T: Is for truth and others speaking out

In wondering what to write I found this written by Robert Reich. I add a few personal touches but this information is true and should be out there for all to see.

Goldman Sachs resurgence should send shivers down the backs of every hardworking American who has lost a large chunk of retirement savings in this economic debacle, as well as the millions who have lost their jobs. Why? Because Goldman's high-risk business model hasn't changed one bit from what it was before the implosion of Wall Street. Goldman is still wagering its capital and fueling giant bets with lots of borrowed money. While its rivals have pared back risks, Goldman has increased them. And its renewed success at this old game will only encourage other big banks to go back into it.

"Our model really never changed, we've said very consistently that our business model remained the same," Goldman's chief financial officer told Bloomberg News.

Meanwhile, Goldman is still depending on $28 billion in outstanding debt issued cheaply with the backing of the Federal Deposit Insurance Corporation. Which means you and I are still indirectly funding Goldman's high-risk operations.

Recall that last fall, at a closed meeting between Treasury Secretary Hank Paulson (formerly Goldman's CEO), Tim Geithner (then at the New York Fed and part of the Group of 30), and a handful of others to decide on the fate of giant insurer AIG, Goldman's chief executive, Lloyd Blankfein, was at the table. The decision to bail out AIG resulted in a $13 billion giveaway to Goldman because Goldman was an AIG counterparty. Indeed, Goldman executives and alumni have played crucial roles in guiding the Wall Street bailout from the start.

To see more of this insightful writer log onto http://robertreich.blogspot.com/2009/07/goldmans-back-and-why-we-should-be.html

Information should always be an available F.A.C.T.