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Another Spirited Goldman Sachs Defense Brought To You By... Goldman Sachs

Tyler Durden's picture




 

We have already noted our amusement at Sorkin's inaccurate and dictated defense of Goldman's housing short position previously (apparently the DCF expert has absolutely no understanding of such concepts as DV01, delta, gamma, capital structure priority, gross vs net notional, and exposes so many other misconceptions that we will simply wait for the official Goldman 8K to come out, as opposed to this unofficial one, before issuing out full debunking of any Goldman defense). One thing we did not note, however, that needs disclosure, is the glaring conflict of interest in ARS' puff piece. As Taibbi pointed out, it is none other than Goldman who is a critical backer of Sorkin's Dealbook. To wit: "Barclays Capital, Goldman Sachs, Sotheby’s and Tata Consultancy Services
are charter advertisers for the relaunch of DealBook.
" Indeed, it is perhaps time to have a disclaimer at the end of every article that there is substantial squid pro quo involved in namesdropping-for-brownnosing modus operandi. But even that is nothing compared to the latest attempt to glorify those who perform god's work on earth. Below is a snapshot of FierceFinance's spirited defense of Goldman Sachs. The author mocks the concept of Sorkin as an apologist for those who enjoy seeing their name in a good light in the NYT and on HBO: "Sorkin might be accused of trying to bolster his base with his report--Wikipedia describe him as "an apologist for Wall Street/Goldman Sachs." I kid you not. But Sorkin makes a lot of sense when discussing how one unit in a very large company may be hell-bent on shorting the market even as another unit in the same company may be stuck with certain securities." It is not the ongoing misunderstanding of previously noted concepts, but the actual advertisement as part of the piece. Once again, we see that only those who directly get funding from Goldman Sachs would be willing to destroy their credibility by coming to its defense.

The screen capture explains it all:

h/t Cate Long

 

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Thu, 06/09/2011 - 09:49 | 1354206 Orly
Orly's picture

"squid pro quo"

Add it to the lexicon.

Awesome.

:D

Thu, 06/09/2011 - 09:55 | 1354221 oogs66
oogs66's picture

that is awesome

Thu, 06/09/2011 - 10:11 | 1354259 DaveyJones
DaveyJones's picture

is that where you think each side is getting something but one is actually screwing the other?

Thu, 06/09/2011 - 09:47 | 1354208 williambanzai7
williambanzai7's picture

Shameless squid nosing.

Thu, 06/09/2011 - 09:47 | 1354211 Pool Shark
Pool Shark's picture

 

"Squid pro quo"

Gotta love it...

 

Thu, 06/09/2011 - 09:51 | 1354212 Robslob
Robslob's picture

Sorry, that is a misprint Tyler...their name is actually Godman Sachs.

Thu, 06/09/2011 - 09:54 | 1354226 tradewithdave
tradewithdave's picture

Too cute to fail. This should work once and for all Www.tradewithdave.com

Thu, 06/09/2011 - 10:07 | 1354248 ZeroPower
ZeroPower's picture

Sorkin always wanted to be in high finance but never could, so he stuck with writing instead. 

Thu, 06/09/2011 - 10:14 | 1354262 Alienated Serf
Alienated Serf's picture

sorkin needs to commit hari kari ASAP.

Thu, 06/09/2011 - 10:16 | 1354267 CulturalEngineer
CulturalEngineer's picture

Recommending a (perhaps peripherally but importantly) relevant article out this morning (not by me... this isn't self-promotion) which I hope many here will read:

 

A Brief History of the Corporation: 1600 to 2100

by VENKAT on JUNE 8, 2011

 

From the piece:

It will be the dawn of the age of Coasean growth.

Adam Smith’s fundamental ideas helped explain the mechanics of Mercantile economics and the colonization of space.

Joseph Schumpeter’s ides helped extend Smith’s ideas to cover Industrial economics and the colonization of time.

Ronald Coase turned 100 in 2010. He is best known for his work on transaction costs, social costs and the nature of the firm. Where most classical economists have nothing much to say about the corporate form, for Coase, it has been the main focus of his life.

Without realizing it, the hundreds of entrepreneurs, startup-studios and incubators, 4-hour-work-weekers and lifestyle designers around the world, experimenting with novel business structures and the attention mining technologies of social media, are collectively triggering the age of Coasean growth.

Okay... with a touch of self-interest behind the impulse:

I'm convinced that facilitating and unburdening the peer-to-peer micro-transaction in certain sectors at least (as well as more-typically sized transactions via the same network) under neither a typical corporate nor governmental organizational structure is a  core requirement.

 

 


 

 

 

Thu, 06/09/2011 - 10:29 | 1354299 TruthInSunshine
TruthInSunshine's picture

Andrew Ross-Sorkin, from tabloid journalist, to ass rim licker/cleaner & ball washer for Lord Blankfein.

There's a bright future in store for Andrew at the Rapacious Squid, should he keep up his pristine grooming of Lloyd's naughty bits.

Thu, 06/09/2011 - 10:38 | 1354344 cramers_tears
cramers_tears's picture

I had a fantastic day this past Tue.  My investment company was being solicited for a deal and we were actively pursuing closing.  Then we found out GS was involved and we all got together and had a conference call w/ Blair and said in unison... HA HA HA HA... NO!  Afterward, we all went to lunch and had a great time telling GS jokes to each other. http://www.businessinsider.com/goldman-sachs-jokes-2010-8#

We've let it be known we're not doing any business w/ GS - so let them choke on their own bile!

Thu, 06/09/2011 - 11:29 | 1354533 karzai_luver
karzai_luver's picture

Bully!!!!!!!!!!

 

At least 1 true American still alive in this CONmocracy!

 

If you ever get the chance go for the fukin throat.

 

Sorkin ALWAYS looked to me like a little bitch. He confirms it everyday.

 

Thu, 06/09/2011 - 12:06 | 1354672 Eireann go Brach
Eireann go Brach's picture

Obama would make a perfect water boy for them!

Thu, 06/09/2011 - 13:44 | 1355009 GFORCE
GFORCE's picture

Anyone who reads 'Too Big To Fail' by Sorkin knows he's a Wall Street brown-noser with little integrity.

Thu, 06/09/2011 - 13:48 | 1355032 NrYC
NrYC's picture

The HBO movie was sufficiently nauseating, so I'd imagine the book was moreso. Would have made Goebbels proud.

Thu, 06/09/2011 - 16:39 | 1355590 Ted K
Ted K's picture

+1000 for Matt Taibbi and +500 for Tyler Durden.  I've been waiting for someone semi-mainstream to call out this TBTF cocksucker Andrew Ross Sorkin for over a year now.  It's "pile on" time motherfucker.

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