Thursday July 08, 2010
Don’t Let Goldman Sachs Off The Hook
Zach Carter
AlterNet
When the nation’s most prestigious investment banks found themselves on the verge of total annihilation in the fall of 2008, the most radical and effective government response was not the infamous $700 billion Troubled Asset Relief Program.
The wildest salvation scheme for Goldman Sachs, Morgan Stanley and the securities system at large was a plan from the Federal Reserve to give these speculative institutions access to cheap loans from the central bank. It worked.
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