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In
1991, Goldman bankers, led by their prescient president Gary Cohn, came
up with a new kind of investment product, a derivative that tracked 24
raw materials, from precious metals and energy to coffee, cocoa,
cattle, corn, hogs, soy, and wheat. They weighted the investment value
of each element, blended and commingled the parts into sums, then
reduced what had been a complicated collection of real things into a
mathematical formula that could be expressed as a single manifestation,
to be known henceforth as the Goldman Sachs Commodity Index (GSCI). (Food
Crisis continued)
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The larger question has
always been, did Bill Clinton sell the Democrat Party to Goldman Sachs,
or was it Goldman Sachs who sold them Clinton? In either event,
their fun continues. Ours, not so much.
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