Just released. "Smartest guys in the room" at Goldman took biggest bailout loan.

ElCubano · Jul 9, 2011

Quote from schizo:

I personally like Martinghoul, especially for his intelligence. No doubt, his argument (or shall I say logic) shows coherence from the beginning to the end. But such is his biggest problem. Like my logic professor, he cares only about the validity (or fallacy) of the statement, ignoring everything else around him. He forgets that world is one helluva illogical place.

Marti- do you think etr's are delusional? if not then how can you argue that you are not a banker apoligists when 9 out of 10 people here would vote you in that camp? im just saying. Im not going to argue about your knowledge, you are a smart mo fo

Rationalize · Jul 9, 2011

Quote from bone:

If the government offers you 'next-to-free' money with apparently no contractual strings attached in terms of what you do with it per se, then IMO they should have taken all of it.

Ultimately, the government needed to stipulate how the party was to use the money. Especially if you know that their core business is to rip the face off of any trading counterparty they can find - be it clients or funds or competing firms or a government entity.

I'm not sure any government has the skill set to stipulate how an IB uses money - free or otherwise.

Would be like a stay-at-home mom telling a trading desk what they can & can't do.

Pretty lame, but probably funny to watch.

MarketMasher · Jul 9, 2011

Quote from bone:

If the government offers you 'next-to-free' money with apparently no contractual strings attached in terms of what you do with it per se, then IMO they should have taken all of it.

Ultimately, the government needed to stipulate how the party was to use the money. Especially if you know that their core business is to rip the face off of any trading counterparty they can find - be it clients or funds or competing firms or a government entity.

But - was it the Government??

Because it was the FedResv that gave them the money, and the Fed is only Quasi-gov't (like Quasimodo), part Public, part Private. (And is that split 50-50% - or 1-99%)

So was the Fed acting on its "Public Mandate" giving them the money, or its "Private Mandate"...?

BTW -what exactly IS its Private Mandate anyway....?????

RewriteQuran · Jul 9, 2011

Casino (GS) always win blackjack.

the1 · Jul 9, 2011

Dude, Goldman testified in front of Congress that they did no wrong, the announced they didn't need the money because they were "hedged," Blankfein claims he is doing "God's work."

Exactly how much more crap do you need to hear coming from this company to realize they are lower than pond scum? At least pond scum has a purpose.

Quote from Martinghoul:

Well, so should have GM and a lot of others. What exactly makes us single out Goldies again?

Don't be an idiot, please... If you want to argue about specifics, feel free. Otherwise, you're wasting electrons.

MarketMasher · Jul 9, 2011

Quote from the1:

Dude, Goldman testified in front of Congress that they did no wrong, the announced they didn't need the money because they were "hedged," Blankfein claims he is doing "God's work."

Exactly how much more crap do you need to hear coming from this company to realize they are lower than pond scum? At least pond scum has a purpose.

You mean....they LIED all that time and pigged-out at the trough?? :eek:

NO F'n WAY!!!!!

I'll still believe whatever they say next though, because they are so Truthiful.

the1 · Jul 9, 2011

Ummm....so you think the market wouldn't exist or if it did exist it would be in complete disarray without the existance of GS? These folks are reaching into your pocket and stealing from you and you don't even realize it.

Quote from Martinghoul:

Dude, I am not on any side. I am not an apologist for anything. I don't have a political bias, left or right or whatever stupid terminology is so popular in the US these days. There is no "us vs them", as far as I am concerned.

The only bias you can accuse me of is that, because I work in the industry and am a mkt participant, I have a vested interest in the continued existence and orderliness of my mkt. I don't think that's unreasonable, do you? I have my brain, I look at facts and I make conclusions based on my own reasoning.

Martinghoul · Jul 9, 2011

Quote from ElCubano:
Marti- do you think etr's are delusional? if not then how can you argue that you are not a banker apoligists when 9 out of 10 people here would vote you in that camp? im just saying. Im not going to argue about your knowledge, you are a smart mo fo

Thank you for the compliment.

And yes, some ETers are delusional, as I'm pretty sure you'll agree. Others are naive, but i don't like to generalise. As to the people thinking that I am a banker apologist, I would say that these people haven't actually read my posts too carefully. I am, at best, a financial industry apologist, but I am no fan of banks. I also don't like it when people who don't have a good understanding of the system bash finance using arguments that don't make any sense.

Martinghoul · Jul 9, 2011

Quote from the1:
Ummm....so you think the market wouldn't exist or if it did exist it would be in complete disarray without the existance of GS? These folks are reaching into your pocket and stealing from you and you don't even realize it.

Not at all... My comment was a general response to Tsing Tao, addressing the issue of my bias. It wasn't specific to the Goldies topic.

Rationalize · Jul 10, 2011

Quote from Martinghoul:

Thank you for the compliment.

And yes, some ETers are delusional, as I'm pretty sure you'll agree. Others are naive, but i don't like to generalise. As to the people thinking that I am a banker apologist, I would say that these people haven't actually read my posts too carefully. I am, at best, a financial industry apologist, but I am no fan of banks. I also don't like it when people who don't have a good understanding of the system bash finance using arguments that don't make any sense.

+1

Morons will always be morons.

They bash what they don't understand, rather than doing the actual work to understand it.

"Boo Hoo I am a failed trader because "they" rigged the system."

Man up & do the work OR close your account stfu & never come back.