Friday, May 28, 2010

Goldman Sachs shorts Gulf of Mexico

President Obama was right about Goldman Sachs when he joked at the White House Corespondents Dinner that "Goldman Sachs makes money whether we laugh or not."

On Apr. 30, the Huffington Post published a story stating: In what is looming as another public relations predicament for Goldman Sachs, the banking giant admitted today that it made "a substantial financial bet against the Gulf of Mexico" one day before the sinking of an oil rig in that body of water. The new revelations came to light after government investigators turned up new emails from Goldman employee Fabrice "Fabulous Fab" Tourre in which he bragged to a girlfriend that the firm was taking a "big short" position on the Gulf.

"One oil rig goes down and we're going to be rolling in dough," Mr. Tourre wrote in one email. "Suck it, fishies and birdies!" 

In addition to the oil spill being represented in a Denver Airport Mural (the one with the guillotine over the butterfly with the red sludge washed up on the shore under the monarch butterfly), this disaster was depicted in the movie "Knowing" with Nicolas Cage. In the movie there is a brief shot of the TV with a burning oil platform in the Gulf.

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