Still Scamming on Wall Street

So Goldman Sachs, riding high again after we saved them from the collapse of their effort to turn sub-prime mortgages into a vast profit engine, is back at the forefront of Wall Street skullduggery. They have done a deal with Facebook, investing about $250 million of their own money in a way that values the privately held company at $50 billion. Now why would they do this? Not because they think it is a good investment. Honestly, would anybody be surprised if a visitor from ten years in the future showed up and said Facebook no longer exists in his world? Not I. No, Goldman Sachs is going this so they can make fat fees by persuading other insider fatcats to invest in Facebook on the same terms. And it will probably work. A lot of that money that was washing around the world ten yeas ago, its owners so desperate for investment opportunities that they decided to lend it to homeowners who were not likely to pay it back, is washing around again. Since there don't seem to be any good ideas about where to invest it, the bad ideas are back and riding high.