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More Hypocrisy From Lloyd Blankfein On Charlie Rose
Just because Goldman refuses to get it, and wishes to inflict even more pain on itself with more and more public appearances, here is Lloyd on Charlie Rose last night. More of the same: "We did well because we had the disciplined hedging [on housing]." Paraphrase: "Thank you Paulson for letting us steal your idea and have our prop book go $10 billion short two months before HSBC and New Century went tits up. Also thank you for reminding us to short hundreds of millions worth of Bear stock." Also, the amount of money put into Goldman by the government was not important for us. Ok Lloyd, please refund all the $2 billion in CDS profits you made by shorting AIG immediately.
And again Lloyd blatantly misrepresents the truth, by saying that doing away with prop trading would only cost the firm 10% of the firm's revenue (so why the massive fight against the Volcker rule?). Forget all this market maker, liquidity provider generic fallback bs and mumbo jumbo. How about some disclosure on just how you classify prop trading Lloyd? Because something tells us that at least 50% of your flow and correlation desk is purely Prop (and certainly serves to bolster prop profits instead of putting clients "first" as we have disclosed about 10 times in the past week alone), as the 901 pages in Goldman discovery make only all too obvious (we will post on that soon). Hey Lloyd, here's an idea - how about instituting P&L stop limits on all your OTC FICC prop trades just like RBS? Oh yes, we'll go there... and in much more detail. Soon.
In the meantime, Goldman will "soul search" as an adjustment for people to "understand that Goldman's fortunes must be aligned with the interests of its client." We are sure this will take the average Goldman prop trader exactly 2 milliseconds (or longer than it takes a Redi algo to frontrun a flashed block) to begin and end their soulsearching as they take their G-5s to Tahiti for the weekend.
And here is the kicker: "The reason why we get the best people, why we retain the best peopl, is because we get people who are really interested in doing something that they think is good for the public, for the world they are in." At which point, Charlie shoots down the faux nobility with one simple phrase: "Make a lot of money and then go out and do good." Brilliant. And the consumate retort: "most of our people at the height of their careers go into public service" - does the "forced" liquidation of $700 million of Goldman shares just to "serve the public" maybe have something to do with this Lloyd (ref: Hank "Bazooka" Paulson). To be sure they can also buy GS stock... while in possession of material inside information while "serving the public" (ref: Stephen Friedman). Or how about Paulson then going out and making it all too clear, without a shred of evidence, that the collapse of Goldman would start WWIII.
Jesus, Lloyd, don't you understand that the public is not as dumb as you think it is? That even the regular Joe Sixpack can read the hypocrisy behind just that one statement? In that one sentence alone you blow your entire case to appease the public yet again - and you do it over, and over, and over. Stop treating Americans like idiots, and your world tour may actually not be an abysmal failure. Continue to insult people's intelligence, and you will flounder. But then deep down you are a trader at heart, to whom any admission of weakness is suicide, just ask any trader. Which is why this lawsuit could very well be your, your firm's, and Warren Buffet's, undoing. In the meantime, please Lloyd, spare us any more unsolicited TV appearances - we already have "As The Obama World Turns" soap opera everyday to keep us distracted as your "public interest" focused nobility robs this nation blind just so they can buy that 5th private jet. How else will Goldman Sachs Conviction Buy Textron EPS hit new all time record highs.
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What an asshole. Did he ever mention the ban on short selling of his firm to save it from oblivion.
I was part of the GS collective for 5 years, and I can attest that NO ONE is there as a result of their interest in doing something for the good of society. Money is the one and only motivating factor, and the pursuit of money has completed supplanted what had been one of the foremost cultures on the street. Lloyd has a trader's DNA, and the firm has become one big prop shop. And, the more that management tries to defend their business model and justify their conflicts of interest, the more they expose just how soulless they have become in pursuit of a buck.
Thanks for sharing this Wm... your "hands on" insight is much appreciated... with Lloyd as catalyst for what they have become... makes sense!
more than that, he followed his convictions and quit working for the assholes. Much respect for doing the right thing.
Kind words; thanks. The odd thing was that when on the inside, you did feel like you were part of an elite squad. I left when I realized that I was starting to believe my own hype and we lwere losing sight of the clients we were supposed to be serving. I sleep much better at night these days!
LLoyd Blankfein: Wall Street's Hitler
Coming to Kindle soon.
Anybody up to writing it?
If I were a GS client, I would be heading for the exit door. How can any one trust GS? If the allegations are true, I wouldn't want to be the client that bought the "cr ","Junk" and you know what else. The firm will self destruct because of this. It will take some time, but it will happen imho.57
Phucking sc*mbag is doing Satan's work.
burn, MF, burn
http://www.youtube.com/watch?v=g32NYAKp48A&playnext_from=TL&videos=rY3NfTsxVUw
Partially off topic -- but not really. I have been a steady reader of John Mauldin and get his newsletter every week. This week, however, was very suspicious. In it he writes of Goldman Sacks, "There Had to Be a Short". His explanation of the situation is very sketchy. I took the opportunity to fire off an email to him, which I have never done before.
Here is a link to his latest: http://www.investorsinsight.com/blogs/thoughts_from_the_frontline/archiv...
Take note of the section "There Had to Be a Short"
Here is my email reply to his letter:
The reason I call the newsletter section suspicious is that Mauldin is usually quite thorough. Not so here. It's almost like a studied effort to minimize GS's role in this particularly damaging situation. Maybe it's just me?
DOW chart shows an expanding wedge indicating a significant move is probable.
MARKET UPDATES:
http://www.zerohedge.com/forum/latest-market-outlook-0
INTRODUCING CDO-JACK:
http://williambanzai7.blogspot.com/2010/05/cdo-jack.html
Lloyd is thick.
He is just one hair better than Madoff.
Madoff is in jail, that makes him better.
These guys are true sociopaths!
Just saw 7 minutes of lloyd on charlie on the west coast. After being on a desk from"79 on, I have seen it all. I must say this guy is a genius, master in disguise, oblique, the ultimate con man and ponzi spinner, because America does not know the language of the street. Whenever I have someone leaning into me, like LLoyd has to Charlie, I know the game. Unfortunately, these poor senate and mainstream reporters do not stand a chance. We have all been there...when we know all the implications of a deal, and we are spot on. Insiders know the language, body movements or cryptic talk, diversions,the walking down the reporter, to know a real salesman when they see one. Lloyd, depending which side of the trade your are on is either the worst or the best of the street.