If you started to scroll past this entry when you saw the words "Goldman Sachs," we wouldn't blame you -- it's hard to trace terms like investment banking, securities, and investment management to their real-world effects, or to understand how they impact us directly.
But it turns out that Goldman Sachs is so large and insidious
it's hard not
to see their direct impacts on our day-to-day lives. Here's a few examples that might surprise you.
Think here's an aspect of your life that is unaffected by Goldman Sachs? Let us know in the comments, and we'll freak you out by telling you how they control that, too. Entertainment
Goldman Sachs money gets movies made, plain and simple. Consider that Michael Moore, whose recent film "Capitalism: A Love Story
," attacks -- among other things -- Goldman's influence in Washington, was produced by the Weinstein Company, the studio started in 2005 by former Miramax moguls Bob and Harvey Weinstein
. The deal in which they obtained their $490 million in equity was advised by, yes, Goldman Sachs.
Essentially, they're a bank so big that even friggin' Michael Moore
can't make a major motion picture that doesn't use their money. Furthermore, they're also big enough that they can focus strictly on their bottom line: If it makes Goldman Sachs money to fund a movie that attacks the insidious influence of Goldman Sachs, then who cares?
Everyone knows that there's a story about big money that plays out behind the scenes in every professional sports franchise, but when it comes to Goldman Sachs, that's more than just providing capital in ownership deals.
Take A-Rod's opt-out, and subsequent return, to the Yankees in 2007. The 10-year deal he signed, worth over a quarter of a billion dollars (that's with a "b"), wasn't negotiated by Bob Sugar and Jerry Maguire; when you're talking about that kind of money, the only people a guy like Rodriguez will go to are his neighborhood Goldman Sachs executives
And Cowboys fans -- especially those in the standing-room-only seats
on game day -- owe their sore feet to Legends Hospitality Management, a joint venture between Goldman, the Dallas Cowboys and the New York Yankees that's responsible for both teams' new stadiums, as well as a newly announced plan for college stadiums across the country. Food
A couple of years ago, the activist community was up in arms
with the cause du jour of the exploited farm workers who pick the tomatoes used at fast food restaurants.
The short version is that a deal struck between the pickers' coalition and two of the major chains they sell to that would raise the workers' wages was derailed when Goldman's fast food chain -- a quaint eatery called Burger King -- refused to sign on. McDonald's and Taco Bell, following Goldman's lead, backed out of the deal as well, and suddenly we were staring down a tomato shortage.
Eventually, after some serious pressure -- and a Belichikian "spygate" scandal
-- Burger King backed down and paid the workers an extra penny.Update: Michael Moore Camp Responds
We received an email from Capitalism: A Love Story
associate producer Eric Weinrib with this explanation regarding the section of the article about Michael Moore's film: "The fact of the matter is that the Weinsteins WOULDN'T make this movie and so Michael had to extract himself from this deal by essentially GIVING THEM a million bucks to get out of it and then they insisted that their name be left on the credits!"
Weinrib declined Asylum's request for clarification and further comment.