Perfectly described. Total joke that they are trying to do this 3 years later. Yes GS made craploads of money, and yes the $10B might have helped them and yes they benefited GREATLY from the AIG bailout... BUT who put a gun to ACA and IKB's head and forced them to buy these products? You trade in a product which you know at least one other party is selling, why do you trade? because you and the other party of different opinions or interests.
Goldman Congressional Hearings
- Thread starter mgookin
- Start date
Perfectly described. Total joke that they are trying to do this 3 years later. Yes GS made craploads of money, and yes the $10B might have helped them and yes they benefited GREATLY from the AIG bailout... BUT who put a gun to ACA and IKB's head and forced them to buy these products? You trade in a product which you know at least one other party is selling, why do you trade? because you and the other party of different opinions or interests.
exactly, hence my bewilderment why those senators seem to have an issue to comprehend how markets, gambling, basically every business transaction works. When I sell a vacuum cleaner then it means I express a view that I value the money I ask for more than the cleaner, the client believes he gets a good deal for the money, otherwise no transaction would ever take place. What is so hard to understand.
Are you guys from South America or something? Why provide warranties, guranatees, 30 day refunds etc. The investment world cannot be compared to vacuum cleaners or used cars, whats with you guys? The reason why any of these boneheads from GS or any where else in the investment community have to be liscenced is because they are not selling vacuum cleaners. They cant just sell whatever the frcik they want and say whatever they want. There are standards they have to follow. If you package a synthetic cdo the standards are missing and the government is trying to deternmine what kind of standards they should follow. You guys know that.... wtf vacuum cleaners, used cars!
At that time, noone knew Paulson. If he was on the other side, or even designed the tranch, that would not affect my decision on the trade.
Dog & Pony show.. designed to build public confidence and votes for mid term elections.
In the end there will be a confidential settlement that will be sealed and GS will admit no wrong doing and pay a fine/bribe.
Much like the tobacco master settlement that gives big tobacco a monopoly and all of the settlement proceeds are paid directly from taxes.
There will likely be a trading tax paid at the FCM level with stringent requirements to limit participation.
Nothing substantial will result other than political propaganda.
In the end there will be a confidential settlement that will be sealed and GS will admit no wrong doing and pay a fine/bribe.
Much like the tobacco master settlement that gives big tobacco a monopoly and all of the settlement proceeds are paid directly from taxes.
There will likely be a trading tax paid at the FCM level with stringent requirements to limit participation.
Nothing substantial will result other than political propaganda.
"The Fifth Amendment limits the use of evidence obtained illegally by the law enforcement. Originally, at common law, even a confession obtained by torture was admissible. In the eighteenth century, common law in England provided that coerced confessions were inadmissible. The common law rule was incorporated into American law by the courts. However, the use of brutal torture to extract confessions was routine in some rural states as late as the 1930s, and stopped only after the Supreme Court kept overruling convictions based on such confessions, in cases like Brown v. Mississippi, 297 U.S. 278 (1936)"
when the senator misquotes the Abacus deal because his clerk had the wrong page order, does that count?
when the senator misquotes the Abacus deal because his clerk had the wrong page order, does that count?
Unbelievable.
In the midst of testimony charging GS with fraud. Congressman ask advise from GS for its recommendations for financial reform bill.
You caught the fox, you got him out of the hen house and your going to hold him in the egg storage room. wtf are they thinking.
Congress does not understand counter-party risk or trading.
In the midst of testimony charging GS with fraud. Congressman ask advise from GS for its recommendations for financial reform bill.
You caught the fox, you got him out of the hen house and your going to hold him in the egg storage room. wtf are they thinking.
Congress does not understand counter-party risk or trading.