It's been gut wrenching watching politicians dole out hundreds of billions of taxpayers' pounds into institutions who greedily parcelled up sub-prime mortgages and credit default swaps (CDS); selling them on and on while taking management fees at every turn.
But somehow the one incident that makes me want to man the barricades more than any other is the $10bn injection of US government money into…GOLDMAN SACHS.
Goldmans! The 130-year-old byword for elitism where the partners are so rich they could buy for cash not just Iceland but most of Scandinavia.
Goldmans! The bank into which Warren Buffett last month sunk $5bn in return for guaranteed dividends which means the Sage of Omaha will get his money back after 10 years.
Goldmans! The bank that gave the world Hank "just give me the money with no strings" Paulson whose decision not to rescue Lehman Brothers instead of finessing an elegant "run down" created the cataclysmic meltdown and a potential $200bn CDS liability.
Goldmans cynically just ditched its investment banking status to become eligible for Wall Street bail outs. In its sumptuous Fleet Street offices – all marble and 20ft-high doors – its partners are cosseted from the normal day-to-day challenges faced by everyday folk.
Now the elite bank can't stand on its own two feet when the going gets tough. Like I said: Gut wrenching.
