Goldman Congressional Hearings

MR Blankfein - "we buy from sellers and sell to buyers, we're always on the other side of the trade, that's what market makers do"

MR Levin - "No you're betting against what you're selling, keeping a betting interest against a security"

Mr. Blankfein "If we were buyers from sellers, we wouldn't disclose our long positions"

Mr Levin "That's not betting"

Mr. Blankfein *blinking violently with confusion*

Mr. Levin - "batman has a cape"

Mr. Blankfeind *explodes with confusion*

Mr. Levin - QUICK WHAT COLOR COMES AFTER ORANGE IN THE RAINBOW!"

Mr. Blankfeind in thousand of pieces all over capitol hill - *Silence*

Mr. Levin - "We can't get a straight answer out of you all day"



This is fucking criminal.
 
this senator guy is ridiculous...

i don't think he knows what the term market maker means...

I mean i don't love GS i could care less for GS.

But this is ridiculous.

Why woudl it need something to be disclosed on a market maker? If i wanted an opinion I'd hire them as an advisor. I just want the securities, not an opinion.

There would be conflict of interests, IF for that matter I happened to hire GS as my portfolio managers or trading advisors and then they sold me the securities that they were short in their inventory. IN HERE I AGREE there would've been conflict of interests.

Now on market making versus what their own trading department was doing is just ridiculous.
 
Too bad none of these GS guys has the balls to stand up and call this BS for what it is.

Afterall there are no bigger piles of shit than the men and women who make up the US Senate unless of course you include Congress. For a bunch of jerks who lie, spin and twist any shred of truth in their effort to get elected or their bills passed it's just ridiculous to see them acting so high and mighty as though they are the pillars of moral and ethical conduct.

In my dreams it goes something like:

McCain: Are you comfortable with selling a security to a client that you have a short position in?

GS: I'm a hell of a lot more comfortable with that than I am with you brow beating your fucking wife thats for sure.

Levin: So you you have no problem with being short a security your selling to a client?

GS: No, but since you asked let me just say I do have a fucking problem with your colleague Senator Rangel and his BS real estate/tax evasion schemes.

Please, someone go postal. Please!
 
The fundamental problem is the inherent conflict of interest between the roles of Market Maker, Investment Banker, and Money manager of OPM. The functions should probably be split up into separate, independent entities. But that will never happen.

We traders have the advantage of knowing a priori that the I.B. business model depends on lying cheating and stealing and the "special" advantages that come from being able to play these conflicting roles while those who should know what is going on look the other way. But these naive senators apparently think that the Wall Street casinos are supposed to be legitimate. They never have been and never will be, any more than the guy running the Kewpie Doll concession in a touring carnival is legitimate.
 
Quote from Mike Morrison:

Too bad none of these GS guys has the balls to stand up and call this BS for what it is.

Afterall there are no bigger piles of shit than the men and women who make up the US Senate unless of course you include Congress. For a bunch of jerks who lie, spin and twist any shred of truth in their effort to get elected or their bills passed it's just ridiculous to see them acting so high and mighty as though they are the pillars of moral and ethical conduct.

In my dreams it goes something like:

McCain: Are you comfortable with selling a security to a client that you have a short position in?

GS: I'm a hell of a lot more comfortable with that than I am with you brow beating your fucking wife thats for sure.

Levin: So you you have no problem with being short a security your selling to a client?

GS: No, but since you asked let me just say I do have a fucking problem with your colleague Senator Rangel and his BS real estate/tax evasion schemes.

Please, someone go postal. Please!
More...

There was a senate hearing where this had happened, forgot what it was but, the witness questioned Congress about fan or fred and the Congressman basically said, I'm not the one being investigated here and I'll ask the questions. That is the way it is, you cannot question these guys like a sign of disrespect.
 
They are openly arguing now, I need to go to the gym, but this rocks. Bah 8:11, I need to get going. Levin's comb-over destroys any credibility imo lol.
 
This is the same bs that lloyd dished out when he was up there explaining his need for the tarp money and the bonuses. This is his frickin 3rd appearance.
 
Quote from wmb:

This is the same bs that lloyd dished out when he was up there explaining his need for the tarp money and the bonuses. This is his frickin 3rd appearance.
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It's not bs, this is their world and Congress is from Mars. Neither of them speak the same language, who would you like to educate?
 
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