Monday, May 16, 2011

Wall Street Corruption: Taibbi vs McArdle

Here is a CNN interview with Matt Taibbi whose investigative reporting has helped uncover the criminality of Goldman Sachs. Megan McArdle is a right wing journalist who tries to justify the Goldman Sachs crimes:

I get a chuckle out of McArdle defending Goldman Sachs while admitting she hasn't read "all" the documents. Love it. Go on a news show and put your credibility on the line by defending criminals without doing your homework. It just shows how deep her ideological commitment to the story of right wing story of "trust the banks". I love the fact that she ends with arguing that Enron wasn't really doing criminal stuff. Love it. She is a true blue died deeply in the wool right wing nut who thinks the world is full of rubes to be ripped off and she loves the big boys with the balls to do it.

Go read Taibbi's article The People vs. Goldman Sachs and judge for yourself.

And you can watch Taibbi being interviewed by Max Keiser in the following video clip. Advance to 12:55 to get the start of the interview and ignore the extraneous other stuff. Listen very carefully to 22:50 when Taibbi explains how & why the criminals on Wall Street are getting away with it:

Here is the article which Keiser and Taibbi are talking about: The Real Housewives of Wall Street.

And here is the Congressional report which Keiser and Taibbi are talking about: Wall Street and the Financial Crisis: Anatomy of a Financial Collapse.

I read somewhere that this muckraking journalism of Matt Taibbi isn't carried by the mainstream media because they are supported by advertising by these "big name" corporate criminals. So it ends up that an independent magazine like Rolling Stone which isn't dependent on advertising (and has a daring and independent-minded owner) becomes the "journal of record" for the crime wave sweeping America and directed from the corporate boardrooms and complicitly permitted by both Republican and Democratic politicians.

Update: Here is an interesting interview on CNN of both Eliot Spitzer and Matt Taibbi:

Sorry about the crappy clipping of the video. To see the full screen go here.

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