Fight disinformation. Get a daily recap of the facts that matter. Sign up for the free Mother Jones newsletter.

A few days ago I described Matt Taibbi’s recent Rolling Stone piece about Goldman Sachs as “terrible.”  And it was!  He made one outrageous assertion after another without bothering to back any of them up.  He flitted from idea to idea without developing any of them.  The whole piece was disjointed and embarrassing.

Except — it turns out there was a reason for that: the morons at Rolling Stone hadn’t actually posted Taibbi’s article.  They had only posted a short series of excerpts.  I would have known that if I’d read the introductory material very carefully, but who the hell does that?  I didn’t.  I just read what they posted, came away shaking my head, and panned it.

Well, I’ve now the read the entire piece, and I apologize.  (To Taibbi, that is, not the morons at Rolling Stone, who should have either posted the whole thing or done nothing at all.)  It’s a very good takedown of the modern financial industry and well worth reading.  There are some bits here and there that I’m not sure Taibbi gets quite right, and I do think that he made a mistake in casting Goldman Sachs as the “engineer” of every bubble in the past century rather than merely an unusually big and enthusiastic member of a predatory gang that’s been ripping us off for a long time.  This gives the piece a conspiratorial air that allows Goldman to laugh it off instead of being forced to engage with it, and that’s too bad.  They — and everyone else on Wall Street — should be forced to engage with it.

Beyond that, there are undoubtedly some mistakes in the piece, as well as places where Taibbi goes unnecessarily over the top.  I’m still not sold on carbon permits being the next big bubble, for example.  But those are quibbles.  Overall it’s a striking portait of an industry — not just a single company — of almost unbounded greed and recklessness.  Worth reading.

HERE ARE THE FACTS:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate