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VOICEOVER: Manhattan, New York. In November, people from Occupy Wall Street held a mock
trial of Goldman Sachs, accusing it of financial crimes against the 99 percent. The journalist
Chris Hedges read a compilation of the charges.
CHRIS HEDGES: Goldman Sachs, which received more subsidies and bailout-related funds than
any other investment bank, because the Federal Reserve permitted it to become a bank holding
company under its emergency situation, has used billions in taxpayer money to enrich
itself and reward its top executives. It handed its senior employees a staggering $18 billion
in 2009, $16 billion in 2010, and looks set to hand out $10 billion in megabonuses in
2011. This massive transference of wealth upwards by the Bush and Obama administrations,
now estimated at a staggering thirteen to fourteen trillion dollars, went into the pockets
of those who carried out fraud and criminal activity rather than the victims who lost
their jobs (some of whom we'll hear today), their savings, and often their homes. Goldman
Sachs' commodities index is the most heavily traded in the world. The company hoardes rice,
wheat, corn, sugar, and livestock and jacks up commodity prices around the globe, so that
poor families can no longer afford basic staples, and many literally starve. Goldman Sachs is
able to carry out its malfeasance at home and in global markets because it has former
officials filtered throughout the government and lavishly funds compliant politicians,
including Barack Obama, who received $1 million from employees at Goldman Sachs in 2008 when
he ran for president. These politicians in return permit Goldman Sachs to ignore security
laws that under a functioning judiciary system would see the firm indicted for felony fraud,
or, as in the case of Bill Clinton, these politicians pass laws such as the 2000 Commodity
Futures Modernization Act, which effectively removed all oversight and outside control
over the speculation in commodities, one of the major reasons food prices around the world
have soared. In 2008 and 2010, prices for crops such as rice, wheat, and corn doubled
or tripled, making life precarious for hundreds of millions of people. And it was all done
so a few corporate oligarchs, the 1 percent, could amass personal fortunes in the tens
of millions and often hundreds of millions of dollars.
VOICEOVER: After listening to more testimonies, the general assembly of Occupy Wall Street
deliberated and declared Goldman Sachs guilty of financial crimes against humanity. A march
was organized to deliver the verdict of this popular trial. Police arrested 16 people,
including journalist Chris Hedges, among others, during the rally outside the headquarters
in lower Manhattan. Reporting from New York, this is The Real News.