Michael Lewis dispels some myths about Goldman Sachs. A nugget:
Every ninth-grader knows the U.S. government has three branches. Goldman owns just one of these outright; the second we simply rent; and the third we have no interest in.
What small interest we maintain in the government is, we feel, in the public interest. The financial crisis has its roots in a single easily identifiable source: others’ envy of Goldman Sachs.
The bozos at Merrill Lynch, the dimwits at Citigroup, the nimrods at Lehman Brothers, the louts at Bear Stearns, and even that momentarily useful lunatic at AIG took risks that no non-Goldman person should take, in a pathetic attempt to replicate our returns.
Now we are working with Tim Geithner and Congress to ensure that we alone are allowed to take the sort of risks that might destroy the financial system.
Read the whole thing.