Goldman Hedging SEC Case
By Barry Ritholtz - April 27th, 2010, 5:15PM
The great Tom Toles:
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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
April 27th, 2010 at 5:20 pm
And that’s the way it should be!
April 27th, 2010 at 5:37 pm
“You want the truth? You can’t handle the truth. Son, we live in a country with an investment gap. And that gap needs to be filled by men with money. Who’s gonna do it? You? You, Middle Class Consumer? Goldman Sachs has a greater responsibility than you can possibly fathom. … http://bit.ly/aV9IyT
April 27th, 2010 at 5:48 pm
Watching C-span http://www.c-spanvideo.org/program/id/223178
If anybody would have told me that I would ever find C-span more interesting than the SPEED channel I would have been short that guy……..
April 27th, 2010 at 6:10 pm
So sick of these clowns. They should have just thanked the American taxpayer for the DIRECT AIG counter-party subsidy of 13-19 Billion (ironically about 2009 total profits) and went about their business.
They definitely are not coming of well here. Didn’t think I could congress could take the moral high ground against anyone. We need some new faces in Washington.
Everyone, D or R – lets throw some people out of office in November.
Lets let the Peter Schiff’s of the world have a crack at this – crazy or not.
Also Chris Dodd makes me vomit. Physically ill when I see him.
April 27th, 2010 at 7:53 pm
Most significant overlooked fact, you ask? If GS had done anything wrong they wouldn’t participate in a dog and pony show put on by these vicious morons. This media event and the accompanying SEC charade are part and parcel of a political process to gain ground lost in the health care fiasco. Its a nice touch… the kind only democrats can get away with because the mass media is them….it is sure to acheive its desired ends, as I have said from the beginning.
April 27th, 2010 at 8:40 pm
Engineerd1 sounds like a typical engineer — I think that because I am a retired engineer. There is an “animal spirits” factor to any engineer analysis just as it was for Adam Smith — Mr. “Invisible Hand.”
Unfortunately I listened/watched most of the hearing in the background today as I tried to do something productive.
I have always wanted to believe that the MOTU’s were actually smart — but after today’s hearing i know that these MOTU’s are charlatans. All the talk of them being really, really smart is wishful thinking; they aren’t smart, but they are very clever. As my relatives in the old country say – clever is not close to being actually smart.
The major difference between the mid-level smart guys and the top of the heap: the CFO and Blankfein, the CEO, was glibness. The substance was awesomely thin from all these guys, but the top guys were smoothly glib — unfortunately still substance free. If this is representative of our super duper financial universe — we are truly screwed!
The “vampire squid” is exposed as an incompetent bottom feeder. What a performance in this hearing by the supposedly premier financial organization in the world!
I used to think that the phrase “Chimpanzees in Pants” or “Monkeys in Silk Suits” was merely a caricature — no longer. It’s hard to conclude that we are an evolved species based on the performance of our elite MOTU’s.
April 27th, 2010 at 8:42 pm
The DARK SIDE is strong with DARTH Blankfein…
Lloyd Blankfein and other Goldman executives were lambasted by lawmakers for “unbridled greed” in an often-electric daylong showdown between Wall Street and Congress — with expletives frequently undeleted. Unrepentant, five present and two past Goldman officials unflinchingly stood by their conduct before a Senate investigatory panel and denied helping to cause the financial near-meltdown that turned into the worst recession since the Great Depression.
He should receive the MOTHER OF ALL BANKSTER S AWARD…
April 27th, 2010 at 9:00 pm
As Simply-Put says:
Lloyd deserves the vaunted MOABA (Mother of all Banksters Award). What an accomplishment for such a clever, glib, BS Master. Is this country great or what !!!!
However, hold on to your wallets and investment accounts if Lloyd is anywhere in the vicinity.
April 27th, 2010 at 9:15 pm
Thanks for the HEADS UP…. keramik Says
April 28th, 2010 at 12:59 am
Can someone help me with this? I must be missing something. The big money losses came from the CDS payouts right? And those were merely bets that the owners had been paying a premium on to hold. When the gov stepped in and discovered what the kids had been doing, why didn’t they just announce that all bets were off and order the premiums repaid, with interest? I know that there were contracts drawn up, but everyone knows that a contract will break if enough pressure is applied. What am I missing here?
April 28th, 2010 at 7:39 am
Video is out of Senator Claire McCaskill’s hilarious and pointed chastising of Blankfein in Goldman hearings last night. Worth the watch!
http://www.youtube.com/watch?v=87mfIwIEfBM&feature=player_embedded
McCaskill To Goldman Execs: You’re All A Bunch Of Bookies!