Michael Lewis on the $700bn rescue of Goldman Friday, September 26, 2008
Image via WikipediaMichael Lewis, who wrote the excellent Liars Poker, is one of the better satirists on Wall Street related matters.
He has an amusing piece on the urgent need for intervention to protect the interest of Goldman Sachs, for the good on the USA. You can read it on Bloomberg here .
Here's an extract
The total collapse of the global financial system is one thing -- everyone at Davos in January saw that coming. But the shrinkage of the Goldman Sachs Group Inc. bonus pool is another. Whatever else the Treasury achieves it must know that if the employees of Goldman suffer any sort of pay cut, it will be judged to have failed. And our country may never recover.