How about 1 is a con-artist, 2 is a thief and 3 is a crook? These guys are professional actors. Only thing is, instead of entertaining people, they're robbing them blind!
Well, the guy was CEO of the most profitable fin company on Wall St. Couldn't he have snapped his fingers and had the peons in some dept at GS do a PowerPoint presentation for him?
If you actually believe this, you're the idiot. While they may just be stooges, they know what they are doing.
Pabst, you're probably right. I'm sure Paulson was intimately familiar with the design, marketing and consequences, legally, financially and otherwise, of bundling, buying, selling and otherwise trading MBSs. /not
These guys all have a lot , lot , lot more money that you do, so who's the real idiot? you want to be smart or rich?
wtf are you even referring to? The issue here is whether Paulson, as CEO of Goldman, did or didn't know what a RBMS or CMBS was, because, as you may or may not know, the whole issue of RBMS and CMBS defaults and their illiquidity have played a huge role in triggering the global financial crisis.
greenspan In an upcoming interview, Greenspan said he was aware of "subprime" lending practices where homebuyers got very low initial rates only to see them later jacked up, causing severe payment shock. But he said he didn't initially realize the harm they could do. "While I was aware a lot of these practices were going on, I had no notion of how significant they had become until very late," he said in a CBS "60 Minutes" interview to be broadcast Sunday. "I really didn't get it until very late in 2005 and 2006," Greenspan said. http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/09/13/national/w100040D68.DTL&feed=rss.news I used to be annoyed by Bill Clinton because he just lied and lied. Now i am upset that we have system that does not hold these bastards accountable. This should be an either or situation. These guys are either criminals or criminal incompetent. If Paulson did not know then he should have been forced to disgorge his profits in exchange for the bailout of aig which saved goldman. Paulson was sitting on top of Wall Streets favorite Neiderhoffer type game. Sell premium until you blow up. They were selling mortgages - which they internal actions show they knew would blow up. So they bought puts from aig by the boatload. Of course they knew the counter party risk. And I sure they figured that AIG would get bailed out. Pabst - you think pretty damn deep for fun. This guys was looking at hundreds of milllons. You do not think he knew his downside?
jem, I couldn't ever say it better myself. Paulson, Greenspan and all the rest were either grossly incompetent (I'm talking earth shattering levels of incompetence) or criminally reckless.
Pabst is a blind fool, but you're not far from it. Paulson, or at the least whoever is giving him orders, knew exactly what the mortgage derivatives were & how they were sold. You keep thinking they are idiots while you're so smart. Yet they are robbing you blind & you continue to stay clueless.