By John Tamny of RealClearMarkets
In a piece written to shed light on the allegedly evil doings of Goldman Sachs, Rolling Stone contributing editor Matt Taibbi unwittingly let readers in on why the majority of his strident protests against Wall Street’s most prominent bank were near meaningless. For those who caught on, they likely quit reading halfway through. Sadly for this somewhat masochistic writer, pure curiosity took him to the bitter end.
Â
But for those not privy to the article in question, about credit-default swaps Taibbi observed that they “were essentially a racetrack bet between AIG and Goldman: Goldman is betting the ex-cons will default, AIG is betting they won’t.” For a piece which included no less than 29 mentions of the word “bubble”, and almost as many variations of the word “speculation”, could Taibbi have really been so dim as to acknowledge that “speculation” is always and everywhere a two-way street?
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
