In Why I am leaving Goldman Sachs, Greg Smith tells how the company apparently is solely focused on how it can best screw its clients.
One of my cousins finds investors for small, private companies. He recently bemoaned that companies like Goldman are poisoning the well for everyone else, making start-up capital harder to raise, with a general assumption that all bankers are thieves.
My cousin isn’t a thief. But the big investment banks are basically amoral thugs.
Industrial capitalism is good. Finance “capitalism” is dangerous. It isn’t even capitalism at all.
The former deserves the Adam Smith approach. And the latter? I’m not sure, and I’m open to suggestions. But we need to see some radical shit go down.
Finance capitalism is what Karl Marx rightfully called fictitious capital. It’s money making money benefiting no one by a tiny few with nothing of value being created.