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Goldman Responds To "Huddle" Allegations
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This is BS damage control or should I say franchise control.
"..and we are all donating our 2009 bonuses to the orphans of Darfur." Uhhhhhhhh huhhhhhhhhhhhhhhhhh!!!!!!!!!
LOL
More like. We'd love to donate to 3rd world countries but our boss the IMF DEVIL has got them on revolving loans and if they pay it down he'll kill us.
Oh and while we're at it, we never short things while we're selling it hand-over-fist to you, our valued clients.
Nor do we front-run you, via HFT strategies.
Nor were we a bee's teste away from failure last year.
Nor do we engage in regulatory and political capture.
How about you come on round to 85 Broad and we'll talk this thing out over a beer? (Bring your own, BTW.)
I like their logo.
Goldman Sachs in a black box. Nobody knows what goes on inside. And that's the way they like it.
rolling. love the line about the clients' interests coming first.....
yeah....except when they are using the HFT computers to front run the poor suckers.
"Objective honest capitalism" was killed, divided into tranches, and sold to the Fed for newly printed bills.
Honest, objective Capitalism is a counterdiction in terms.
Bwaahahahahaha. World is crashing down on those GS douchebags. I didn't think they could sink lower or be even more pathetic than when Van Praag said they were a force for good. . .
The "force for good" line was the best, an absolute killer! You just KNOW that they are full of sh*t when stuff like this spews forth from their mouthpiece!
If it was so obvious, they wouldn't need to state it. I mean, Osama doesn't come out and say "I am a force for evil". Mother Theresa didn't have to state that she was a "force for good". People just "knew".
This swine is a force created for enriching itself.
Goldman Sachs is "Doing a heck of a job."
"...and we are all donating our 2009 bonuses to the orphans of Darfur." UHHHHHHHH huuuuuuuhhhhh!!!!!!!!!!!!
OT: TD is getting some love from GoldenJackass Jim Willie. The word is getting out
http://www.marketoracle.co.uk/Article13047.html
"This practice has come out into the open. Zero Hedge is on top of it, like expert sleuths. See their latest exposure data, the USFed’s dirty little secret entitled “$270 Billion Of POMOs To Date Running Ahead Of Schedule”"
He also responds to Denninger in kind.
It all comes down to what your definition of "is" is
Actually you're onto something here taraxias...
Change to definition of the word "serve" to "screw" in the article and reread it. Pay special attention to the last paragraph please!
Oh yah... before I forget... please get a dental plan... do NOT wait. Now GO GO GO GO...
Damn... me again...
Sorry but I forgot after being mesmerized by tar's teeth...
What EXACTLY then where these "Huddles" called for? You're going to call a billion dollar client over to reveal stuff you've already revealed?
Do you think I'm that STUPID? Do you? Look at me when I'm talking to you LLoyd... do you think I'm THAT stupid? You must think somebody is...
excellent commentary
"What EXACTLY then where these "Huddles" called for? You're going to call a billion dollar client over to reveal stuff you've already revealed?
Do you think I'm that STUPID? Do you? Look at me when I'm talking to you LLoyd... do you think I'm THAT stupid? You must think somebody is..."
very, very well said ZerOhead....kudos.
Thanks Deadhead...
I was actually kinda undecided untill the last line gave me a reality check...
"We believe in this and practice it everyday."
The only things they have been practicing lately are screwing customers/public and now damage control thanks to Tyler & Co.
Phew thanks for clearing that up fellas....you sure know how to defend yourselves with facts!
I thought you would throw out at least one "conspiracy theorist" comment...why the switch?
Why would anyone do business with this firm is beyond reason...well at least those who aren't on the 'favorites list' that is....
"The purpose of the meeting (Huddle) is to facilitate controlled, supervised dialogue between client-focused professionals about investment ideas (tips), news (tips) and market events (tips) so we can better serve (tip-off) our clients. A "huddle" is not a forum for sharing stock or sector (investment ideas, news, market information) "tips"."
Interesting concept?
That was the exact thing that I was thinking. How could you possibly define tips as anything other than investment ideas, news, and market events? And I like you avatar.
They huddle ahead of the huddle up, load the boat er I mean the huddle with HFT ideas and dump the huddle and prop merchandise on the masses a day or three later.
Where do I apply to be part of that bonus pool?
One word: Dilbert
ROTFLMFAO! BTW, whoever lets Goldman handle their money after this nonsense DESERVES to lose it.
Let's kick our clients butts and take their monies! ready..break!
Memo To Non-Selected Clients:
Ignore those WSJ reports about "huddles". They were simply breakfast meetings at Huddle House discussing bacon, eggs, and grits. Nothing else. The breakfast meetings were even supervised. The traders, analysts, and sales people that attended were there to simply offer their unchanged view of buscuits and gravy.
http://www.huddlehouse.com/
Their legal expenses just tripled.
the gig may be up
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
They can continue to rob us
but no longer can be proud of it.
Their Corporate reputation now stinks and they need a name change as Goldman Sachs (LIKE aig) is dead as a 'reputable' firm
That's a way to battle them, go after the reputation. Get enough people throwing shade at the Goldman Sach name and eventually it starts sticking.
GS lips are moving again. They must be lying.
The SEC investigating GS huddles is massive government over-reach. Seems GS should be able to talk to whatever group of people it wants about trading/research ideas. They are under no duty to say the same thing to all people at all times - probably not the best business practice, but certainly should not be illegal. No one is under compulsion to do business with GS if they don't like this behavior. Therefore difficult to see the heated opinion on this one.
Yeah, right. Last Wednesday evening, two days before options expiration, GS analyst comes out touting that Google should get upwards of $100 per share increase over current price; two days before options expire mind you so any bets on who came out on top of this one when Google immediately jumped some 25 or so points in a two days....there ought to be a reg that prevents these douche bags from submitting analyst reports that close to option expiration there can be no other reason than to manipulate the market
I think you are just arguing that GS is influential. In my world that is not rationale to regulate what they say and when they can say it -- but the current administration is definitely in your camp of limiting freedoms where possible. Absent a near term GS underwrittten debt/equity offering, GS should be able say whatever it wants about any company at any time. EVERYONE talks their own book. If this is so bothersome to folks, seems best alternatives would be a) be an important GS client or b) figure out what GS is going to say or c) steer clear of companies GS may comment about.
The sell side shouldn't have a book to talk up. There should be an information barrier between the sell side and GS's prop desk.
Why would anyone do business with this firm is beyond reason...well at least those who aren't on the 'favorites list' that is....
Each and every client believes that they are indeed on the favorites list - so they deserve to lose their money. There are 20+ business schools in the top 10! All Garrison Keillors prarie kids are above average!
Goldman Sachs is under the firm conviction that we are all for idiots
If any of their clients are dumb enough to believe this then they shouldnt be managing anyone's money.
If this is so bothersome to folks, seems best alternatives would be a) be an important GS client or b) figure out what GS is going to say or c) steer clear of companies GS may comment about.