Thursday, 9 July 2009

The Goldman Saga: Fictional heroes and notional taxpayers

An analyst at Bank of America (BAC), Guy Moszkowski, put out a very positive note on Goldman Sachs today which, according to a Bloomberg report included reference to Goldman's "unmatched risk-taking/risk-management skills in a market that strongly rewards these because of a decline in competitor risk appetite.”

Maybe it's just my unusual imagination, but on reading these words images were conjured up of rugged individualists surviving in a Darwinian jungle fraught with risk and danger with only the meanest and leanest, the almighty GS, fighting its way to the top to rule over the dominion.

But the real accolades in all of this iconography should really be going to the notional taxpayer who has provided the cover for acts of extraordinary generosity with public money to preserve the mythology of the capitalist hero.

Not only is the hero a phantom from a Burbank back lot but so is the notional taxpayer.

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