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    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

Guest Post: Lloyd Blankfein's Days Are Numbered As Chairman Of Goldman Sachs

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Fri, 07/16/2010 - 21:56 | 474832 jeff montanye
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wasn't citigroup's fine bigger than $400?  like a million times?

Fri, 07/16/2010 - 22:37 | 474898 MountainHawk
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I was wondering about that myself. I was like damn I could even afford to pay that.

Sat, 07/17/2010 - 07:35 | 475185 zhandax
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They qualify for gubmint accounting.

Fri, 07/16/2010 - 21:57 | 474836 Cheeky Bastard
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400$ ? I think he meant to write 400M. Or not ?

Fri, 07/16/2010 - 23:19 | 474940 RoRoTrader
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Cheeky, even I am NOT that fucking stupid and I get a pass on the math question.......$400? Well, allright, maybe, but I have moments out of the blue.......and I was run over by a car at 5 and survived it to learn oil trading from scratch........beat that fuckers.

Sat, 07/17/2010 - 01:27 | 475054 Steak
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i've been hit by several cars...and chopped my finger off and had a dog bite me in the face and been electrocuted...beat THAT 

Sat, 07/17/2010 - 07:12 | 475176 RoRoTrader
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there are exceptions

Fri, 07/16/2010 - 23:39 | 474970 Sqworl
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Cheeky: $650M paid by Drexel..highest fine ever paid by gangsta!

Fri, 07/16/2010 - 22:02 | 474844 Spitzer
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 Bove was right yesterday. I guess a blind squirrel can find an acorn now and then.

Fri, 07/16/2010 - 22:07 | 474854 Cheeky Bastard
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Oy, look who is here; my favorite AG. How are ya Spitz. 

Fri, 07/16/2010 - 22:14 | 474862 VK
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I bet the Dark Lloyd will get a hefty payoff when he leaves, maybe he becomes the new treas. Sec. I mean doing God's work requires good money. Something the catholic church knows well and has perfected.

Sat, 07/17/2010 - 11:12 | 475294 MsCreant
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Lloyd to replace Geithner...You have to be a proven crook to get into gov.

Sat, 07/17/2010 - 12:00 | 475318 Rainman
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.... a proven " under-the-radar " crook is preferred, thus disqualifying Lloyd. 

Fri, 07/16/2010 - 22:15 | 474864 nmewn
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Goldman Parachutes?

Fri, 07/16/2010 - 22:16 | 474866 digalert
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Well now that the hokum SEC and Goldy have sealed a deal, it's time to wrap up the criminal investigation and issue indictments...

<cue Jeopardy music>

...there is a criminal investigation, isn't there?

Fri, 07/16/2010 - 22:56 | 474923 Implicit simplicit
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The precedent has been set for many more lawsuits by the 1000's of others who purchased CDOs from gladman sucks.

Fri, 07/16/2010 - 23:02 | 474929 Problem Is
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" criminal investigation..."

Fabulous Fuckin' Fab
One count of jay walking...

Fri, 07/16/2010 - 22:24 | 474877 demsco
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I thought Charlie said this place was Zero Intelligence, why are we reading an article from him on here? No offense, I like him more since he left CNBC, but he is still, well, Gasparino.

Fri, 07/16/2010 - 23:27 | 474959 RoRoTrader
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the rat is sniffing for its next hole.

Sat, 07/17/2010 - 01:30 | 475056 Steak
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its bizarre...even Drury and Hobbs have gone from total heroes to drivel pushers in very short order

Fri, 07/16/2010 - 22:25 | 474878 GlassHammer
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God help us if he find his way to a government job.


Fri, 07/16/2010 - 22:42 | 474903 VK
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Hello! Where have you been? God helps him remember, he is after all doing god's work. That does logically imply that god hates us all.

Sat, 07/17/2010 - 14:44 | 475411 God
God's picture

Oh yes he will be helped. With an aggressive case of colorectal cancer. The DNA has been spliced, polyps have been planted.

God does not appreciate a shill.

Lloyd will live out his last days fulfilling his mitzvah. He will make aliyah.

Lloyd will leave you not long after Mr. iFad. Neither will be joining me.

Fri, 07/16/2010 - 22:51 | 474918 Careless Whisper
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well i'm thinking that barry is a one-termer. he's even hinted at it. plus i don't think he likes the job. he can make a ton on a book deal and giving motivational speeches. next in line is hillary and lloyd will be glad to help her. i would expect him to be her treasury secretary. would anyone be surprised at this scenario?


Fri, 07/16/2010 - 23:11 | 474941 Papasmurf
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He certainly has the requisite ethics.

Sat, 07/17/2010 - 01:23 | 475051 laughing_swordfish
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+ 1000

Fri, 07/16/2010 - 23:12 | 474943 nmewn
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Norman Hsu.

Sat, 07/17/2010 - 10:38 | 475275 Amish Hacker
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The important part of that scenario is that Mr. Blankfein would be required to sell off his Goldman assets prior to his coronation---we wouldn't want to create any future conflicts of interest, don't you know. And since it would be patently unfair to punish him with capital gains taxes on the asset sales we forced him to make, he would be granted a one-time exemption from the IRS. Voila! Gazillions of profits safely cashed out tax free.

After a year or so of working for the government (can't you just see the MSM stories about how this patriotic American is taking the mother of all pay cuts in order to serve his country?), Lloyd could go back to doing God's work in the private sector. Or just lying on a beach somewhere.

If Lloyd has any questions about how the process works, I'm sure Hank Paulson can explain it to him

Fri, 07/16/2010 - 22:43 | 474906 David Fiderer
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While Sandy Weill relinquished the CEO position, he remained Chairman of the sprawling financial conglomerate until 2006.   That's not exactly being forced out.  Plus, he was in his 70s and the scope of Citigroup's operations were such that it made sense to separate the CEO and Chairman functions.

The testimony of Goldman's CFO before the Financial Crisis Inquiry Commission indicates that Goldman is not about to concede that any of its standard practices were unethical. 

The comparison seems strained.


Fri, 07/16/2010 - 22:47 | 474911 Nikki
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DOJ is too busy to investigate Wall Street. Nothing to see there anyway.. How about that Lebron fellas move to Miami ?.

Fri, 07/16/2010 - 23:08 | 474937 Misean
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Yeah, I intinctively believe the opposite of what The Gasbag says.  And Weasel semi-retired to the board at 70 something, so I dunno about this whole analogy.

Given how dirty ol' Loyd is, I'm sure all he has to do is hint that he might look at the skeleton key to the closet and his adversaries will pull out the knee pads.

Not gonna happen.

Fri, 07/16/2010 - 23:38 | 474967 zaknick
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Jesse said:


Despite the rumours and rationales spread by hedge funds and trading desks like this commentary here, this was obviously a bear raid tied to today's stock options expiration. No profit motivated professional trader dumps positions like this and sells against themselves unless the motive is to drive down the price and run the stops, clearing out the weak hands and taking profits from short positions in related trades. Now that 'sales by the IMF' has gotten tired through repetition it looks like 'liquidation by John Paulson' (JP) is the new bear trade precious metals boogeyman. More likely "JP" is in reality "JPM."


Very interesting. That moron CB_ZH been running his mouth about being bearish on gold for months ... I didn't see him utter a peep in the last few weeks about this supposed stance of his and I've been reading every article and comments (especially the ones on gold) here for months. Why not mention the options expiry tomorrow?




Cause you folks are shorting too, eh?



http://jessescrossroadscafe.blogspot.com/  about 1/4 way down on the page.

Fri, 07/16/2010 - 23:59 | 474991 Cheeky Bastard
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Dude, first of all; go fuck yourself. You have been here for 3 months; in which I was mostly absent from ZH and/or wrote mainly, well not mainly, only about credit and derivatives. Log on to ZH chat and ask the folks there what were my thoughts on gold. Go on, do it. The last time I officially mentioned Gold was when I wrote the LBMA LPMCL article in May and in which I discussed the exchange and clearing mechanics not Gold trading or future Gold trends per se.

I know about price movements before Op-Ex for years now, and that is neither anything new nor anything hidden from the average trader. Just because I abstain from entering among a bunch of Idiots who either talk their book or can only cite me currency collapses as their arguments doesn't mean I am/was quiet about Gold. Its just that I dont have any wish nor urge to participate in discussions where anyone who doesn't adapt to the message echoed by the Gold Bug echo chamber gets junked or called a troll. 

Every major market participant knows and agrees with the thesis Gold is being suppressed in price for decades now; and everyone adapts their trading to that fact by default. But this is not about manipulation; but about correlation between monetary supply indicators and behavior of commodities when there is deflation/liquidity crunch. Plues TA [which I dont use. Ever] agrees with most gold traders who are not stupid/blinded by dogmas. 

So before you open your mouth next time and try to insult me; back up your shit or get the fuck out. 


Sat, 07/17/2010 - 00:38 | 475025 TonyV
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Wow, it sounds like he really touched a nerve man.

Sat, 07/17/2010 - 02:27 | 475108 Cheeky Bastard
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What ? Is that the best you got ? Idiots like you drove off most of the good commentators from ZH, and congratulations, there is, as of now, one less. It has been nice, and I can not express my gratitude enough to Tyler, Marla and other [sane and rational] participants of this site, but that was it from me. Enjoy the "Gold to 1M; currency collapse within a week; buy guns and ammo" echo chamber. 

Sat, 07/17/2010 - 08:25 | 475189 zhandax
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I try to ignore douchebags, but I will make an exception and be the first to junk this one.


Sat, 07/17/2010 - 10:07 | 475252 Steak
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Excessively self righteous...punctuation nazi (on the internet of all places)...ad hominem attacking style...unfunny

i would have just said shithead but your comments were screaming out for a more descriptive, long-form breakdown.

and lastly...even IF cheeky was short gold (which one can only say IF since he doesn't advocate any trading position in his comments in this thread)...in finance, EVERYONE talks their book...the vast majority of readers here get that and don't resent someone when they do just that.

Chill out, read the articles, comment on ideas with your own ideas.  who knows...you might find you have something interesting to say.

Sat, 07/17/2010 - 07:16 | 475177 Paper CRUSHer
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Sat, 07/17/2010 - 10:01 | 475256 Hulk
Hulk's picture

Don't let the inverse Bravos get to you CB. Many of us gold bulls know now is not the time to buy pm's, know we are in a massive deflationary environment where cash will be king, etc.I for one, have enjoyed , for the past several days, your responses to my fellow brethren!

Sat, 07/17/2010 - 10:40 | 475278 I am a Man I am...
I am a Man I am Forty's picture

Cut it out CB, douche bags come with the territory.  Most people that read ZH don't even post.  I've been here a long time, don't post that much, but always enjoy reading your stuff.  So have a cocktail and carry on man!!

Sat, 07/17/2010 - 13:33 | 475372 Amish Hacker
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Don't let the idiots drive off another good commentator from ZH, Cheeky. No one else here has your not-one-step-back irreverence for authority, your technical market savvy, or your hilarious blue-streak vocabulary. The trolls will never understand that ZH is about building community, because sharing is the last thing on their mind. Never give up.


"We are all in the gutter, but some of us are looking at the stars."

                                                                          Oscar Wilde

Sat, 07/17/2010 - 08:31 | 475203 DavidC
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Grow up.

How long have you been posting on ZH?

CB's semicolons were not erroneously placed.


Sat, 07/17/2010 - 08:55 | 475221 Sqworl
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Friends, no worries Zatfag will go the way of Master Bater...lol

Sat, 07/17/2010 - 17:31 | 475513 bbbilly1326
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the casual homophobia allowed here is why I contribute no more money to ZH, though I read it every day.

Sat, 07/17/2010 - 09:37 | 475242 Nictrades
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Reading this nonsense reminds me why I hardly ever comment despite being a reader since this was a funny little place on blogspot.

I am not sure exactly how long CB has been predicting a correction for gold but its definately a couple of months.

If you people were really interested in buying and holding some gold you would view this correction as a great buying opportunity to get in at a good price.  You people remind me of the guys who used to call in to Cramer complaining short-sellers shorted "your stock".  Markets go down when prices get to high to attract new buyers and when prices get to a point to attract new buyers they go up again.  Buy dips not rips.




Sat, 07/17/2010 - 10:05 | 475260 Steak
Steak's picture

i understand your difference of opinion here but surely you have read other ZH contributors who are gold bulls and advocate the strategy you outline above.  i for one have heard all sides of the gold debate enough times that i'm inclined each time to just skip right to the point where we concede only time will tell who is right.  at least then you can tell who is peddling dogma and who is trying to think critically about the issue.

comment more nictrades.  since you've been reading so long you're in a better position than most to write takedowns of ideas with which you disagree.

Sat, 07/17/2010 - 11:10 | 475291 wowser22
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Hey Cheeky:

ILLEGITIMUS NON CARBORUNDUM. "Don't let the bastards grind you down”


Sat, 07/17/2010 - 18:54 | 475557 Votewithabullet
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He's gone.The difference of opinion killed cheeky bastard.

Fri, 07/16/2010 - 23:37 | 474969 doolittlegeorge
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Boy and it didn't take Mr. Market long to take a dive either, did it?  And to think "no one seems to make the connection" tho everyone knows why.  Once in the dirt bag corner, always in the dirtbag corner those Goldmans.  And to think they can't even talk about their profane disrespecrability but instead mouth platitudes to "Judea" and talk about how "our negro finally did his job."  I love it!  Needless to say you won't see this set grabin' "Mr. Sunshine" and high talin' to Tel Aviv to support the cause!  Oh, yeah--and if any of you clowns think this is a victory I have a, ahem "Town" to sell you right now.  I hear it's REAL cheap--just ignore all that chit-chat about "gettin' cheaper every minute."

Sat, 07/17/2010 - 00:08 | 474998 Fix It Again Timmy
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