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Will Goldman COO Gary Cohn Face Consequences For Committing Perjury Before The FCIC?

Tyler Durden's picture





 

Christine Harper, Michael Moore and Bob Ivry have been quite busy today. After poring through the lifetime legacy project of their late colleague Mark Pittman, the trio may have just made a discovery that in a non-banana republic could be enough to at least force a special hearing into whether Goldman COO Gary Cohn committed perjury while testifying to the FCIC on June 30. The culprit: Goldman's (ab)use of the discount window not once, not twice, but five times. Well everyone else was doing it, especially Goldman's insolvent peers like JPM, Merrill Lynch, Bear Stearns, Lehman Brothers, Bank of America, Wachovia, UBS, Credit Suisse and, well, everyone else. So what's wrong with that? Here's what: "Goldman Sachs President and Chief Operating Officer Gary D. Cohn told the Financial Crisis Inquiry Commission June 30 that “we used it one night at the request of the Fed to make sure our systems were linked with their systems, and it was for a de minimis amount of money.” Peter J. Wallison, a member of the Financial Crisis Inquiry Commission, then asked, “you never had to use it after that?” “No, and as I said, we used it on the Fed’s request,” Cohn replied. Alas, that is a lie. And last time we checked, lying to Congress under oath is not quite the right the way to conduct God's work (and yes, a perfectly innocuous "I don't recall" ala David Sokol from his CNBC interview would have sufficed). Alas no: Goldman just had to demonstrate how very immune from the legal process it is, by "risking" its credibility and reputation with the assumption that it is either never wrong, or, like Warren Buffett, that it can never be caught doing wrong. Well, it just was.

More from Bloomberg:

“During the crisis, we tested our systems, including accessing the discount window; the amounts involved were de minimis, and the testing was routine,” Michael DuVally, a spokesman for New York-based Goldman Sachs, said today in an e- mailed statement. “The fact that we tested the system to insure our procedures worked smoothly was made known to senior executives. Routine tests thereafter were considered part of the normal course of business.”

Goldman Sachs and Morgan Stanley (MS) were the largest and second-largest U.S. securities firms until Sept. 21, 2008, when they both won the Federal Reserve’s approval to convert to bank holding companies. The conversion took place about a week after Lehman Brothers Holdings Inc., which was then the fourth-biggest securities firm, filed the biggest bankruptcy in U.S. history.

Congress assigned the FCIC to determine the causes of the financial crisis. The panel released a report in January, along with a 545-page book.

We are confident that the corrupt "representatives" (of Wall Street interests) in Congress will get right on sending out a subpoena to Cohn asking him to explain why he lied under oath. Then again, since this act was nowhere near as criminal as Meredith Whitney telling the sad truth about America's insolvency to the broader population, we feel our confidence waning... waning...

 


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Thu, 03/31/2011 - 16:50 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

No, and I have not even read the article yet!

 

EDIT: Just read it, still NO!

Thu, 03/31/2011 - 16:58 | Link to Comment JonNadler
JonNadler's picture

Anybody have a summary of the findings that even a moron like Jon Nadler can understand

Thu, 03/31/2011 - 21:43 | Link to Comment metastar
metastar's picture

Congress is a bunch of pussies, derelict in their duties.

They don't even hold the president accountable for his illegal declaration of kinetic military action (i.e. WAR). They give their power of the purse to the private central bank. They are dangerous given their contempt for the American people.

But hey, we can't get too angry at them. They simply follow the orders and talking points emanating from their corrupted parties. And oh what a PARTY it is, all at the expense of the public.

Like I said, ... PUSSIES!

Thu, 03/31/2011 - 17:31 | Link to Comment JonNadler
JonNadler's picture

Didn't Lloyd tell Congress the same thing, that Goldman had used the window only once to test it? The day the testified before Levin about the shitty deal?

So he perjured himself too

Fri, 04/01/2011 - 00:10 | Link to Comment rocker
rocker's picture

Now your talking my stuff. Lloyd Blankfein and Neel Kashkari surely belong in Jail with the rest of the banksters. 

Thu, 03/31/2011 - 18:09 | Link to Comment Holodomor2012
Holodomor2012's picture

Had he confessed the truth at the time the result would have been catastrophic.  Although it ran counter to every fiber in his being this small white lie bought the country the time it needed to stablize the recovery.  He is a hero of epic proportion.  Someone plant him a statue in Tel Aviv next to Pollard.

 

btw, free Pollard.  http://www.youtube.com/watch?v=4KUQ0idNEIo

Thu, 03/31/2011 - 21:53 | Link to Comment tom a taxpayer
tom a taxpayer's picture

Will Goldman COO Gary Cohn Face Consequences For Committing Perjury Before The FCIC?

No, Gary Cohn will replace GE's Jeff Immelting-Nuclear-Reactor on the President’s Council on Jobs and Competitiveness.

Fri, 04/01/2011 - 01:44 | Link to Comment Harlequin001
Harlequin001's picture

GS shareholders can pay, they did after all, benefit from his lying...

Thu, 03/31/2011 - 16:49 | Link to Comment buzzsaw99
buzzsaw99's picture

Good catch. However, the squid is the law.

Thu, 03/31/2011 - 16:53 | Link to Comment Thomas
Thomas's picture

No way, Dude. He will certainly get a fine.

Thu, 03/31/2011 - 17:57 | Link to Comment NotApplicable
NotApplicable's picture

A fine bottle of wine perhaps.

Fri, 04/01/2011 - 01:45 | Link to Comment Harlequin001
Harlequin001's picture

No way dude, shareholders get the fine. He gets the bonus at an advantageous tax rate...

Thu, 03/31/2011 - 17:18 | Link to Comment Widowmaker
Widowmaker's picture

...until the swamp is drained.

Thu, 03/31/2011 - 18:49 | Link to Comment Mach1513
Mach1513's picture

Squid is also fish bait.

Lloyd on a hook.

Thu, 03/31/2011 - 16:49 | Link to Comment SilverFiend
SilverFiend's picture

If the federal government has the time to prosecute Roger Clemens and Barry Bonds for lying under oath.......

Thu, 03/31/2011 - 16:54 | Link to Comment Horatio Beanblower
Horatio Beanblower's picture

panem et circenses

Thu, 03/31/2011 - 16:55 | Link to Comment leathaface
leathaface's picture

+1 that was the first thing i thought of.  but RC and BB affect people's lives more than this fucker (or so they think)

Fri, 04/01/2011 - 01:46 | Link to Comment Harlequin001
Harlequin001's picture

Do Roger Clemens and Barry Bonds buy US government debt?

Lloyd does...

Thu, 03/31/2011 - 16:53 | Link to Comment Ruffcut
Ruffcut's picture

"bailiff, wack his pee pee!"

Thu, 03/31/2011 - 17:22 | Link to Comment buzzsaw99
buzzsaw99's picture

"Thou shalt not take the name of the LLOYD thy SQUID in vain; for the LLOYD will not hold him guiltless that taketh HIS name in vain..."

Exodus 20:7

http://www.youtube.com/watch?v=NyEE0qpfeig&feature=fvwrel

Thu, 03/31/2011 - 17:08 | Link to Comment bob_dabolina
bob_dabolina's picture

Ok, ok you got him

He'll get:

30 days of house arrest and a $50 fine.

30 days probation to be served concurrently with his house arrest.

Thu, 03/31/2011 - 18:53 | Link to Comment Mach1513
Mach1513's picture

30 days off for God-like behavior

fine to be paid by FRB criminal activity facility

Fri, 04/01/2011 - 01:51 | Link to Comment Harlequin001
Harlequin001's picture

and no more chocolate for at least a week....

Naughty Lloyd, have another bonus...

and don't fuckin' do it again...

until we ask you...

Thu, 03/31/2011 - 16:53 | Link to Comment Traianus Augustus
Traianus Augustus's picture

I am pretty sure that there was/will be a covert directive sent out from the WH to prove without a shadow of a doubt that Mr. Cohn is innocent of all future charges.   After all didn't they already say we shouldn't count what happened in the past?!?!

Thu, 03/31/2011 - 17:32 | Link to Comment DeadFred
DeadFred's picture

Rule #1- The banks control the government, not the other way around.  In some ways I hope he gets away with it because of last time.  Remember, they tried this last year?  Filed charges and the bottom dropped out of the market?  Or the bottom was dropped out of the market.  The paranoid side of me (getting bigger every day) imagines the GS lawyers telling the government lawyers on May 5th "You're making a mistake here.  Tell your masters to pay attention to what happens tomorrow afternoon, then we'll talk again".  When did GS get their rediculous little fine and when did the market shake off the head and shoulders formation and start rising again.  That paranoid part of me has always thought QEII was a bribe for GS and friends to forgo the fortune they would make on the standard tank-and-buy operation on the market in July and August.  Do you think the Dems would own the senate still if the Dow was at 8000 in November?  Not that it matters it's just crooks of another flavor.  Sorry for the rant, I just hate thieves.

Thu, 03/31/2011 - 16:55 | Link to Comment Bill D. Cat
Bill D. Cat's picture

The devil made him do it .

Thu, 03/31/2011 - 16:54 | Link to Comment leathaface
leathaface's picture

Can they back-date their statements to congress, like they do their stock options?

Thu, 03/31/2011 - 18:30 | Link to Comment glenlloyd
glenlloyd's picture

You mean like they did at Countrywide?

Thu, 03/31/2011 - 18:57 | Link to Comment Mach1513
Mach1513's picture

Amend statements - done all the time - correct errors - nothing wrong here

doing Yahweh's work

Thu, 03/31/2011 - 16:55 | Link to Comment buzzsaw99
buzzsaw99's picture

There is more of a chance TD will face jail time for asking that question than the Squid COO will for felony perjury.

Thu, 03/31/2011 - 16:59 | Link to Comment Sweet Chicken
Sweet Chicken's picture

Burn that mother fucker at the stake.

 

Edit: Bitchez

Thu, 03/31/2011 - 17:00 | Link to Comment mrdenis
mrdenis's picture

..

 

Forgive them for they know not what they do

 

Thu, 03/31/2011 - 16:58 | Link to Comment flowerguy
flowerguy's picture

all he has to do is prove he was willfully ignorant at the time of the statement.

That just means some new "system" did not report the sources off all borrowed funds to all the right people :)

Thu, 03/31/2011 - 17:09 | Link to Comment topcallingtroll
topcallingtroll's picture

Our information systems failed us. We will set up a task force to study the issue and improve corporate communication so that the right people have the right knowledge available to them. We are humbled by this error, but will learn from this incident. We wish we never made mistakes but we are only human.

Thu, 03/31/2011 - 17:58 | Link to Comment JPG101
JPG101's picture

GS might even get taxpayers to pick up the tab for improving their communication system?

Thu, 03/31/2011 - 17:00 | Link to Comment Horatio Beanblower
Horatio Beanblower's picture


"Ron Paul on Bloomberg Mar 31 2011 ..END THE FED!" - http://www.youtube.com/watch?v=CZEgFldAw5E&feature=feedu

 


Thu, 03/31/2011 - 17:00 | Link to Comment Atomizer
Atomizer's picture

Gary Cohn will take on the position of OCFO.

http://www.whitehouse.gov/administration/eop/oa/divisions/ocfo

/s/

Thu, 03/31/2011 - 17:00 | Link to Comment carbonmutant
carbonmutant's picture

Some people believe that Bernanke is God, in which case lying to Congress is permissible...

Thu, 03/31/2011 - 17:10 | Link to Comment Josh Randall
Josh Randall's picture

This is our window of opportunity - just like Capone had his achilles heel with taxes, we have this DOUCHE if we want him. Lets see if the political will exists yet 

Thu, 03/31/2011 - 18:05 | Link to Comment NotApplicable
NotApplicable's picture

What the fuck is this "we?" Or the fallacy of political will? That shit is all political theater to mesmerize the rubes.

As George Carlin said, "They have a club and you ain't in it!"

 

Thu, 03/31/2011 - 21:15 | Link to Comment VeryDumbMoney
VeryDumbMoney's picture

"We" lmao.  It's "them" and "us" - it's a good idea to keep it in mind.

Thu, 03/31/2011 - 17:02 | Link to Comment topcallingtroll
topcallingtroll's picture

He is goldman sachs so congress will do nothing. They all need campaign contributions. I am reminded of the song "If I Had a Rocket Launcher."

The little people need to take matters into their own hands if we cant depend on authoritah.

Cmon. There has got to be someone relatively healthy with a terminal diagnosis out there somewhere. Al Queda? Are you all talk? Didnt we hear something about a fatwa against bankers? Now is the time to make amends for that tower thingy.

Thu, 03/31/2011 - 17:03 | Link to Comment augie
augie's picture

I'm sure he will get a stern talking to. Very "strong words" will be used, it will not be pretty.

Thu, 03/31/2011 - 17:06 | Link to Comment Shameful
Shameful's picture

Consequences in the form of a promotion and bonus?

We don't have laws in this country. We have a set of rules that are enforced on the proles to keep them in line. The master class is immune. They could eat babies in front of CONgress and the only comment would be "Are you going to finish that?". Then Kudlow would go on and talk about how baby eating will drive the economy as the increased need of new babies will create a booming market in doctors.

Thu, 03/31/2011 - 17:06 | Link to Comment Careless Whisper
Careless Whisper's picture

We lost money on Abacus.

 

Thu, 03/31/2011 - 17:05 | Link to Comment bingaling
bingaling's picture

Wow, maybe they will impeach him. He will be the first coo to ever be impeached . Impeach definition: a horrible stain in history books resembling the color peach.

Thu, 03/31/2011 - 17:07 | Link to Comment anony
anony's picture

Do chickens have lips?

Thu, 03/31/2011 - 17:14 | Link to Comment baby_BLYTHE
baby_BLYTHE's picture

Ron Paul on CSPAN. Takes Questions from Callers. 

Est. Running Time: 40 min

Part 1: http://www.youtube.com/watch?v=aaJ8V17rziE

Part 2: http://www.youtube.com/watch?v=tlzp8O1ew7g

Part 3: http://www.youtube.com/watch?v=N04AmrsXmrE

Part 4: http://www.youtube.com/watch?v=8ns2sIoskSA

Cliff(s): First 3 mins part 1, his basic economic thesis/forecast going forward 

Thu, 03/31/2011 - 17:06 | Link to Comment benevolous
benevolous's picture

I guess this means ZH hasn't found evidence of substantial use of the discount window by GS, though it has found evidence that GS used it more than once, including 2 times for $1 million each.

Thu, 03/31/2011 - 17:30 | Link to Comment AN0NYM0US
AN0NYM0US's picture

ask Barry Bonds, he understands that it's not what you lie about, it's the lie.   Of course a professional ball player accused of lying to congressional committee on the critical issue of steroid use in Americas' national pass time is on a completely different level than this petty matter.

Thu, 03/31/2011 - 18:10 | Link to Comment NotApplicable
NotApplicable's picture

Bonds is nothing more than the next outsider to get roasted in order to toss a little red-meat to the "tough on crime" crowd.

(Martha Stewart all over again)

Thu, 03/31/2011 - 17:19 | Link to Comment buzzsaw99
buzzsaw99's picture

CONgreff critters are cheap hookers.

Thu, 03/31/2011 - 18:12 | Link to Comment One_Eyed_Pony
One_Eyed_Pony's picture

I thought Goldman was buying the US Treasury, not those old open mouthed prostitutes on Capital Hill?

Thu, 03/31/2011 - 19:00 | Link to Comment Mach1513
Mach1513's picture

Is there a difference?

Thu, 03/31/2011 - 17:14 | Link to Comment plocequ1
plocequ1's picture

Phony left against phony right. Yawn!!  Bring back Balloon boy

Thu, 03/31/2011 - 17:13 | Link to Comment flowerguy
flowerguy's picture

hmmm... 2 year old paper.

One more nail in the USD coffin ...driven in by those behind the fed.

Part of the overal plan to tank the USD so they can replace it / control it.

Those who own the real assets...will make the rules going forward.

Hold your physical tight.

Thu, 03/31/2011 - 17:15 | Link to Comment zaknick
zaknick's picture

When will you peons learn your station? You -the American middle class- idiotically traded your properity for the 666 bankster empire? You are nothing and this shall be crystal clear to all soon!

roflmao

Thu, 03/31/2011 - 17:14 | Link to Comment flowerguy
flowerguy's picture

hmmm... 2 year old paper.

One more nail in the USD coffin ...driven in by those behind the fed.

Part of the overal plan to tank the USD so they can replace it / control it.

Those who own the real assets...will make the rules going forward.

Hold your physical tight.

Thu, 03/31/2011 - 18:19 | Link to Comment New_Meat
New_Meat's picture

dude, that's a four-bagger.  u might have a tie for most.  come forward and get your prize!

Thu, 03/31/2011 - 17:19 | Link to Comment Big Al
Big Al's picture

It all depends upon the definition of "use."

Thu, 03/31/2011 - 17:25 | Link to Comment Logans_Run
Logans_Run's picture

Rather like Charlie Brown once said "...it's like peeing in a dark suit, it gives you a warm feeling but no one notices."

Thu, 03/31/2011 - 17:26 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Hi Dave. My name is Bubba and we'll be sharing this cozy little cell together ...

Thu, 03/31/2011 - 17:34 | Link to Comment AN0NYM0US
AN0NYM0US's picture

Hi Dave, my name is Sergey. You remember me don't you...Sergey Aleynikov?  Does that ring a bell Dave?

Thu, 03/31/2011 - 17:32 | Link to Comment citta vritti
citta vritti's picture

Naah. Now, lying to Congress about cheating in baseball. That's serious stuff. Just ask Roger, and even he's not worried.

Thu, 03/31/2011 - 17:29 | Link to Comment vast-dom
vast-dom's picture

there ain't gonna be no justice people.

let's move on to more pressing news out of Japan:

 

http://www.guardian.co.uk/world/2011/mar/31/japan-pressure-nuclear-evacu...

 

Yo Tyler get cracking on Japan hell, would ya!?!? These banksters ain't gonna pay.

Thu, 03/31/2011 - 17:30 | Link to Comment UP4Liberty
UP4Liberty's picture

It doesn't matter if he lied.

GS is untouchable by any government entity - BECAUSE GS OWNS THE GOVERNMENT.

Thu, 03/31/2011 - 17:55 | Link to Comment PicassoInActions
PicassoInActions's picture

"BECAUSE GS OWNS THE GOVERNMENT" --- Rong

GS ( goldmnites and jopamites ) are the Government!

Thu, 03/31/2011 - 17:43 | Link to Comment Garbage Can Ray
Garbage Can Ray's picture

This is Gary D. Cohn. I am the #2 over at "tha Squid." I don't give a fuck about perjury or the legal system in general. Got it? End of story. Move along to Gawker and Perez Hilton, you fucking peasants. 

 

Thu, 03/31/2011 - 18:10 | Link to Comment NidStyles
NidStyles's picture

Of course not. You can only perjure yourself if you are a baseball star being investigated for steroid abuse. I thought everyone knew that.

Thu, 03/31/2011 - 19:11 | Link to Comment cosmictrainwreck
cosmictrainwreck's picture

maybe we can get L-l-l-loyd on "subornation of perjury", a concept first made famous in the Clinton impeachment maneuvers, if I recall

Thu, 03/31/2011 - 18:14 | Link to Comment israhole
israhole's picture

Another dirtbag "Chosen One". Who'd have guessed it?

Thu, 03/31/2011 - 18:25 | Link to Comment Mr C-E-O
Mr C-E-O's picture

absolutely nothing will come of this

Thu, 03/31/2011 - 18:38 | Link to Comment glenlloyd
glenlloyd's picture

I'm not convinced that this will be overlooked, pergury still seems to be something semi-enforced, probably because it's one of the most difficult to overlook, and now with webnet everyone can find it.

Thu, 03/31/2011 - 19:56 | Link to Comment Forgiven
Forgiven's picture

The rule of law went the way of the dinosaurs.  It's eat or be eaten now. 

Thu, 03/31/2011 - 19:07 | Link to Comment tony bonn
tony bonn's picture

to answer the question of the article, perjury charges are only for the little people....

Thu, 03/31/2011 - 20:07 | Link to Comment Dental Floss Tycoon
Dental Floss Tycoon's picture

Martha Stewart got jail time for lying.

Thu, 03/31/2011 - 20:43 | Link to Comment PulauHantu29
PulauHantu29's picture

I'm sure the penalty will be quite severe: $50 fine and a stern talking to!

Now go on your way and never do it again.

Thu, 03/31/2011 - 23:02 | Link to Comment indio007
indio007's picture

How can you find out what all these companies that mooched off the Fed posted as collateral? 

Thu, 03/31/2011 - 23:37 | Link to Comment I Am The Unknow...
I Am The Unknown Comic's picture

"....that it can never be caught doing wrong. Well, it just was."

NO it wasn't!  No it wasn't!  No it wasn't! Blasphemy!  Police!  Police!  Police!  Somebody call the Dept of Homeland Security and shut this site down immediately!!!!  

They're rubber and you're glue!  What bounces off them sticks to you!  

How dare you question The Powers That Be!   How dare you Sir!  You are not worthy! 

Fri, 04/01/2011 - 03:59 | Link to Comment Shylockracy
Shylockracy's picture

By now it should be clear even to the dimmest village idiot that the capture of the federal government by the likes of GS, JPM plus the FED has been total. They form a state within the state, capable of mobilizing illimited resources (FRNs, discount window) to fend off any challenges to their cryptocracy.

Do NOT follow this link or you will be banned from the site!