Monday, September 26, 2011

"The governments don't rule the world. Goldman Sachs [Music City Center financier] rules the world."

A trader describes how the big financial institutions believe "the market is toast" and how Goldman Sachs does not care, but is prepared to make a lot more money off the coming crash:

If Goldman Sachs believes "the market is toast" and they don't care about the victims of the carnage, might they be hedging and betting against subsidized capital developments here in Nashville?

UPDATE: Ray Medeiros underscores the problem. Goldman Sachs is like a plague of locusts that comes in so bent on devouring what they can get that they destroy links in the food chain vital for everyone:

Companies like JP Morgan and Goldman Sachs, hold more influence on a company than the consumer or the small investor, like average people that have a 401(k). Wall Street firms are in the business of investments, and they need to make as much money as possible, even if it ultimately ends up destroying the manufacturing sector of the United States economy.

Even if it ultimately ends up destroying various local economies in Nashville, TN.

These are the companies that the Mayor's Office, and Metro Finance Director Rich Riebeling in particular, are looking to for guidance on large-risk finance decisions like the new convention center. Supporters of Mayor Dean tell us to trust the process and that we don't have any choice but to work with companies like Goldman Sachs if we want Nashville to grow.

But every once in a while we get a glimpse like in the video above of how far out on a limb the Dean administration may have stuck us. For their part, Goldman Sachs wagers on when that limb could break, reserving the privilege to walk away with Metro dollars either way. This is all too precarious.

1 comment:

  1. Riebeling is no financial oracle. He is a politician.

    His past proves it.

    He is mediocre at best.

    He could probably do an OK job running our parks system.