The USA leads the world in giving ambassadorships to non-career diplomats, aka cronies. All one needs to do is bundle half a million or so for the president (any president) and boom – a sweet diplomatic post.
People are chaining themselves to barricades and waving red flags in the streets of London in protest of the G8 talks. The protest has been called a “carnival against capitalism.” Sadly these folks do not understand the vital difference between “capitalism” which is voluntary and provides opportunity for those not blessed with access to the modern aristocracy, and “crony capitalism” where the state is hijacked by the powerful to line their pockets and consolidate power.
European politicians especially love them.
Goldman is not the only firm that treats its clients like this, but one senses that the Vampire Squid guys might be especially nasty. Today Greg Smith, formerly with the bank, puts the Goldman culture on display in the New York Times.