CNBC Guest Tells Truth, Calls Cramer Shallow, Is Yanked Off Air
Any time Erin Burnett tells a guest "You will not be back, you have to be more polite than that" you know the "guest" is telling the truth, the one commodity rarely if ever discussed on General Electric's circus station. Enter (or rather, exit) R&R Consulting's Sylvain Raynes, a structured finance expert, who at 3:10 into the clip takes on what he calls the "public relations officers" for Goldman, and asks "is it all right if I am a little critical?" Apparently the answer is no. First, Sylvain completely destroys Cramer's false "breaking news" about Goldman being long Abacus, using the same logic we discussed earlier: "It's quite possible that Goldman had an equity position, they probably wrote it off on the closing date. So they stood to lose a few million and make a few hundred million... Goldman was clearly in the know, they knew what they were doing. In fact, if they are defending themselves against a fraud charge they will have to make a case that they didn't know. I think too highly of Goldman Sachs to think that they didn't know what they were doing... These deals were made to be shorted." And the kicker "We don't have time to go into details, I want to remain shallow in deference to Mr. Cramer." At which point all hell breaks loose and the Goldman alumni just blow their collective lids. Best CNBC comedy since the Pisani-Liesman/Jeff Macke chronicles.