Green Faith

This could go without saying, but I guess if I really believed that, I would let it. There is no good faith element – as in, “We’re operating in good faith” – in a capitalist system. Nor does there have to be. There is only green faith.

WASHINGTON — Reversing its oft-repeated position that it was acting only on behalf of its clients in its exotic dealings with the American International Group, Goldman Sachs now says that it also used its own money to make secret wagers against the U.S. housing market.

A senior Goldman executive disclosed the “bilateral” wagers on subprime mortgages in an interview with McClatchy, marking the first time that the Wall Street titan has conceded that its dealings with troubled insurer AIG went far beyond acting as an “intermediary” responding to its clients’ demands.

They could clearly see it was toppling and vulnerable sector; opportunities abounded. Of course they were playing both sides, they would be stupid derelict in their duties, i.e., not competitive, not to. Just as we would be derelict in our duties stupid not to know this is what they are doing, particularly because of the despite the altruistic tone of their t-shirts and coffee mugs. The very notion that something, anything, is done by a company that is in the best interest of anything other than making more money is… worse than naive, it’s a sentiment that is itself counted on and used, where possible, to make more money – a tool like any other. No flag, no empathy, no brotherhood, no fidelity except to profit, where the loyalty is ruthless and unwavering. It has to be.

See the circle? You’re soaking in it.

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