Over the past few weeks, there were many rumors spread about the blogosphere and possibly mainstream media. Although the validity of blogs must always be questioned and verified (including my own...by you the reader), Lewis comments on the following rumors:
Rumour No. 1: ''Goldman Sachs controls the US government.''
Rumour No. 2: ''When the US government bailed out AIG, and paid off its gambling debts, it saved not AIG but Goldman Sachs.''
Rumour No. 3: ''As the US government will eat the losses if Goldman Sachs goes bust, Goldman Sachs shouldn't be allowed to keep making these massive financial bets. At the very least the $US11.4 billion Goldman Sachs already has set aside for employees in 2009 - $US386,429 a head, just for the first six months - is unfair, as the US taxpayer has borne so much of the risk of the wagers that generated the profits.''
... Open this link for the full article. It is a worthwhile read.
Here is an interview of Michael Lewis talking about the bank crisis.
http://fora.tv/2009/06/01/Michael_Lewis_The_End_of_Wall_Street#fullprogram
To get a break from investment finance, skip over to:
04.Lack of Professionalism as a Father: Poop in the Pool and
05.Advice for Future Parents
Those sections are absolutely hysterical!
