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Gasparino Tells CNBC To Stop Protecting Goldman
In a scathing expose of Goldman (has Goldman suddenly become the media's punching bag), Gasparino gets yanked off the air for telling it how it is. Chaz concludes by telling CNBC to stop protecting Goldman (fast forward to the 3 minute mark). Crickets ensue as MC Cabrera pulls off her b(r)est Blue Steel impersonation.
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Sorry, but it's dead obvious in context that the "we shouldn't be protecting them" line is a reference to the US government, not CNBC.
I agree.
I dont think its so clear who he is referring to. He was a bit fired up...we could mean everyone in that context.
To me. it seemed the 'we' was referring to the taxpayers, and our generous bailouts.
But someone fill me in: does the Treasury still hold GS warrants? Or did their TARP repayment settle up completely?
he ran out of time he didnt get 'yanked off air' jesus you're as trashy a headline grabber as the daily tabloids
except the tabloids aren't right.
Amazing when they finally stop pissing and moaning about tax hick for people making more than 250K, they actually have something intelligent to say.
Re VAR and GS....why wouldnt they swing for the fences. At this rate, by next year, most of what they make as individuals will be taxes WAY higher. The healthcare bill says 5%+....watch as they add on to that in the next few bills. Might as well swing for the fences because taking risk in the future will be far less worth it.
Goldman employees are exempt from any tax for health care as they will use the Goldman Hospital and Medical Service facility as part of their comp package. lol
Agreed...it was very clear from the context that CG meant that "we" (i.e. the taxpayers) should not be protecting GS. In no way did he mean CNBC.
Sorry Tyler...you blew it with that post's "headline".
Bigger problem: Tyler's naked distortion here really calls into question his other Goldman stuff. How can we trust you with the big stuff when you're so willing to pull this BS with something this inconsequential?
You bring up a great point. My hope is that you not trust ANYTHING i say. My hope is you get off your ass, and do your own homework, look at the facts, and come up with your own conclusions. In fact, you should not trust anything anyone says. Deal?
Well I watched Gasparino on the air live (blinking and blinking; I think he has got some eye issues) and basically his point was that GS got tax payer help, made a lot of money trading and he called them out and said they should be a hedge fund and not a bank. GS would probably agree. Caruso-Cabrera yanked his pedestal and it "sounded" like he was silenced but that is just the way she talks and also happens to be that Gasparino does get long winded in making his points. At best a draw. righto?
Fuck CNBC. CNBC's polishing the brass on the Titanic. It's all going down man.
I never thought I'd see the day when TD has to invoke the Jim Cramer's Mad Money "its not my fault you took my word for it" disclosure haha!
With the slight difference that JC "advises" people on how to lose their money and then pleads ignorance when he is about to be sued. I advise them to think.
i missed you last week!
Another slight difference: He's easy to sue, you are little more difficult, but not by much really.
JC always is always saying, like you just did, "do your own homework" presumably to prevent lawsuits. He even made that point in a chapter of his "Mad Money" book, which I didn't read nor have any interest in reading.
That is f!@#$%^ b#$% s@#$ and you know it! Tyler you should have a subtitle to your site stating, " BEWARE: powerful interests are examined here and their agents are posing as commenters, busy discounting every meaningful word spoken in the articles and from honest commenters."
Nice tongue-in-cheek post, I like it. Keep us on our toes!
You should post this statement (yours, above, about using ones own brain) or have it scroll across the top of every ZH page! Sheeple are so used to being spoon fed by MSM, Govt, etc that it's become difficult for most to think independently. Damn math problems again, I'm guessing 8....
nonymouse, you're hanging out here holding Tyler and crew to a standard of journalism that we no longer practice in this country.
This isn't "naked distortion" or purposeful "BS" -- it's high-brow sarcasm. Just as John Stewart has demonstrated his skills in evaluating the days current events, Tyler is taking convention to the woodshed for the beat-down of a generation in showing that our financial emperors have no clothes.
Relax, have fun -- enjoy the view.
Word
First, the name is Jon Stewart.
For high-brow and low-brow sarcasm I go to Dealbreaker.
What I find here is extremely amusing but in a very different way.
Apologies for the extra consonant erroneously awarded to Mr. Stewart if you are reading. And perhaps we should take the elevation element our of our sarcasm description, and call it "uni-brow sarcasm" seeing that Tyler has spent time in Eastern Europe recently (where I've observed uni-brows so large, you could braid them).
What were we talking about?
EXACTLY!
LOL. You say "how can we trust you with the big stuff..."
Too funny because the information provided speaks for itself.
nice ad hominem attack though.
that all you got?
stop all experts in this financial circus to gamble with our jobs. GS made money? how ? could someone explain pls. thanks
Pretty simple. As GS said at their media conference, the profits stem from plain "vanilla" products, ae stocks, bonds, commodities ect. They also said that there is a lack of competition. Now, as they very well know that they have no risk because the taxpayer wears the risk and that they are the only ones in this situation, they simply can trade any market which is still half way liquid at their discretion, knowing full well that they have no limits but the rest of the world has. With no limits, no risk and only to gain, you've gotta be pretty stupid not to make a fortune.
WTF with the GS defenders posting as anonymous above?
After viewing the clip it is clear to me that when he says "We should not be protecting them", them = GS, and we could be either CG et al personally or CNBC as a network.
Geez, any chance Tyler just made an innocent error in the title?
And fwiw, if CNBC isn't protecting Goldman by touting their numbers, courtesy of all of the financial shenanigans perpetrated by Paulson, then just what exactly are they doing? Reporting?
I agree this is not the best post today but ... come one guys there are 15 other posts just today in this page. At this level of productivity a mistake can be expected. Anyway am happy to see Tyler firing in all 6 cylinders again ...
The trolls are finally here. You should consider this a compliment Tyler. You've drawn enough attention that they will be out in force. Fortunately your readers are smart enough to know this. I recommend that all true believers do not even respond to them.
That is why the CAPTCHA should upgrade to Linear Algebra and Diff Eq.
Yea, but even with that, the shills would find a way since this it is SOOOOOO important for them to lie and distort the truth for their lords and masters.
The trolls are here because the new site allows people to post as "Anonymous", they should at least be forced to make up a fake name.
Goldman Sachs is just another corrupt enterprise that uses the system to screw the people.
A system put in place by their croonies in government.
They should all be investigated and charged with crimes against the United States.
"They should all be investigated and charged with crimes against the United States."
Including Ben Bernanke, the 12 regional governors of the Fed, the voting members of the FOMC and Timothy Geithner.
He did not say CNBC should stop protecting them, he meant the government. Big difference. Obviously, Goldman should no longer be a commercial bank with bailout money at their disposal. They are a hedge fund, period.
Blue Steel has nothing on me.
Well, you did win the walk-off. I never figured out exactly how you pulled off that "winning" move. LOL
the woman "has only one look, for Christ's sake! Blue Steel? Ferrari? Le Tigra? They're the same face! Doesn't anybody notice this? I feel like I'm taking crazy pills! I invented the piano key necktie, I invented it!"
Jeez people, he clearly means CNBC here. He is on CNBC, he is called on to give comment for them all the time so it clearly feels like we would mean he and his CNBC family. The only alternative would be we as all Americans or all Tax payers as someone said, and that just doesn't make any sense. So it's obviously CNBC.
Sure sounds like some GS apologists jumping in to confuse the issue. Don't look at that GS behind the curtain. :-)
FACT-CNBC Does protect Goldman Sachs as well as many others who are part of this scam. You have to be a moron or working for GS not to see what has been happening. All for "the greater good" of course.
Gasparino said "we shouldn't be protecting them". He meant CNBC, the government, the taxpayers etc EVERYBODY!. Why? Because GS is now raping & pillaging the system, the government, the taxpayers-EVERYBODY!
Marla... please... if you're reading... for the LOVE OF GOD... please turn off anonymous comments. It is getting way to hard to sort through the crap since you left Disqus.
Happen to agree on the anonymous thing.
BTW, can the end game be very far away when we have headlines (granted, Internet ones) such as the following:
http://news.yahoo.com/s/ap/20090714/ap_on_bi_ge/us_airlines_pet_airways
Agreed, I even have a user name, but am posting as Anonymous to prove how annoying it is.
The Discus site is better in that regard.
For supposed geniuses I can't see any difference between GS's equity curve and the typical small time day trader - go along with high win % and consistent profitability for a number of years until BOOM, 10 years of profits are wiped out in short order when the markets get a little wacky.
15:1 is insane leverage for even a small time swing trader; for a firm the size of GS, where there is no way they can exit positions without moving markets (no matter how many rubes they can drum up to take the other side), I find it unbelievable and the result will be the same in the next round as it was the last round. I just [foolishly] hope they won't be bailed out again.
Is CNBC still running the Goldman Sachs Infomercial Staring Merideth?
GS should not be at all. Period. I'm getting sick and tired for these chumps pulling in millions and contributing nothing useful as productive members of the society. These "trading profits" are nothing but friction cost on unimaginable scale.
Tyler,
While I admire you point not to trust anyone. That simply isn't possible. The average guy sitting in front of his computer simply must trust something. We can be sceptical, but at some point we have to believe that a fact is a fact. "It's turtles all the way down."
So credibility is hugely important. If you commentary isn't credible, then you selection of articles may not be. And we will soon turn you off.
If you are making a sacastic joke about NBC/GE, then I would suggest that you make this more clear to the reader. If you have reason to believe that this really was a reference to CNBC, then you might want to help us understand why.
If you lose your credibility with those of us who really read you and your suggested articles and try to understand as much of it as we can, then you will become what you despise. A purveyor of nonsense, with a following of hacks and nutjobs, who read your blog despite its lack of credibility.
You got the Business Insider to repost this clip with the same heading. This cuts both ways of course. On the one hand, you got distribution, on the other, there are now a bunch of new readers who think you are a quack.
You are now too big and too famous to post this kind of crap. It takes a long time to build credibility and only minutes to destroy it.
I'd love to see your response to this.
sophistry. . .
Sorry, my attention span is really shot these days, so my brief response is: People come to this site for some reason. Still trying to figure it out.
Tyler,
Here is a quote for you:
"I was so sure of my ground and my star that I had to choose between an honest arrogance and a hypocritical humility... and I deliberately choose an honest arrogance, and I've never been sorry". - Frank Lloyd Wright
I am disappointed to hear that you are still trying to figure it out.
Did FLW have any salient quotes on sarcasm :)
Why do I come here?
1. For the unusual mix of off-the-beaten track analysis and commentary;
2. For the righteous ridicule of settled beliefs, institutions, and sacred cows;
3. For the fearless anonymous slander of people and institutions who have it coming to them;
4. For the entertaining snark of the like-minded people who come here for this stuff, too.
EDIT: As always, if you build it, they will come...
I love you FisherBlack! Thank you for your words!
5. Radio Zero
"You are now too big and too famous to post this kind of crap"
Yea... TD. Please start remove all nuiance, dry humor and irony. If it requires comprehension, analysis, and judgement on my part, please include a disclaimer so that I stay away from these things and avoid posting equivocating drivel in response. Oh and... please be my daddy and make this a black and white world again...
JFC... Can we say mild Asbergers?
I trust that the human race will always eat it's own mother to make a buck... That's what you can count on
"if they're not that smart, we shouldn't be protecting them."...ok, how about we shouldn't be protecting any banks anyhow? For the last 10 months, banks have been failing in a parade--and except for the fact that paulson and bernake protected the assets of the Federal reserve member banks (all the monster big institutions) with tarp and other acronyms, we all know what is supposed to happen if a bank fails. Instead we all get f#$%^& for eternity by the TOO BIG TO FAIL PRIVATELY HELD FEDERAL RESERVE AND ALL THEIR AGENTS AND SHILLS...
Charlie was trying to start telling what he sees as an inequity. I can only hope he will start reading this blog from inception forward. God Bless him and keep him.
PS and what i meant to also say is in Sept 2008, instead of LOBBYING for THREE WEEKS hank & ben could have told the truth, and the day after Lehman failed, asked for permission from congress to handle the toobigtofail--we would have lost MER, MS, GS, and C unless they could get bought by someone, but at least we wouldn't have all the lies and the colossal bank heist that we have had and potential for an unsecured country with worthless currency and all that goes with that! I think the world will value the truth, so i hope we REVOKE THE FEDERAL RESERVE ACT, REVOKE ALL THE TARP AND AFFILIATED ACRONYMS WITH SHORT TIME FRAMES, REINSTATE THE GLASS STEGALL ACT, AND LOOK FOR TRUTH AND HONESTY IN OUR ELECTED OFFICIALS AND ALL WHO MANAGE MONEY!
Good point:
Why TARP and not resolution authority for large non-bank financials?
I think we all know the answer to that one.
Yea, but why even TARP and not resolution authority period even for C (before 1/2 trillion in backstops etc.)
I am very average man but this apply's. It is your responsibility to be sceptical and down right proper to hold banking in contempt in any time or era. To big to fail should mean cut up into quarters to apply forward thinking
and let the honest and humble repair for the best interest. Our largest problem in business we had to solve is one bite at a time. It defies reason why 10 percent of the market plus or minus that percentage demand no trip to the woodshed. Disipline is a learning issue, no more no less. A honest man has nothing to hide so if they do go another path to invest to keep Mr. Market healthy. Tyler has presented reason and I read the information as information in a context. No more, no less. No problem is to large salvage reason. As we know informed people sometimes do not make informed decision's so we need that battle view presence. This is that format in our civilazation condition. I view this as solomans decision. Cut it half to save the baby. The true parent will prevail. IMO
Borat?
The trolls have definitely arrived.
It's about time.
"dog eats dog. If you ask me something is brewing, so naturally everyone is looking for the next fall guy. However I agree with TD, if all would think for themselves, we all would be better off.
To all of you guys that showed up under my bridge - GO AWAY!
Or you will incite the wrath of the mighty Chumbawumba!
Someone... Anyone on CNBC that draws any attention to GS other than how they "blew the numbers away" is a day worth noting. The splash wasn't quite the jump into the mud puddle, but it will suffice for the moment. I suspect that if this becomes a rolling item that grows, so will the spash as TD's old trusty colt drives 'em along. Perhaps we might even get someone discussing how GS license should be revoked until an investigation concerning inappropriate infulence by key decision makers at the time is addressed... Perhaps as a roll in to the Merrill/BofA - Federal Reserve congressional....
The hits just keep on rolling!
Did CNBC report this:
Executives at Goldman Sachs sold almost $700m worth of stock following the collapse of Lehman Brothers last September, according to filings with the Securities and Exchange Commission.
as reported by FT 7/13/09
There is one obvious difference between ZH and the mainstream media:
ZH tries to extract the truth from the lies.
Mainstream media extracts the lies from the truth.
Keep up the excellent work. I can't believe that there are so many fools sucked into the sewer of mainstream media lies.
Agrotera for president. We should put fear back in the greed-fear equation
Without question.
Wow, thank you brown-hornet! We just need a president and elected officials that aren't bought and paid for by the 1.5trillion $monopoly privately held federal reserve...and seriously, this is a humongous problem! Isn't it amazing how the lies are perpetuated by everyone talking about the fed's independence! ha what a laugh--how about 'are there any politicians ( other than maybe r.paul and a. grayson ) who aren't totally under the thumb of the monster monopoly?
You lose some of the large amount of credibility you have when you say they "yanked" Gasparino. He said all he needed to say and more. Stop the hyperbole and keep up the good work.
Tyler,
the founding fathers & co. left europe for a reason.
too bad there are no more "new worlds".
you want your coffin in red or black? i am leaning towards the black one myself.
;)
"These "trading profits" are nothing but friction cost on unimaginable scale." True. and, they are much more than simply trading profits. When combined with a "program" and the capital to manipulate the market, the actions are no more than grand larceny via perversion of the system.
So Tyler, should Goldman be forced to 'unbank'?
A Single Serving Friend
>>True. and, they are much more than simply trading profits. When combined with a "program" and the capital to manipulate the market, the actions are no more than grand larceny via perversion of the system.
BINGO! Then combine JPM & Merrill's trading programs working in collusion with GS, throw in SAC Capital and a few other major hedge funds who follow the chum and you have manipulation of biblical proportion. The fund managers who have been in capital conservation mode after losing 20%-30% of their clients IRA's & 401k's value are now being lured or coerced back into the markets. These IRA's & 401k's will be decimated even more as the "soft landing" turns into a "soft crash landing".
God help us all
richiebaby