Whenever the deregulators went on their crusades, we were informed that regulations hindered the making of money. So now we have these costly disasters that cost MUCH more than the tiny increases in profits.
What BP's Oil Mess and Goldman Sachs' Rip-off Schemes Have in Common
After 30 years of deregulation, it's no wonder everything from oil production to banking is screwed up.
May 5, 2010
What do oil giant BP, the mining company Massey Energy, and Goldman Sachs have in common? They’re all big firms involved in massive plunder. BP’s oil spill is already one of the biggest and most damaging in American history. Massey’s mine disaster, claiming the lives of 29 miners, is one of the worst in recent history. Goldman’s alleged fraud is but a part of the largest financial meltdown in 75 years.
All three of these companies are also publicly-held, which means that much of the financial costs of these failures will be passed on to their shareholders, many of whom are already watching their stock prices plummet. Prominently among those shareholders are pension funds and mutual funds held by people like you and me. more
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