Street Down-- and Why They'll Take Us to the Brink Again / 1st ed. New York: Crown Publishers, c2010.
Goldman Sachs was creating securities which were not being backed by any real assets. These are called "synthetic securities" (McGee 57). All of Wall Street was working for the benefit of Wall Street and nobody else. All of Wall Street is attempting to catch Goldman Sachs in terms of its profitability. Goldman Sachs is the most strategic firm on Wall Street, they do not put all their eggs in one basket, but diversify to ensure they do not endure massive losses. Former Goldman Sachs front man, Robert Rubin, went on to become Treasury secretary for the Clinton administration. Between 1996 and 2008 Goldman Sachs return on equity was at an average of 24.4% (83). New securities were part of largest and most liquid markets (bond market and real estate market) and claimed that they were risk free securities. This book has several chapters relating to different aspect of the scandal as a whole. The corruption inside Goldman Sachs and all of Wall Street is revealed through this book. It contains statistics on Goldman's profitability during and after the scandal which will be useful to my paper.
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