Gasparino CDS Explodes On Blankfein Comments
In an abrupt about-face on his Goldman stance, Gasparino earlier, in a HuffPo op-ed, recommended Lloyd Blankfein step down.
But it takes more than being less bad (and less of a political animal) than your counterparts to be considered a good CEO. Somehow I just can't imagine former GE CEO Jack Welch twisting himself in knots trying to rationalize what CEOs are supposed to do, which is to make money. And what CEO would attempt to buy off public outrage about handing out billions in bonus money, if such outrage isn't justified in the first place?
For all these reasons I am recommending two things: Mr. Oracle should use his considerable clout to release taxpayers from their Goldman Sachs subsidy and make the firm a hedge fund or something different than a government protected "bank." Second, I think it's about time for Lloyd Blankfein to step down and resign as CEO of Goldman, and really start doing God's work by sparing the rest of us the stupidity of listening to his excuses.
The market responded appropriately, by savagely punishing GASBG 5 Yr CDS shortly after the announcement: in fact the market closed offerless after a steep selloff culminated with rumors of an S&P downgrade of the CNBC anchor deep into junk territory. Goldman's market in Gasparino protection: 10 by 100 pts up, with Goldman a size buyer and seller.
(5 votes)
on Wed, 11/18/2009 - 18:18
#135206
Sorry to sound noobish but what is the GASBG?
on Wed, 11/18/2009 - 18:25
#135213
2nd, can't even google it.
on Wed, 11/18/2009 - 18:38
#135216
i think it's a joke: credit default swaps on Charlie "GASBAG" Gasparino, value after his statements on CNBC, the CDS market's statement on the Garparino enterprise value....
on Wed, 11/18/2009 - 19:31
#135302
Burntbulb....
on Wed, 11/18/2009 - 21:06
#135420
Sorry to reply to my own post but could the writers at Zerohedge please just put the name of the thing they abbreviating in perenthesis the first time so that many of us (like myself) do not feel utterly helpless and stupid.
I know it is a lot to ask but I would appreciate it all the same.
on Wed, 11/18/2009 - 21:23
#135432
"youmissedit!"
on Wed, 11/18/2009 - 18:27
#135220
It's a joke fellas.
on Wed, 11/18/2009 - 18:37
#135233
Yes, joke. Whoever is behind ZH was/is, I am guessing, a credit analyst. Most Americans, myself included, tend to think of securities in equity terms. Maybe it's the 401(k) brainwashing. Anyway, translated for the 401(k) crowd, you could say that Gasparino's attack (via HuffPo no less!) on GS/Blankfein means that Gasparino's stock is falling precipitously. Actually, I don't take this as a good sign for Goldie. Loud mouth know-it-alls like Gasparino can be a lot of trouble. What are they going to do, have GE fire him? In that event he gets bigger. Of course, the ZH cynics will wonder if its really not a PR ploy by GS/Blankfein.
on Thu, 11/19/2009 - 00:25
#135522
Whoever is behind ZH was/is, I am guessing, a credit analyst. Most Americans, myself included, tend to think of securities in equity terms.
Credit analyst or no, the story of the last few years and the next many has been and will be credit. The best equity guys have always had a good read on credit anyway, it's just become that much more important in the current environment. ZH is really one of the few blogs available with a sensitivity to how important it is.
on Thu, 11/19/2009 - 01:07
#135556
you DONT ask questions about WHO is behind ZH .... and you DONT ask questions WHO is behind ZH ...
on Thu, 11/19/2009 - 08:59
#135650
Most already know, TD is Jon Stewart ...and some articles are for the walking wounded.
on Wed, 11/18/2009 - 18:43
#135243
Great article by Gasparino and he is commended for taking this courageous stance.
I hope all ZHers will support Charlie for his words.
Thank you to Mr. Gasparino.
on Wed, 11/18/2009 - 19:00
#135265
Well ya know, Gasparino just seems like a lap dog. Okay I'll give him props for the statement but if he believes what says maybe he will do something constructive like publicly support Senator Sanders bill to break up the TBTF.
on Wed, 11/18/2009 - 20:02
#135344
Sometimes i just glance a little too quickly at what i am reading and on first glance, i thought the joke would be that the "GASBG" CDS's just went way DOWN in value because of his righteous article...I agree with you DH, and thanks for speaking the truth Mr. Gaspirino!
on Wed, 11/18/2009 - 20:38
#135388
Clearly, and eventually, the truth always comes out and those with a conscious who can no longer sleep at night must start reporting it like they see it (to wit: Dylan Radigan) or surrender their mind and life to an oblivious and delusional mix of scenes from "Liar Liar" and "Groundhog Day"
Blankfield is a drop in the market bucket.
He steps down and GS stock will tank 25% in the ultimate public display of "So that's the (Blank*) behind the curtain.
*Truth
Gold would probably be the only thing left to buy. This is getting very heavy.
on Wed, 11/18/2009 - 21:59
#135452
Goldman went public in '97 at about 80. 12 yrs later it is 175. The shareholder gets sweet fuck all while they pilage the place. There has been more paid in bonuses in the last 12 years than the current mkt cap. You would need to be a fool to buy this stock here.
on Wed, 11/18/2009 - 22:30
#135461
sounds like a nice little class action suit to me
on Wed, 11/18/2009 - 23:11
#135479
It's odd to see or hear anything from Gasparino that doesn't involve the incessant pimping of his book.
Here's the typical interview:
BOOK BOOK BOOK [PICTURE OF BOOK] IN MY NEW BOOK BOOK WROTE A NEW BOOK WHERE I INTERVIEW NEW BOOK BOOK BOOK [PICTURE OF BOOK] AND I TALKED ABOUT IT IN MY BOOK.
Pretty lame and self-serving. Exactly like Goldman.
on Wed, 11/18/2009 - 18:58
#135263
Gasbag = monkey see; monkey do (wrt Ratigan)
on Wed, 11/18/2009 - 19:41
#135318
Lloyd HAS to step down for the sake of the company.
Gasper-gasbag was the lucky fuck who got elected to facilitate the transition.
I wish they would have picked our own Reggie to announce it. He knows Goldmans sac.
Reggie:
http://i49.tinypic.com/ofpjxj.jpg
on Wed, 11/18/2009 - 20:14
#135362
Just playing Reggie. Thx for being a good sport.
Go get 'em. Looking forward to more good stories.
on Wed, 11/18/2009 - 20:29
#135381
Well ... if it indeed was a bonafide conspiratorial/concerted effort, with actual decisions being made about who "raises the call" (for Goat Lloyd's ouster)... they sure the heck could have picked less of a windsock.
I share your admiration for Reggie.
on Wed, 11/18/2009 - 18:58
#135264
I read Mr. Gasparino's new book Sellout...Compared to TBTF, Fool's Gold, Charlie's is right on...;-)
on Thu, 11/19/2009 - 00:45
#135539
Indeed. Good to see ya
on Thu, 11/19/2009 - 08:18
#135635
Hi Miles, its always *great* to read you...x
on Wed, 11/18/2009 - 19:05
#135271
Lloyd Blankfein was never destined to be more than a seat-warmer at Goldman Sachs. His claim recently that “I know I could slit my wrists and people would cheer,” is patently laughable. Nobody cares about him. He can resign, he can stay; GS will continue to beggar the taxpayer regardless of who sits in the corner office. Not to put too fine a point on it: if Blankfein intends to be remembered, he should donate a library somewhere and get his name carved above the entryway.
on Wed, 11/18/2009 - 20:07
#135354
Too true. The Puppetmasters are never really seen. Only the marionettes.
on Wed, 11/18/2009 - 20:53
#135403
Slit his own wrists? Did he really say that? Clearly a cry for help.
Money can't buy truth. It's redundant to say they can't paper over this mess with bailouts. If bankers can't produce something of value to exchange with the world their own [bailouted] fortunes will be eclipsed and vaporized in their inflation nation mess.
We lost 30% of the dollar's value in just the last 9 years. Why produce anything of value (businesses, products) 30% of it will disappear in the next 10 years due to inflation, another 30% to taxes, another 30% to energy and another 30% to human capital expenditures. Any new venture today has a 120% chance of creating a negative net worth of at least 20% over the next decade (unless you go public, of course).
Like I said, the truth always comes out in the end. Evan Chandler recently killed himself. Maybe he couldn't face the magnitude of the fabrication he put the courts and MJ through - for $20M blood dollars. Global rinse cycle on "full blast".
Jordy Chandler’s Father Commits Suicide
Posted: 17 Nov 2009 04:22 PM PST
Evan Chandler, the dentist father of the boy who accused Michael Jackson of child molestation in the early ’90s, is dead. Reports from various sources say that Chandler, 65, committed suicide at his luxury condo in Jersey City, New Jersey. The 800 square foot rental apartment in Liberty Towers was a far cry from Chandler’s pre-Jackson [...]
on Wed, 11/18/2009 - 21:08
#135422
Dude, what the fuck?
Shut the fuck up!
Day-uhmmm.
on Thu, 11/19/2009 - 08:36
#135642
The library would have nothing but failed economic policies and thinly veiled theories where hundreds of people reach unanomous agreement about how awesome the whole thing is all paid with fictictious dollars marketed with self aggrandizing and constituent aggrandizing massive television stations using commercials based on close careful scrutiny of peoples reactions to them.
A psychopathic manipulation legacy for a psychopathic manipulation world in a psychopathic manipulation universe.
I use emotion for the many and reserve reason for the few.- Adolf Hitler
God wants you empathetic, sympathetic and plugged into higher ideal belief system so they can emotionally manipulate you.
on Wed, 11/18/2009 - 19:08
#135275
Luigi Poppalardo: Oh you need protection, you need protection from ME!
on Wed, 11/18/2009 - 19:13
#135279
http://finance.yahoo.com/banking-budgeting/article/108182/500-million-and-an-apology-from-goldman
on Wed, 11/18/2009 - 19:37
#135308
If I only had a brain:
http://www.davidicke.com/forum/showthread.php?t=61516
on Wed, 11/18/2009 - 19:43
#135309
a live special right now on Bloomberg TV = Niall Ferguson and others on the financial crisis
http://www.bloomberg.com/avp/avp.htm?clipSRC=http://media2.bloomberg.com...
on Wed, 11/18/2009 - 19:40
#135314
I can’t stand it. I’m going to have a nurse set me up an IV Padre Kino machine. You’ve heard of a morphine drip? Cheap Mexican wine is a better deal. The supply is more dependable. DEA is trying to eradicate poppies, but hasn’t gotten to grapes. Yet.
Good Nite
on Wed, 11/18/2009 - 19:54
#135338
no one is trying to eradicate poppies. they're too profitable. the war on drugs is over control.
on Wed, 11/18/2009 - 20:41
#135392
Anything sold in the US is taxed by the US. Revenue agents come in all sizes and shapes.
on Wed, 11/18/2009 - 22:36
#135463
...all about the poppies...
http://www.pbs.org/wgbh/pages/frontline/obamaswar/
on Wed, 11/18/2009 - 20:03
#135347
heck the dea is the biggest dealers in dope. how is that for a realistic dichotomy...?
on Wed, 11/18/2009 - 21:09
#135424
Buenos noches, senor.
Vaya con Dios.
on Wed, 11/18/2009 - 19:40
#135317
That chart is actually CG book sales after the outburst!
on Wed, 11/18/2009 - 19:47
#135326
Too funny, You are killing me!
on Wed, 11/18/2009 - 19:51
#135333
Mr Gasparino is welcome to Thanksgiving dinner at my house anytime.
on Wed, 11/18/2009 - 20:14
#135363
Lloyd or no Lloyd, Goldman is still a bucket shop.
on Wed, 11/18/2009 - 20:31
#135383
Clue #1 - GASBG is to CNBC as _______ is to GMAC...
Clue #2 - Anagram of CAPERS
Clue #3 - How the F#^k did the spread between 'this' and GMAC ever get back to sub 500bps and why is it that the 'Determinations Committee' don't take another look at the shenanigans at this company...
Certainly seeing GASBG pull off-the-run indices wider and rolls decompressing on this spike...
on Wed, 11/18/2009 - 20:42
#135394
GS has been and always will be the meanest pack of pitbulls on Wall Street. They will make money by any means necessary. You can't be a wuss and try to lead these pitbulls at the same time, there's no way you could control them. To have their CEO make apologies for doing something they are paid millions of dollars a year to do well likely means he has lost a lot of respect in their eyes. Consciences are for priests and social workers, not investment bankers. He will be gone within a year.
on Wed, 11/18/2009 - 20:56
#135407
Expect more CNBC melts as they accept their new comcastic
roles, forced 401k conversions from their GE stock at a
loss, watch their worthless GE stock options expire, and
realize that comcast is going to cut them.
on Wed, 11/18/2009 - 23:14
#135482
What's the over under on the number of tight sweaters post Comcast?
on Thu, 11/19/2009 - 00:47
#135541
There are a few at the channel 001 On Demand service promoters
on Wed, 11/18/2009 - 21:00
#135411
Some ideas from John Robb on the squid:
http://globalguerrillas.typepad.com/globalguerrillas/2009/11/community-through-software-tools.html
on Wed, 11/18/2009 - 21:05
#135419
Speaking of the squid, one wonders what Maj West thinks of his employer
http://opinionjournal.com/columnists/dhenninger/?id=110009638
on Wed, 11/18/2009 - 21:29
#135436
Is it me or the City Forex Robots add above is real? ROFL.
p.s. I am aware the placement is done automatically. I just find it funny imagining the City CEO finding his firm junky brokerage add in here.
And yeah, given the degree of toxicity on their books, it's no brainer why the City never sleeps.
on Wed, 11/18/2009 - 21:30
#135437
Japan go boom as we speak. Holds here or this is the next shoe to fall off the rack
on Wed, 11/18/2009 - 22:58
#135471
Looks like it's leaving 10,000 behind. 10K, we hardly knew you.
http://finance.yahoo.com/q/bc?s=%5EN225&t=6m&l=on&z=m&q=c&c=
on Wed, 11/18/2009 - 21:38
#135440
Memo to Beelzebub:
Hell's fires are not hot enough for some of the slag on earth.
on Wed, 11/18/2009 - 23:31
#135492
Wow! Things are heating up for GS!
admin
http://invetrics.com
on Thu, 11/19/2009 - 00:00
#135510
The GAS man should talk to his buddies at the SEC about John Winfield and what shenanigans he's been playing with Goldspring. That could be a quick win for the SEC.
on Thu, 11/19/2009 - 10:39
#135730
I agree. This whole GSPG deal with Winfield holding the majority shares, and also having GSPG lease land from Winfield's *other* pocket just smacks of nasty self-dealing at the common shareholder's expense. I'd love to see this thing looked into.
on Thu, 11/19/2009 - 10:40
#135732
I agree. This whole GSPG deal with Winfield holding the majority shares, and also having GSPG lease land from Winfield's *other* pocket just smacks of nasty self-dealing at the common shareholder's expense. I'd love to see this thing looked into.
on Thu, 11/19/2009 - 00:07
#135515
Sorry to go OT but has anyone seen this?
WTF?
http://targetfreedom.typepad.com/targetfreedom/2009/11/microbiologist-kidnapped-by-fbi-warning-vaccine-is-bioweapon.html
on Thu, 11/19/2009 - 04:25
#135583
Am I the only one to think that Jack Welch is a massively overrated figure? The view that he created a great business is actually wrong - he inherited a industrial behemoth which grew on the back of the limitless spending of the US medical industry, military complex and creative accounting, but the media lauding of the man helped to generate the cult of personality that caused to many of the problems we have today....
on Thu, 11/19/2009 - 05:09
#135589
What you mean like Buffett ?? Agreed but with 2 very large caveats.
1) Jack Welch is a great manager, leader and face; he does deserve credit for being a good x, y and z.
2) Much like Buffett, who is an excellent marketer (Disney stock commercial is disgusting), leader and face ... can I go back to 195x and buy or 1976 - 1978 as well and press a buy button on anything.
Personalities aside, they each were lucky enough to be caught up within a bull of bulls, much like so many will enjoy somewhere between 2014 - 2016 when the foundations of the next Walton families will be made by those who are somehow not bankrupt; anyone with cold, hard cash and a credit score ought be able to close his eyes and leverage up on [insert any symbol/ asset] here for 4 figure returns as well. Sounds great right, just like gold to $2K or $6K, very sexy. Unfortunately, its always that darned overshoot in the opposite direction first that catches so many off-guard due to stubbornly stalwart ideologies. Ahem, gold bugs who have not ONE single technical data point to stand on outside of "value" and other such wholly unquantifiable intangibles.
on Thu, 11/19/2009 - 05:40
#135593
Yet another smashingly constructive idea rife with sensationalism and devoid of any logical merit.
Great idea from Charlie "I'm hearing a rumor, which explicitly confirms for us, that, yes, so and so's friend, did, in fact, hear a rumor, inadvertently, about possible talks within xyz." Way to make yourself the center of the story Chuck; hat's off! Television "media's" version of the Motley Fool.
Charlie is the Jim Rome of finance; a lot of quality substance that is almost entirely lost within self-serving non-factual and sensationalistic rumors. I simply cannot understand why his idiosyncratic lexicon is so very prone to frequent bouts of gobbledygook that would make Steven Pinker's brain explode. Read the list below in the voice of CG; quoted from p.76 of Steven Pinker's, "The Stuff of Thought: Language as a Window into Human Nature"
Did we not 'learn' (ha ha) from Saddam the simple, simple point that the known is much better than the unquantifiable unknown. Without delving too deeply into the greatest Rummyisms of "known unknown unknowns" and "you started with an illogical premise and logically followed it to an illogical conclusion" ... to WHAT end would it serve to get rid of an excellent steward of capital ?? Again, faux muckracking at its finest.
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