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Today's Goldman Grilling
For those wishing to watch the full 10:00am Goldman hearing live and commercial free we suggest the following C-Span link. The witness panel for today's hearing is presented. We will update this post with all Goldman-relevant news as the day progresses.
Those asking questions will be: Carl Levin Chairman (D-MI), Thomas R. Carper (D-DE), Mark L. Pryor (D-AR), Claire McCaskill (D-MO), Jon Tester (D-MT), Tom Coburn Ranking Member (R-OK), Susan M. Collins (R-ME), John McCain (R-AZ), John Ensign (R-NV).
Panel 1
-
DANIEL L. SPARKS
(Prepared testimony)
Former Partner, Head of Mortgages Department
The Goldman Sachs Group, Inc. -
JOSHUA S. BIRNBAUM
(Prepared testimony)
Former Managing Director, Structured Products Group Trading
The Goldman Sachs Group, Inc. -
MICHAEL J. SWENSON
(Prepared testimony)
Managing Director, Structured Products Group Trading
The Goldman Sachs Group, Inc. -
FABRICE P. TOURRE
(Prepared testimony)
Executive Director, Structured Products Group Trading
The Goldman Sachs Group, Inc.
Panel 2
-
DAVID A. VINIAR (Prepared testimony)
Executive Vice President and Chief Financial Officer
The Goldman Sachs Group, Inc. -
CRAIG W. BRODERICK
(Prepared testimony)
Chief Risk Officer
The Goldman Sachs Group, Inc.
Panel 3
- LLOYD C. BLANKFEIN (Full Zero Hedge annotated testimony)
Chairman and Chief Executive Officer
The Goldman Sachs Group, Inc
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John "Keating Five" McCain... who had Phil Gramm as his "economics advisor" during his election bid.
He's not going to rock the boat here.
Senator McCain, just shut the heck up and yield your time to the speaker. Your populist drivel is a waste of taxpayer money.
Top Industries
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Finance, Insurance & Real Estate
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Why? becuase he has been Bribbed? Oops! I mean lobbied to the tune of $33 Million dollars?
Noooooooooooooooooooooooo?!
Surprise you guys did'nt take the opportunity to call me a sub-Prime Fool! Be honestly is it not refreshing that Blankfien blunt and not taking the fuzzy-wuzzy populist rantings of our dear elected reps lying down. By the way they have completely missed the opportunity to really nail these guys.
Hey Lloyd! Show us your Titlos!
Ain't it funny how the Greeks get downgraded to junk, on the same day that GS gets a blow-job from a group of senatorial pimps and, as the market falls, the Greek situation gets the blame for the Dow dump?
This ain't a grilling. The meat hasn't even been taken out of cold storage.
Famous quote - "we're not that smart".. yeesh. Blankfein is a character..
If I were their lawyers at S&C, I would use that as my main defense.
If we really knew what was going on with the housing bubble and were an active player in the collapse, would we only have walked away with a couple of billion? Considering Paulson made 30 billion, if we really were the evil empire and knew what was coming, we should have made an easy 75 to 100 billion.
He got that right!
Bottom of the ninth
GS 1 America 0
The discipline of market hedging caused Goldman to make Billions?
How about you sold shit... you knew it was shit... and you insured it as shit...
Goldman Built shit... for Paulson who ordered shit... and they both insured the the shit as shit... while selling the idiots what they wanted.. mis-representing, at the very least that it was not shit and being insured as shit.
BBB- is not AAA+++++++++ to infinity...
These senators are such pushovers.
Stop talking about the bonuses, I don't care about the bonuses.
I wish one of these senators had the balls to say "well, Mister Blankfein, since your statements here quite CLEARLY illustrate how much of a believer you are in hard core capitalism, morals be damned, how about we claw back ALL of the money we've been pumping into the system and, if you are still sitting on any, any money that we have given or loaned to your firm? How's THAT for capitalism for ya, mister 'I believe blindly in markets'? And, don't bother driving to the G5 at LaGuardia, we've already re-possesed that..."
Blankcheck is telling Congress how to shape Wall Street reform right now. He is dictating to them. Congress is good for nothing but a bunch of Walled Street scribes. Amazing; "Speed it up", right?
Regan to Reagan, "Speed It Up":http://www.youtube.com/watch?v=QTcL6Xc_eMM
Ridiculous, hire Janet Tavakoli, Harry Markopolos, and bring back Spitzer to get real meaningful reform! Elizabeth Warren can oversee it all.
Another opportunity missed.
As I pointed out on this forum many moons ago, there's no need for Goldman et al. to use the Fed's discount window when that same Fed is lending money for free in the Repo Market.
Amazing they pick on the minions and softballs aside from Levin and McCain to the Lord.
This guy is sham
Blankfein : "dimuiness" way ? Not a word - had to double-check though even though I'm a linguist in case it was some financial term I wasn't familiar with.
I am sensing a meme with LB's questioning - support our regulation (and thanks for agreeing ahead of time). Just might be my cynicism but ...
I just got in, were Greyson and Paul already allowed to squeeze them?
How long is Blankfein speaking?
Paul and Greyson are not on the panel.
Surprised?
This is a sham. I bet that when banana republic countries have "show trials" to appease the masses, they probably look and feel a lot like these hearings do.
too much fantasy football (I bet you had Maxine Waters on your list too)
this is a Senate not a House committee
Coburn pimping for money..Amazing
Wait till November
Coburn accomplished the GOP objective by getting Lloyd to say he supports the financial reform bill
Omg becky! Questions of the day: "Why did you choose to release the personal emails of Fabrice Tourre?".....
Coburn just pitched a curve and catches Lloyd sleeping when he asks Why did Goldman release only the Tourre personal emails
and his response reminded me of Miss Teen South Carolina's "Such As" response
http://www.youtube.com/watch?v=lj3iNxZ8Dww
41,656,909 views and still going! priceless
And ZIRP has produced ZIG- I'm still chuckling.
Did anyone notice David Viniars tell? As in a poker tell. I think it was during this REPO 105 question where I noticed this - I'd have to go back and review - but when he is put on the spot and when he is not truthful his eyes blink ... kind of like a nervous twitch. A tell. Lier.
He DOES have a fuchin' horseshoe in his forehead! WTF?
I told you
http://i41.tinypic.com/2k2243.jpg
Is it me or is it somewhat in a pentagon sort of way? 5 sides me thinks. Weird satanic growth, me thinks. This is what happens when you do the underworld's god's work. You grow weird shit on your forehead.
Ohhhh.....sorry.....they're embedded horns.
Gee...Thanks Senator for apologizing to GS on behalf of Americans. What a sham these hearings are turning into
Ooookaaay... McCaskill might finally be shooting straight here. Maybe its just a scratch, but there might be some blood here.... Lets see how far she takes this.
As far as I can tell Fab doesn't have a Facebook fan page (or support group) yet. I'll give it 24 hours
McCaskill is the only Senator to ask IMPORTANT questions. Her request on the record I want the answers. She's the only one to focus on the counterfeiting at origination. Where have the senators been till now?
I've been waiting all day for these questions. About time.
The liar loans from detriot caused the world to melt down? really? wait liar loans squared?
Your idiocy gives away your station in life.
Blankfein likes the markets are a zero sum game argument as his defense...he is one slippery eel.
The squid obviously never heard of Pete Rose?
This was sooo boring.
McCaskill closed with a great little flurry of jabs there. Too bad she didn't start with them, and get Blankfein to expound on them a bit.
siv's... front man to a deal that no one wants the face time for doing? or...
She was right that they beat the "big short" horse to death. She appeared to be the only one who understood some of the finer details, even more than Kaufman, who was a huge let down to me after all the sizzle and speeches. This wasn't a banking crisis, it was a counterfeit security (mortgage) crisis with pretend due diligence. The investigation must focus on the knowledge by the buyers (Goldman) that the mortgages were junk, or even worse, a system designed to create a little manufacturer of junk which could be slid anywhere they wanted. Remember, it didn't all have to be junk, but if you were SURE a few percent were CERTAIN JUNK, 100% no-pay, you could fool with any CDO and rig the odds. McCatskill hit on that possibility I think in first exhibit. She gets it. He reeled from that exhibit and moused up fast. If you prove through witnesses down the origination chain that the bank buyers WANTED junk, the due dilligence is a crock, and banks were sliding their known junk stealthy into CDO's, the buyers can take the banks down. You think Blankface isn't worried? This is more light than they EVER thought they would get on these operations. You can get protection state to state and some federal help, but how do you buy protection on a media stampede and a microscope?
Once again stupid... becuae I have dumbed it down for you already... ignorant is off the table thusly...
Detriot, Cleveland and / or all of the other $0.25 on the dollar markets and sub markets did NOT cause the world to faulter.
on Tue, 04/27/2010 - 18:27
#320846
Once again stupid... becuae I have dumbed it down for you already... ignorant is off the table thusly...
Detriot, Cleveland and / or all of the other $0.25 on the dollar markets and sub markets did NOT cause the world to faulter.
don't Junk me... sell me Detriot caused Germany's problem pre-meltdown... sell me?
Sell me liar loans... caused AAA+++++ ratings to infinity and beyond.... and 50 to 1 leverage was all Cleveland?
You watch to much Fox news.. instead of facts... you junk me like the stupid fucking useless piece of shit you are... you are the reason this shit fly's on wall street... your stupidity allows it. so junk away idiot, but dont learn a fucking thing for the betterment of your fellow American's... being stupid is and has been... so in vogue, for so long... polite trumps real in almost any and all cases... you are the problem, you stupid fuck.
Higher captial standards? for a higher ratio earned during the on going capital arbitrage?
I guess if you have a 0% Fed window.... that the standards, the higher capital requirement standards are a non-issue... Fuck Main Street! 0% Fed Window Bitches!
agree. non-issue. it supports big bank holding and hurts the smaller competition. They want to OWN derivatives.
Half as leveraged? Thanks too you tax Payers? naaaaaaaaaaaaaaaaaa.... dumb sheep dont need to be thanked.
End TBTF now that you have all our monie. Thats what you think huh Blankcheck? Lord Blanckcheck, fuck you you ass hole.
I LIKE LEMON AND MARINARA WITH MY CALIMARI!
I had calimari the other night in a tai/chinese peanut sauce type thing...maybe plum sauce? Damn it was delicious!
Lemon Margarita's....so appropriate! This is hilarious! Timmy at least turned red.
Calamari and Ceaser...
This was a cherry picked abacus deal...
the only one in which a selection agent was used... out of the 15 or 20 abacus deals closed.
in which the selection agent bought 80+% of the deal? how many other Abacus deals had participation from the selection agent in the plus 50% range at par pricing? fuck me.. oops I mean us.. fuck us.. us = U.S. Tax Payers.
This goes no where... ever, Ever... EVER!
ya think that cherry picking gets down and dirty in origination? You think there's evidence of some hard control in picking cherry's? If so, let me know!
10,991.99
-213.04 (-1.90%) 1% down on market maker potential rule changes? damn.... buy! Buy!! BUY!!! so, piggy backing the houses buying is really floating the market thru this even? I am long Goldman... just kidding.. I saw green shoots today.Oh he accepts blame so it is all over. We can go home. Wait, Goldman stole our homes, after selling them to us. America!!!!! Come on!!!! Come on America!!!!!! Stand up!!!!!!
And WHAT IF the German bank buyer knew Abacus would fail too? We don't discuss that fact, do we? Wouldn't that be a kicker. Kinda like a division of AIG being highjacked by Goldman or Paulson. How much does the German bank pay that employee who buys CDOs? Enough not to take a dive on 1B in CDOs? I would think anyone could create a nice life leaving the bank with a kickback. The question is.....how do you systemically disincent these obvious possibilities that no one discusses enough. Looks like everyone's taking a dive. When kickbacks off synthetic transactions can potentially bribe a small town, watch out. We have no idea what really happened here, yet. You would need to monitor banks like a national security threat to ever pull a bribe-kickback prosecution out of it. I think the fact that no one is openly discussing the possibilities of outright highjacking is scary. That's now the biggest threat. Any well placed person (or group) can ram their own bank or insurance company internally for their personal benefit.
Why does having a Bank regulator matter when the Bank lobby's the legislative branch and thusly has the law changed to the benefit of the bank?
maintaining market share... growing market share... thru legislation is the problem... its not the rule enforcement.
it is the law making that caused the system failure.
shareholders would need far more rights under market rules. The states shareholder laws puts management in charge over shareholders. If you as a shareholder wanted to monitor your company to for bribes and kickbacks, you couldn't. The only way we could get back to pure market atmosphere is to knock over the incorporation laws. Everyone would have to be personally liable. Then, the market works. Offloading liability tips everything in one direction from the start.
You would like to roll back law?
being retro-active?
to be affective?
which is not possible and the corporations in place, call it shells? for ease.. would have a value of?
Legistative Coruption, or Lobbying... at the federal level got us here.. but states rights?
look... stick to abortion, it suits you better.
dont know what you're talking about abortion. long day.
I'm saying states corporate laws benefit managers over owners.
Management class in this country is corrupt.
Corporations are ships. They are pirates.
Re regulations, they did ok from 40's thru 70's.
the regs were busted up. this all takes time. it may take another crisis to jail these bankers.
Work WITH him on Walled Street reform....you hear that America?! Blankcheck and co. will now tell you how we are going to slide into HYPERINFLATION!
America, there is a reason it is called Wall Street. Because YOU are not allowed in!
Levin is denser than a lump of titanium. My God how stupid!!
It is downright scary that this guy is leading this committee.
How did the United States become the most powerful nation on earth and win two World Wars without Llodys synthetics which are absolutely necessary for the country, it seems. Senators can't even create a headliner anymore.
Levin isn't as dumb as you think, pay attention here. There was a huge directional change in the portfolio, and this wasn't disclosed to clients.
Levin is either as dense as a rock or a shameless demagogue.
Eagle,
Levin is raising an important issue here on conflicts of interest, which by the way isn't just a Goldman problem. I will discuss this in detail tonight, explaining why I think hedge funds are a lot more honest than investment banks doing proprietary trading (because they have skin in the game). Of course, many of the top hedge funds are Goldman's biggest clients, so we simply do not know what insider info they're feeding them on a daily basis.
Are you watching the same thing I am? Levin is just utterly clueless on what these instruments were. Surely you are not also clueless? Is Levin math challenged? How many times does he have to have it explained to him that you have to combine your short and long positions to determine if you are overall long or short? This is extremely painful to watch that buffoon.
Focus on conflicts of interest, not net short figures. Levin is not a hedge fund manager, but he is exposing some important issues.
agree, it just took a him a while longer than I thought it would.
Levin is actually doing a good job of destroying Blankface's credibility. It takes time and it's tedious, but.....
The AAA thing is a fantastic gem. It shows Blank is sensitive (edit: to the perception of) ripping off schools and pensions in my opinion. Not knowing the
AAA thing is grounds for termination from running any investment bank....if true.
The CNBS feed cut just as Levin started into him on that... so Lloyd didn't know AAA is required to sell investments to some institutions (perfect... fraud and perjury)!
FINALLY!! IT IS OVER!!!!!!!!!!!
So it all boils down to making lucrative lemonade from 'Big old lemons'.
With a boss who says he doesn't even understand the importance of the 'AAA' fruit.
In the end the Goldsman crew came across really badly.
I foresee a rich harvest of youtube mashups are gonna be harvested and squeezed
from this long day of 'Cherry picking'.
The guys on the bottom and top always come across as tone deaf animals. The top guy surrounds himself with corporate politicians and we saw them today too. They came across okay. That's their job. But, the guy at the top, didn't, as usual. Now that these banks are even more reliant on perceptions than ever, expect the politicians to be promoted to the CEO job and bonuses to be higher in the circle around him. The demand for smoother testimony just went up!
step in the wrong direction, too. we don't need smoother and slicker; we need red meat and transparency. or, alternately, fuck it; let's cast civility aside and dog eat dog. Seriously disheartening ...
Scott Brown is the Trojan Horse of fiscal responsibility. He's all for cutting taxes and spending ... So there's plenty of FRN's available to splash around the ME and Central Asia leaving a destitute America in his wake.
This is from his campaign website.
"Israel
Israel has made enormous sacrifices in an attempt to secure peace – including unilateral withdrawal from Gaza. I support a two-state solution that reaffirms Israel’s right to exist and provides the Palestinians with a place of their own where both sides can live in peace and security. As our closest ally in the Middle East, Israel lives every day under the threat of terror yet shares with America a dedication to democratic ideals, a respect for faith, and a commitment to peace in the region. Until a lasting peace is achieved, I support the security barrier erected by Israel which has proven successful in protecting Israeli civilians from terrorist attacks. "Blah blah blah blah blah.
Chumbawamba - Like you, I don't pay the-man either.
I keep reading posters who say, well, Obama did this.yeah, but Bush did that. Yeah but Reagan, he really started it.
I say, forget about he said she said. Forget about, for now, pubbies and dims. Forget about gay rights and abortion.
These are straw men and distractions to keep us from addressing the fact that our country is being stolen underneath our noses by the very people who pledge to serve us.
That's the only thing that matters right now. Tell everyone you know. Refuse to get bogged down in partisan politics.
Demand a full accounting and audit of the Fed. Demand a return to sound accounting.
I don't know much about the intracacies of economics or the vagaries of quant desks and robo trading, or even MBS or CDS.
I am just an average citizen. But I get the idea.
Throw the bums out. All of them.
Lils
Welcome back my friends to the show that never ends
We're so glad you could attend
Come inside! Come inside!
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