008, it escaped serious accountability thanks to its cozy relationship with Department of Justice under president Obama.

In his episode of Patriot Act last Sunday, Hasan Minhaj explained what sovereign wealth funds are and how Goldman Sachs has teamed up with corrupt politicians in Malaysia to rob that nation’s fund. The company says, as usual, that the crime was committed by rogue executives acting on their own but prosecutors are not buying it this time and are charging the bank itself and demanding a guilty plea as part of any deal. The bank has never pleaded guilty to any malfeasance in its entire history. Let’s see if they can use their clout to once again avoid the punishment that is long overdue.


  1. KG says

    I always think of them as “Gold in Sacks!”, just as I always think of the employees of the late and unlamented Bear Stearns as going around with their bums hanging out the back of their torn pants.

  2. 09 says

    SWFs remind me of the way the U.S. instituted Indian reservations as corporations instead of as proper sovereign localities.

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