Via Zerohedge, we read that Mr Lloyd Blankfein is planning to step down as head of Goldman Sachs.
Mr Blank-cheque is known mainly for being an exceedingly rich man (which is fair enough) and more scurrilously for becoming and remaining so by wholesale manipulation of government policy, most famously the Grat Bank Bailouts of 2008 in which the lonsuffering taxpayer handed over a sizeable wedge to keep the major Wall Street players from having to sell their helicopters, wives and Long Island mansions into a buyers’ market.
This blog is an enthusiastic supporter of free market capitalism, man’s greatest invention after the common law and the domestication of dogs, but the banking industry has become a machine for wringing out cash from the productive sectors of the economy into the pockets of a self-selected elite with a symbiotic and deeply damaging relationship to the Powers That Be.
Mr Bank-With-Me-At-Your-Peril is only one of a slew of morally bankrupt individuals living the high life thanks to cash exhorted at gunpoint from nurses, lathe-operators and the like, and handed over by Governments devoid of concern for the interests of any but their intimately connected friends who curiously, happen to have a lot of money…
A decent government, which unfortunately neither we nor our American friends have, would concern itself with ensuring that while the necessary steps are taken to ensure that the banking industry does not fail cataclysmically, it is equally impossible to pocket the profits and socialise the losses.