Goldman Pulls A CNBC, Portrays Highly Disappointing Durable Goods Data As "Broadly Positive"
Up until now, Goldman may have been guilty of various forms of market "intermediation" but if it was one thing, it was at least convincing in the argumentation by its various analysts who are paid to promote the opposite side of Goldman on any one trade. However, today's report by Andrew Tilton on Durable Goods was a massive disappointment. It was written with the sophomoric style, ebullient flourish, statistic skewage and groundless goal-seeking abanadon of a first year script writer for CNBC. If this is the best "conviction" job Goldman can do, then the end may certainly be nigh for the once high and mighty.
In essence Goldman uses every trick in CNBC's book to make a -2.5% read seem like the greatest thing since Flash frontrunning, er... trading.
The report is captured from Scribd below, with the most hyperbolic sections highlighted in red.
For your evening amusement.