Posts Tagged "Matt Taibbi"

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by Matt Taibbi

I pulled into the church parking lot a little after 6:00 p.m., at more or less the last possible minute. The previous half hour or so I’d spent dawdling in my car outside a Goodwill department store off Route 410 in San Antonio, clinging to some inane sports talk show piping over my car radio - anything to hold off my plunge into Religion.


Rolling Stone contributing editor Matt Taibbi appeared on Current TV’s Countdown with Keith Olbermann to discuss the “Occupy Wall Street” protests. “The movement is growing organically,” Taibbi says, “because people know there’s something to protest now.” He adds that Occupy Wall Street could spur reformers and legislators to act because “the public won’t take it anymore.”

(via Rolling Stone)



Is the SEC covering up for Wall Street’s crimes?

That’s what Matt Taibbi explores in the latest issue of Rolling Stone. In a shocking expose, Taibbi writes of one whistle-blower who claims that over the past 20 years the Securities and Exchange Commission has knowingly destroyed documents from thousands of investigations. These actions, Taibbi writes, essentially wiped the slate clean for some of America’s worst financial crooks.

Taibbi adds, “We’ll never know exactly who got away with what, because federal regulators have weighted down a huge sack of Wall Street’s dirty laundry and dumped it in a lake, never to be seen again.”

Read the entire piece on

—Colin Jones



(via apoplecticskeptic)

This RS Roundtable with Gergen and Taibbi took a turn for the awesome: →

In 2008, Obama managed to win over both the financial sector and the progressive wing of the Democratic Party. Now he seems to have pissed off both ends of that coalition.

Hart: There’s a fascinating point from the exit polls that supports part of what Matt is saying. When you ask voters who is most to blame for the current economic crisis, 35 percent say it’s Wall Street bankers, 29 percent say it’s George W. Bush and 23 percent say it’s Barack Obama. However, among those who say it’s Wall Street bankers, 56 percent voted for the Republicans in this election. So go figure.

That said, I worry that if the president and the Democrats were to follow Matt’s advice, they would be appealing to the smallest segment of the electorate. Right now Obama has the support of 85 percent of Democrats. If you want to get America back to work, you don’t want to put the people who have the ability to invest on the other side of their fence.

Taibbi: So if we put people in jail for committing fraud during the mortgage bubble, we’re endangering our ability to win over the CEOs? Obama should have made sure that there are consequences for people who committed crimes. Instead, he pursued a policy of nonaction, and that left him vulnerable with ordinary people who wanted an explanation for why the economy went off the cliff.

Gergen: I don’t think his problem is he hasn’t put enough people in jail. I agree that when people commit fraud, they ought to spend some time in the slammer. But there’s a tendency in today’s Democratic Party to turn away from someone like Bob Rubin because of his time at Citigroup. I served with him during the Clinton administration, when the country added 22 million new jobs, and Bob Rubin was right at the center of that. He was an invaluable adviser to the president, and he is now arguing that one of the reasons this economy is not coming back is that the business community is sitting on money because of the hostility they feel coming from Washington.

Taibbi: I’m sorry, but Bob Rubin is exactly what I’m talking about. Under Clinton, he pushed this enormous remaking of the rules for Wall Street specifically so the Citigroup merger could go through, then he went to work for Citigroup and made $120 million over the next 10 years. He helped push through the Commodity Futures Modernization Act of 2000, which deregulated the derivatives market and created the mortgage bubble. Then Obama brings him back into the government during the transition and surrounds himself with people who are close to Bob Rubin. That’s exactly the wrong message to be sending to ordinary voters: that we’re bringing back this same crew of Wall Street-friendly guys who screwed up and got us in this mess in the first place.

Gergen: That sentiment is exactly what the business community objects to.

Taibbi: Fuck the business community!

Gergen: Fuck the business community? That’s what you said? That’s the very attitude the business community feels is coming from many Democrats in Washington, including some in the White House. There’s a good reason why they feel many Democrats are hostile — because they are.

Taibbi: It’s hard to see how this administration is hostile to business when the guy it turns to for economic advice is the same guy who pushed through a merger and then went right off and made $120 million from a decision that helped wreck the entire economy.

Amidst fading hopes for real reform on issues ranging from high finance to health care, economist Robert Kuttner and journalist Matt Taibbi join Bill Moyers to discuss Wall Street’s power over the federal government.


Rolling Stone’s Matt Taibbi walks through Barack Obama’s banking sellout, beginning with the president’s transition team. According to Taibbi, Obama’s transformation from populist to Wall Street’s best friend started on day one.

Matt Taibbi: Obama’s Wall Street 180 Started on Election Day

truthdig via am760

“If you happen to be a rich dweeb who went to the right schools and hung around with the same group of people your whole life, and those people actually run the world, well, then, you’re in the very happy position of having your own bullshit adolescent belief system become self-reinforcing. You think that reality coincides with your beliefs because your beliefs are true, whereas in truth it’s because you spend all your time with people who believe the same nonsense you do, and generations of your cultural ancestors just happen to have built very high walls all around you fools to keep reality from getting in and spoiling things.

Nothing else explains people like Alan Greenspan and Megan McArdle and all those other idiotic Ayn Rand devotees, big and small, who continually go out there in public and flog pseudo-religious beliefs about the self-correcting free-market as a cure-all for anything and everything, even as evidence to the contrary rains down from the sky like volcanic ash. These people actually believe this shit and they believe it with the imbecilic ferocity of teenagers, even the ones who are 190 years old like Greenspan (who incidentally finally conceded a “flaw” in his thinking, but only after the entire world exploded and even all the reality-proof friendly data sources he had relied upon for his whole life told him his ideas were fucked), and it’s nearly impossible to get them to let so much as a sliver of their belief systems go.”