I did three segments with Yahoo on Goldman Sachs.

The first one they posted was me and Professor Bill Black discussing the issue with Aaron Task.

Category: Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

9 Responses to “Bill Black and I React to Goldman Fraud Charges”

  1. hgordon says:

    Nicely done.

    Black seemed unusually understated. Maybe he just doesn’t want to jinx this.

  2. Sunny129 says:

    ‘Rotten to the core’ sums it well!

  3. cheese says:

    Really?

    Sounds like a he said she said. I’m not trying to belittle the situation…Im just in a bit of shock that THE ONLY reason GS got charged was a salesman never watched Glenngary Glen Ross……..

    “you never open your mouth until you know what the shot is……….”

    http://www.youtube.com/watch?v=3HURJNd0J4U

    Seriously……..dumbfounded is an understatement.

  4. foxmuldar says:

    I agree most are rotten to the core. However I do think the timing has to be looked on as suspicious. With Obama now pushing Financial reform as a means to take the public’s mind off Obamacare. I also think more heads should roll. Seems now that all those companies that got bailouts were as Mr. Black said, Rotten to the core. Perhaps a lesson to learn from this is that next time a company goes bad, instead of bailing them out, we need to let the system work. Thats what bankruptsy’s are for.

    And while were at it, why doesn’t Obama take the blame for bailing out GM and Chrysler. Now their Unions are suing us taxpayers to fund their pensions. What a racket they have going.

  5. bonderman says:

    The GS situation caused me to refresh my definition of sociopath.

    This website [http://www.mcafee.cc/Bin/sb.html] summarizes some of the common features of descriptions of the behavior of sociopaths…(like those at GS?:

    * Glibness and Superficial Charm

    * Manipulative and Conning
    They never recognize the rights of others and see their self-serving behaviors as permissible. They appear to be charming, yet are covertly hostile and domineering, seeing their victim as merely an instrument to be used. They may dominate and humiliate their victims.

    * Grandiose Sense of Self
    Feels entitled to certain things as “their right.”

    * Pathological Lying
    Has no problem lying coolly and easily and it is almost impossible for them to be truthful on a consistent basis. Can create, and get caught up in, a complex belief about their own powers and abilities. Extremely convincing and even able to pass lie detector tests.

    * Lack of Remorse, Shame or Guilt
    A deep seated rage, which is split off and repressed, is at their core. Does not see others around them as people, but only as targets and opportunities. Instead of friends, they have victims and accomplices who end up as victims. The end always justifies the means and they let nothing stand in their way.

    * Shallow Emotions
    When they show what seems to be warmth, joy, love and compassion it is more feigned than experienced and serves an ulterior motive. Outraged by insignificant matters, yet remaining unmoved and cold by what would upset a normal person. Since they are not genuine, neither are their promises.

    * Incapacity for Love

    * Need for Stimulation
    Living on the edge. Verbal outbursts and physical punishments are normal. Promiscuity and gambling are common.

    * Callousness/Lack of Empathy
    Unable to empathize with the pain of their victims, having only contempt for others’ feelings of distress and readily taking advantage of them.

    * Poor Behavioral Controls/Impulsive Nature
    Rage and abuse, alternating with small expressions of love and approval produce an addictive cycle for abuser and abused, as well as creating hopelessness in the victim. Believe they are all-powerful, all-knowing, entitled to every wish, no sense of personal boundaries, no concern for their impact on others.

    * Early Behavior Problems/Juvenile Delinquency
    Usually has a history of behavioral and academic difficulties, yet “gets by” by conning others. Problems in making and keeping friends; aberrant behaviors such as cruelty to people or animals, stealing, etc.

    * Irresponsibility/Unreliability
    Not concerned about wrecking others’ lives and dreams. Oblivious or indifferent to the devastation they cause. Does not accept blame themselves, but blames others, even for acts they obviously committed.

    * Promiscuous Sexual Behavior/Infidelity
    Promiscuity, child sexual abuse, rape and sexual acting out of all sorts.

    * Lack of Realistic Life Plan/Parasitic Lifestyle
    Tends to move around a lot or makes all encompassing promises for the future, poor work ethic but exploits others effectively.

    * Criminal or Entrepreneurial Versatility
    Changes their image as needed to avoid prosecution. Changes life story readily.

    Other Related Qualities:

    1. Contemptuous of those who seek to understand them
    2. Does not perceive that anything is wrong with them
    3. Authoritarian
    4. Secretive
    5. Paranoid
    6. Only rarely in difficulty with the law, but seeks out situations where their tyrannical behavior will be tolerated, condoned, or admired
    7. Conventional appearance
    8. Goal of enslavement of their victim(s)
    9. Exercises despotic control over every aspect of the victim’s life
    10. Has an emotional need to justify their crimes and therefore needs their victim’s affirmation (respect, gratitude and love)
    11. Ultimate goal is the creation of a willing victim
    12. Incapable of real human attachment to another
    13. Unable to feel remorse or guilt
    14. Extreme narcissism and grandiose
    15. May state readily that their goal is to rule the world

    (The above traits are based on the psychopathy checklists of H. Cleckley and R. Hare.)

  6. rch says:

    bonderman
    Nice description of the Obama administration et.al.
    GREAT WORK!

  7. [...] of the four videos I shot at Yahoo yesterday are posted; the other two should be up by Monday: • Rotten to the Core”: Bill Black and Barry Ritholtz React to Goldman Fraud Charges Apr 16, 2010 [...]

  8. [...] fraud action against Goldman Sachs is really small potatoes. It alleges only civil – not criminal – [...]

  9. [...] fraud action against Goldman Sachs is really small potatoes. It alleges only civil – not criminal – [...]