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Abril 25, 2010

Historias del capitalismo

big short.jpg

Los emails de Goldman Sachs, según el senador Carl Levin:

“Investment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis,” said Sen. Levin. “They bundled toxic mortgages into complex financial instruments, got the credit rating agencies to label them as AAA securities, and sold them to investors, magnifying and spreading risk throughout the financial system, and all too often betting against the instruments they sold and profiting at the expense of their clients.” The 2009 Goldman Sachs annual report stated that the firm “did not generate enormous net revenues by betting against residential related products.” Levin said, “These e-mails show that, in fact, Goldman made a lot of money by betting against the mortgage market.”

Michael Lewis, autor de uno de los libros de moda sobre la crisis --"The Big Short"-- ha vuelto a meter el cuchillo en las tripas de Wall Street y cree que los emails de Goldman Sachs deberían tener consecuencias. A fin de cuentas, ponen negro sobre blanco la idea de que cuando el sistema se estaba yendo al carajo, precisamente por las decisiones de empresas como Goldman, ellos se estaban beneficiando a la carrera de esa caída en el vacío. Y de hecho luego se beneficiaron de las medidas puestas en marcha por los Gobiernos para conjurar la crisis financiera. El círculo perfecto.

"The consensus in the US is that this scandal won't be too serious for Goldman in the long run. I disagree: I think this is the end of the bank as we know it – the people at the top are going to have to step aside and the bank is going to have to restructure, maybe even go back to being a partnership."

Wall Street firms have ridden out such scandals before, of course, but Lewis says the nature of the financial crisis has changed everything. "Wall Street is not being made a scapegoat for the crisis: they really did this," he argues. "And what is different to previous crises is that people now understand Wall Street has been enriching itself while impoverishing the rest of us."

Posted by Iñigo at Abril 25, 2010 01:06 PM

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