Here is an email exchange, well not much of an exchange as it's rather lopsided, I pilfered from some inbox and I would share it with my readers here.
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For one thing, I do think the relationship between GS and the government is way too close. This GOVERNMENT SACHS organisation is not good for the country. For another, those guys left holding the can are just dumb. They are not doing their homework. I have to say that the GS guys are just smarter (relatively speaking though) than those stupid [redacted]. GS knows how to play the system. They know how the rating agencies work. Hire the agency executives and make sure all that crap is triple A. Their former senior executives are World Bank president and Treasury secretaries. They are very well connected. Specifically, in that Abacus deal, they just wear too many hats. There are big conflicts of interest. There is nothing wrong in market making. But in the context of a Senate hearing, the GS executive (Daniel Sparks) looked rather bad by prevaricating. It was a photo opp for the senators by slamming the bankers. [redacted]. I know how this company works or for that matter, how Wall Street works. If the company has to unwind their long positions (duds), then the sales have to push all the crap out. How can Mr Sparks say he is working in the best interest of his clients? All he could say was "trying his best to serve his clients". In a forum like this, rightly or wrongly, GS would never come out ok. The people's court has made its decision already. As a company, GS was not like this [redacted] in 1994. It has changed for the worse after the IPO. It is going downhill.
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> did you follow the Assault on Goldman Sachs or Capitalism going on on the Senate I almost feel sorry for the Goldman dudes. Now all of a sudden those god damn senators care and trying to be self righteous. Give me a break. They were all asleep when the thing imploded. Goldman was the smartest guy amongst the pact. They probably would have more regulations after this mortgage backed securities bs so the rank and file would suffer more.
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It's a show trial Stalin would have been proud of.
ReplyDeleteMcCoy
There is going to be a real trial if the rumored criminal investigation is true. GS stock plummeted.
ReplyDeleteThen they need to find the smoking gun. The other day, I read a great quote in a forum in the Web. It went something like this...In the Hitchhiker's guide to the Galaxy, a notice ordering the demolition of someone's house is 'on display' in a lightless, stairless cellar, at the bottom of a locked filing cabinet in a disused lavatory with a sign on the door saying 'Beware of the leopard'...It is going to be difficult.
ReplyDeleteMccoy