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Goldman Denies Having Ever Used Repo 105s
As expected, banks begin denying any involvement in Repo 105s. The first one out of the gate - Goldman Sachs. MarketWatch reports just that: "Goldman Sachs Group Inc. said Friday that it has never used a transaction known as Repo 105. Goldman Sachs has never used this transaction," a spokesman for the
investment bank said in an email to MarketWatch." We are confident that finding perpetrators will increasingly mean focusing off-shore, especially in Britain (here's looking at your Barclays and RBS). As the Examiner points out, quoting an email from Mike O'Meara, then Lehman's CRO (risk, not restructuring officer - they wouldn't get one of those until a few month later) to Ryan Traversari (Senior VP of External Reporting):
Citigroup and JPMorgan “likely do not do Repo 105 and Repo 108 which are UK?based specific transactions.
It may be time for Barclays to issue a denial as well?
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I can hear it now.
The Beard says, "Banks may not disclose use, or non-use of Repo 105 or Repo 108 transactions as this information would likely pose too great a risk to the financial system."
"Of course, GS already did, but that can't be taken back, and yes, their denial does create an advantage, nevertheless, it is all for the security of the system."
This crystal ball thingy is awesome.
Anybody holding Barclays over what may be a very long weekend?
http://www.google.com/url?q=http://popup.lala.com/popup/432627077918673992&ei=EpGaS5aAFoP68Abi6KWBDg&sa=X&oi=music_play_track&resnum=1&ct=result&cd=2&ved=0CAcQ0wQoADAA&usg=AFQjCNEb58NQxeWroLA96VK99Olx04SJ6w
Like when GS was "forced" to take bail out money so it would not have an unfair advantage over the other banks.
[it is fun to bash GS but we have to admit that, whatever they do , they do it professionaly]
Explains this week's little GS run, now doesn't it?
Clean
The cleanest I've been
An end to the tears
And the in-between years
And the troubles I've seen
Now that I'm clean
You know what I mean
I've broken my fall
Put an end to it all
I've changed my routine
Now I'm clean
I don't understand
What destiny's planned
I'm starting to grasp
What is in my own hands
I don't claim to know
Where my holiness goes
I just know that I like
What is starting to show
Sometimes
Clean
The cleanest I've been
An end to the tears
And the in-between years
And the troubles I've seen
Now that I'm clean
You know what I mean
I've broken my fall
Put an end to it all
I've changed my routine
Now I'm clean
As years go by
All the feelings inside
Twist and they turn
As they ride with the tide
I don't advise
And I don't criticise
I just know what I like
With my own eyes
Sometimes
Clean
The cleanest I've been
An end to the tears
And the in-between years
And the troubles I've seen
Now that I'm clean
Sometimes
You know what I mean
I've broken my fall
Put an end to it all
I've changed my routine
Now I'm clean
Sometimes
Now I'm clean
The cleanest I've been
do they use Repo 007 out of the Caymen Islands?
They don't use them, they simply advise others on how to do it...
+1
"I didn't inhale... much"
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105? 108?
Ha! Goldman uses a hoodwinker called, "Repo 666."
ROFL
A rose is a rose.........by any other name.....To specifically deny they did shit like Lehman, it would take 2k+ pages.
Hey CAPTCHA! What they now have 'algos' to post comments on ZH? HAS a machine tried to respond to a post? I was a Liberal Arts major... ask some History questions, smarty.
Yeah. The whole math thing has it bass-ackwards sometimes.
-24 minus -24=? Sorry. The answer is twelve.
Huh???
EXACTLY!! As I explained to my boss regarding Lehman back in 2008. The key to accounting statements is being precise about questions and responses. If GS has any equivalent transaction with a different name, say Repo 130 or Overcollateralized short-term liquidity SWAP, etc. Then they can legitimately come out and say it! Really! Their auditor WILL sign off on it
My background before investing (and now government) was as a financial crimes investigation consultant, so I knew that LEH statements were not kosher. (as a note: you can fairly easily tell when statements are fishy, but without being inside it is next to impossible to actually pinpoint a fraud)
My boss was smart but he did not want to believe the info I gave him (it seemed not plausible to him). I'm very sorry, the fund closed as a result. Smart bunch of guys in every other way.
Goldman sachs likely invented repo105 and likely invented every stupid derivative law at the ISDA.
Suuuuuure and nobody masturbates either....
'there is never just one cockroach'
they might not do the same thing.. but that doesn't mean they aren't doing something else.
No baby, I won't (redacted) in your mouth. Honest. I swear.
I'm not like the other guys, you can trust me...
Yeah, that's about as believable.
Bankstas pissing on fine leather European shoes.
Ed Harrison at Creditwritedowns has an interesting letter from Turbo Tax Timmy sticking up for U.S. firms
http://www.creditwritedowns.com/2010/03/geithner-accuses-the-eu-of-prote...
"Goldman Sachs. MarketWatch reports just that: "Goldman Sachs Group Inc. said Friday that it has never used a transaction known as Repo 105."
Heck no! They call it something else.! Probably FU!105.
"Goldman Sachs Group Inc. said Friday that it has never used a transaction known as Repo 105. Goldman Sachs has never used this transaction,"
Translation: We call everything we do by other names and everything we do is structured (slightly) differently. Since we have never called what we do Repo 105, we have never used a transaction known as Repo 105. The lawyers can defend this statement so that is what's released.
Repo 106.
Did they deny using Repo 108's ?
Just askin'...
... and they got their non-denial denial out there before anyone could come along with a sensible question that they would have a harder time answering without saying "yes we do that." Now on any questioning they'll point to their non-statement today and claim "our position on this was made clear as far back as March 12."
You gotta admit, they know how to play the game. Pity they are such sociopathic vampires though.
Exactly.
"Did you say Repo 105? No, we don't use that. Nope, never. No-siree. Nyet. No way. Ixnay on the O-Five-Ay, Jose. "
Now, what question didn't we ask?
Goldman banksters call it a Repoon 666, which is of course much different from a Repo 105.
zactly. the MSM will toss them softballs on this. wake me when it's OVER...
goldman fucking sachs
"We don't use the stuff we just sell it" - Street Dealer circa 1969
Rape-O 1-outta-5
Why does Goldman Sachs feel such a pressing need to blurt out their innocence?
I'm starting to picture Tyler Durden as the hard hitting professional gangsta hubby in the wifebeater, and GS as the dainty fronded damsel caught playing funny business with the credit cards in the kitchen.
You know, cops really hate domestic disturbances.
HEH
Goldman would negotiate that shit down to Repo 98.
I hear by pledge allegiance too GS
To he united Goldman States of American
To the HFT algo for which it stands
For liberty and justice for no one
GS = underpants gnomes.
Repo 105 = Phase 2.
Finally, closure to that episode.
That's because it was REPO 1O5 (with a capital O)
Silly taxpayers, you are already 0wned (with a zero).
Lets be clear here, all the investment banks: Lehman Brothers, Goldman Sachs and Morgan Stanley did exactly this. Why do you think their year-ends used to all be 30 November, while every other bank had a calendar year end (31 Dec)? This was so they could do this type of trade to manipulate their year-end balance sheet, while their bank counterparties on the other side of the trade didn't have to report it (as it wasn't their year-end). This is an absolute fact and the GS spin machine on this is all 100% BS.
Reminds me of the Bart Simpson routing; "I didn't do it. You didn't see me do it. You can't prove anything"!
You guys are all writing for Jon Stewart on this thread. He's gonna go nutz over this.
"I did not have sexual relations with that woman, Miss Lewinsky".
They all need to be hung by the testicles.
Goldman would never EVER EVER use repo105's. They call em repo 106's
struggling to think why anyone would even begin to think that GS was honest in anything they did. A denial? Ugh, go ahead and deny that you didn't chop someones head off as neither the head or the body can be found. The fact that you kept another body in the basement slowly cutting off digits and limbs, whilst inserting hot irons into eyes and other orifices is neither here nor there.
squid bastards playing "tentaclies" under the table
remember the time I was kidnapped and they sent a piece of my finger to my father. He said he wanted more proof. dangerfield
What are you talking about? At the risk of stating the obvious, Lehman was an American company, not a British one. But they did business in the UK, which is what matters. So do JPM, C, and all the others. And the whole point of the Repo 105 gimmick is that it complies with an extremely literal interpretation of SFAS 140, an American accounting standard. So it makes little sense here to say the US-based banks are less likely suspects than the European-based ones.
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