We loved reading a good conspiracy theory in our misspent youth, but never really believed any of them. But the way that all politicians of all stripes joined in lockstep in the fall of 2008 to send trillions of dollars of our money to AIG, Goldman, etc. and the expedience and prestidigitation with which Lehman (whose legal bill has passed $80 million already) was allowed to fail raised a few interesting questions for us. Now, with Goldman’s profit announcement, apparently built mostly on (i) non-recurring AIG unwinding, and (ii) relaxation of the same mark-to-market accounting rules that were so important after Enron’s collapse, but have now fallen out of favor, we wonder if the conspiracy buffs might be right. Surely the wrong people lost money in the fall of 2008 or the politicians would not have genuflected quite so low. Goldman has now tried to slam a critiquing website called www.goldmansachs666.com that is posting negative Goldman information. The site recently filed suit against Goldman in a preemptive strike seeking declaratory relief that it is not infringing the Goldman Sachs mark used in connection with financial services. Law firm Chadbourne & Parke, representing Goldman, had sent a nasty-gram demanding that the site close down. We guess Chadbourne was confused and tried to hire the site to manage its 401K.
-- Paul Marotta
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