If you happened to be in Manhattan’s Financial District on December 12, 2011, you would have witnessed a herd of giant squid floating toward West Street. The papier-mâché puppets, complete with white canvas tentacles and bulbous, golden heads, and upheld by a half-dozen or so Occupy Wall Street protestors, served as the dramatic final act in one of the more dramatic days of the Occupy movement, which grew into the New Year and around the world. Accompanying each squid were hand-painted signs that read variations on the slogan “Goldman Sachs CONSUMES” held up by a coterie of activists marching to the investment bank’s headquarters.
The squids were a reference to a 2009 Rolling Stone piece by journalist Matt Taibbi entitled “The Great American Bubble Machine.” The essay eviscerates Goldman and its alumni network of Fed chairs and Treasury secretaries as the architects of “every major market manipulation since the Great Depression.” Describing them collectively as “a great vampire squid wrapped around the face of humanity,” Taibbi rattles off a damning trail of hundreds of millions in bailout tax dollars that had been dispensed to and from Goldmanites under the Bill Clinton and George W. Bush administrations. In 2023, it’s hard to imagine a two-year-old piece of magazine writing inspiring the iconography of a street protest; harder still to imagine a political reporter referring to John Thain as Merrill Lynch’s “asshole chief” in print. Taibbi’s brash and prolific writing secured him darling status on the reenergized American Left.
Taibbi’s career has been long and varied. He began in his twenties as an expat reporter in Eastern Europe during the waning years of the Soviet Union, first in Uzbekistan and then in Moscow, where he was a founding editor of The eXile with Mark Ames. The two American drifters pumped out a tabloid that was as critical of post-Soviet kleptocratic dysfunction as it was crass and boozy. Pieces by Taibbi—about IMF policy in Russia or Putin’s early salvos in the Chechen War—would run alongside Ames’s ribald stories of Moscow nightlife. Taibbi came to be feared and respected in equal measure by the many American bureau chiefs in Moscow at whom he often aimed his scorn, and by 2005, back in the states, he was hired as a contributing political editor at Rolling Stone.
Now, nearly two decades and ten books later, Taibbi has no editorial home but his own Substack newsletter, Racket News (formerly TK News), one of the highest-grossing publications on the platform. This new independence indicates a news media ecosystem that’s shifted beneath Taibbi’s feet. The same progressive corners that once idolized him as their generation’s Hunter S. Thompson, a gifted stylist sharing their rage at the banality of American political corruption, now tend to mutter his name dismissively alongside Glenn Greenwald’s—onetime investigative wunderkinds who’ve since lapsed into paranoid screeds against wokeness and cancel culture. “Now I just don’t know what the hell he’s going on and on about,” progressive journalist Doug Henwood said of him, speaking to Ross Barkan for a 2021 profile of Taibbi. “He’s obsessed with stupid shit.”
