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Jeff Sachs UNLOADS on Wall St., D.C, & Obama

Posted by Larry Doyle on April 29, 2013 7:13 AM |

If anybody were to think that the fight for decency and justice in our markets, our nation’s capital, and throughout our land were to have run its course . . .  well think again.

In a volley of invectives not often seen in the genteel world of liberal academia, Columbia University professor Jeffrey Sachs recently threw a string of verbal haymakers that would have made the noted NHL hitman Chris “Knuckles” Nilan proud.

Sachs was named one of the world’s 100 Most Influential people by Time magazine in 2004. His professional body of work speaks for itself.  At a symposium held recently at the Philadelphia Federal Reserve, Sachs dropped the gloves and unleashed the following:

“What has been revealed, in my view, is prima facie criminal behavior,” he said.

“It’s financial fraud on a very large extent,” the adviser to the World Bank and IMF added. “There’s also a tremendous amount of insider trading — you can even watch when you are living in New York how that works.”

What’s behind this, says the high-profile academic twice named one of Time magazine’s 100 Most Influential People in the World, is “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.”

Sachs not only bloodies those who have gamed our system for their own selfish personal and political gains but he then does a skate by and calls out other gutless members of the Wall Street-Washington Incest team:

“We have a corrupt politics to the core, I am afraid to say, and . . . both parties are up to their neck in this. This has nothing to do with Democrats or Republicans,” Sachs told the Philadelphia conference, “Fixing the Banking System for Good.”

Hedge fund titan John Paulson: “He worked together with Goldman Sachs to defraud, massively, many European banks which bought the toxic mortgages that Paulson put together.”

Goldman Sachs: Paid out a “small fine” [$550 million in 2010] to settle charges with the SEC in the controversial Abacus deal linked to John Paulson’s hedge fund, but Paulson wasn’t mentioned once in the proceedings.

Former US Treasury Secretary Larry Summers: “He continued to really institute moral-hazard policies, right and left, by fighting against any limits on [bankers’] compensation” as America grappled with the financial crisis.

Good for Sachs. While The New York Post ran coverage of his remarks where is the rest of the general media? Gutlessly cowering behind the bench, perhaps, hoping Sachs does not call them out as well? No doubt.

Keep punchin’!!

I thank the regular reader who brought this story to my attention. If you agree with Sachs’ assessment, do him the favor of spreading his invectives by sharing this story.

Larry Doyle

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I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.


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