While much of America remains mired in a recession, Goldman Sachs is booming. The investment bank just paid back the $10 billion loan it took from the federal government last year and today Goldman is expected to announce a $2 billion dollar profit in its second quarter earnings report. How did Goldman go from bust to boom so quickly? Joining The Takeaway with their analysis are Matt Taibbi, a contributing editor to Rolling Stone, who wrote a scathing article on Goldman's practices, and Graham Bowley, a financial reporter for The New York Times. Graham's article on Goldman's expected earnings set off a market buying frenzy.
For more, read Matt Taibbi's article Inside the Great American Bubble Machine, in Rolling Stone. Also, read Graham Bowley's article, For Goldman, a Swift Return to Lofty Profits, in The New York Times.
"The entire Wall Street knows that this bank isn't going to go under because the government just isn't going to allow it."
—Matt Taibbi of Rolling Stone on the high earnings of Goldman Sachs