Goldman Congressional Hearings

Discussion in 'Wall St. News' started by mgookin, Apr 27, 2010.

  1. Kap

    Kap

    Never thought GS would get attacked in this way, considering its far reaching global web of connections throughout geopolitics etc etc, but they are going for it, Levin talking about "peddling" products, dunno what Torre is doing there , he's just small fry VP salesman.. sparks is struggling.. blankfein on later,, this is more fun than i could have imagined :-o
     
    #41     Apr 27, 2010
  2. 11Blade

    11Blade

    Nothing will come of this, but the politicians have to look like they are getting to the bottom of this. Grandstanding at best.

    Perhaps a few peoples head may roll at GS at the end. then business as usual.
     
    #42     Apr 27, 2010
  3. yes it completely is!!! Nobody says it tonight because its a vendetta not a fair hearing.

    But let me assure you that every time I trade with a market maker I know that they may fully bet against me (which they essentially do if they keep the full exposure). What is the problem? I dont even see a problem with the Paulson issue simply because all the investors HAD to approve the assets in the portfolios/ reference securities (in the case of synthetic deals. They could do all the due diligence on it and reject assets they did not like. I did the same thing with proposed equity basket option deals. I rejected certain names and approved others. What is the deal?

    Clients should have known and should know that the counter party may bet against them at any given time. When you gamble in Vegas the counter party is even all the time aligned against your interest. What do you expect from an investment bank when you buy such product, that someone holds your hands till death us part? What do you expect the interest of a used car salesman is? That your lemon goes as far as possible? Or that you soon bring it in for repairs or buy a new car?

    The main point, I believe, is that all the information pertaining to the deal and its price and value was known to clients. If some politicians feel the involvement of Paulson should have been disclosed, fine, slap GS's cheek. Anything else appears as politicians searching for a scapegoat, and it cant be Citi...thats how it looks to me






     
    #43     Apr 27, 2010
  4. BINGO!
     
    #44     Apr 27, 2010
  5. That statement alone proves to me that you are full of sh*t and are just spewing rhetoric. But I will make sure to quote this and email it to some colleagues who have actually had or have real business dealings with GS.
     
    #45     Apr 27, 2010
  6. --------------------------------------------------------------------------------

    I think Mr. Tester is confused when he ask Mr. Sparks if they tell the rating agency Paulson want the short.
    Because the rating is for the instrument, is not rated for how some people bet the instrument.
    I did not hear all testimony today, but look how nervous Mr. Sparks feel when they talk about the rating agency. :eek:
     
    #46     Apr 27, 2010
  7. wmb

    wmb

    Dont send it to me..... I will print it out and laminate it to the top of my desk to constantly remind me of the possibilities!
     
    #47     Apr 27, 2010
  8. jprad

    jprad

    Quote of the day (so far)

    Senator/Dr. Coburn: "We're (referring to the panel) not that stupid."

    Right...
     
    #48     Apr 27, 2010
  9. lol, sounds like someone got skinned by some evil GS traders, ouch.



     
    #49     Apr 27, 2010
  10. #50     Apr 27, 2010