As A Reminder, This Is How Goldman Explained "Huddles" Are Good For Its Clients In 2009

Tyler Durden's picture

But, but... the clients' interests came first.... And Goldman was providing liquidity...

And Chewbacca. Never forget Chewbacca.

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rotagen's picture

Nature didn't put me hereAn' neither did my fate --I musta been some even ol'Republican candidate!He's over here in washington,But I wish he was in hell'cause I'm in hot-plate heavenAt the green hotel
Things is slightly better now;They hope we will forgetThe misery of 'trickle down',An' jelly-bean etiquetteThe regal presidential styleHas simply not worn well,An' neither has my rags,Up in the green hotel



Hard1's picture

There are three types of Goldman clients:


Government and employees (which are the same group)  - They make money - heaps of it.

Preferred customers:  They get screwed a little while they speak softly to them. They actually seem to enjoy it.

Regular customers:  They get screwed hard for all their worth just once. (anyway they have no business left at an investment bank after going broke)

Goldilocks's picture

Courtesy of baby_BLYTHE...
Weezer - Buddy Holly (4:12)

ZeroPower's picture

I can tell you first hand Wall Street doesn't quite love anything as much as a good huddle.

But then again so do congressmen.

blu's picture

When you say it like that, it sounds like a bad thing.

ShankyS's picture

Correction - Wall St loves a circle jerk with the client playing the pivot man. 

fbrothers's picture

Can the credability of the market get any worse? Will the rest of the world feel this way? 

LongSoupLine's picture

Let's see how they "huddle" in a 6x6 jail cell.  a-holes...

Theta_Burn's picture

I change my stance

Death to COO on up...

Caggge's picture

Why would the best and the brightest of a private company need illegal insider trading information to be successful? The obvious reason is that they aren't the best......and they aren't very bright. America is always advertised as a nation of laws. Isn't it odd how the "elite" want to play buy different rules then everyone else? They want to play the banker...and have no one ever audit the bank records. They want a cut of all the properties bought in the game. The want fore knowledge when a property is going bankrupt so they can inform their clients to buy it as they short it. America has a cancer. It needs to be cut out!

Richard Chesler's picture

Because cheating is kosher, and risk free.

Caggge's picture

Risk free for the cheaters of course. I think the question I would ask is "Was this country formed with the intention of giving a select few people titles of nobility?"

WTFx10's picture

Its just what the mob,mafia,syndicate,organized crime or whatever you want to call it. But in reality that is how the world is run, between the banks and the governments fleecing the people for their wealth. But much worse because we also let them control the paper shit wad.

Caggge's picture

That's the way the world is run because we allow it to be run that way. We the people of the United States have hired Congressman and representatives to represent us...the order to create a more perfect union. If they don't do what they are hired to do and steal from us...ala campaign donations or jobs after they fleece us.....we need to hold them accountable for their actions. It was said in a previous post that we should execute criminal bankers for perpetuating financial fraud. The best solution is to execute fraudulant public servants for not representing our best interests. A congressman or representatives job that we hired him for was to represent the people. When they put their interest above ours that harms our more perfect union. The buck should stop at our employees. They are the part of the process that has failed us.

Caggge's picture

Furthermore, who was the genius to thought trickle down economics would work? Obviously, whomever it was that thought that concept up wasn't a student of human nature.

SheepDog-One's picture

No its now trickle-up poverty.

buzzsaw99's picture

I can level the playing field.

psst. zirp4evah. no charge.

Mercury's picture

Well, to be fair to Goldman – they can’t be guilty of both giving (money making) tips about upcoming recommendations to clients and also of having a bad (money losing) record of client trade recommendations (that they happen to have taken the other side of) in general.

Tyler Durden's picture

The client trade recos posted on ZH come from the lowest common denominator sources: the "strategists" and the "Analysts", something we have discussed before.

What the GS salespeople, as well as its prop traders, do is to advise the best clients to take the other side of the "public" recos, not to mention the flow traders, who have to build up corresponding inventory from inverse activity to what a client is doing, which is why there is always at least two levels of intentionality one has to read into every Goldman piece. 

Mercury's picture

I was amending a "however" similarly to my comment when you responded: The "whale" clients are sophisticated/inside enough to understand that "buy" means sell and via the huddle tip they become alligned with the firm against Goldman's other ah...counterparties  I get it, I get it...

Well, I guess there really is a difference between a "client" and "counterparty" - a point I've emphasized before in similar contexts.
Buyer beware.


Imminent Crucible's picture

...and there is no reason to be fair to Goldman. Period.

WTFx10's picture

I barely know what you two are debating but I lov reading it. Keep up the fantastic work you do on this site.



Sequitur's picture

Bravo, Tylers. Because this Goldman letter is now proven to be pure unadulterated bullshit. Letting a select few insiders profit at the expense of public muppets is exactly what happened via these conflict-plagued meetings.

insanelysane's picture

In the MF Global huddle during those "hectic" days they figured out how to file for bankruptcy in such a way that their muppets could never recover their money from their bankster friends.

mick_richfield's picture

OK, I want to start a collection of famous lies.   Have I missed any good ones?

the check is in the mail

our clients' interests come first

we don't know what happened to the money

we're not manipulating the market

no one could have seen this coming

Caggge's picture

How about we need to give massive bonus's to retain our talent. They are the best and the brightest. When actually it's hush money because they are paying them to not tell what that real business is all about.

insanelysane's picture

lest the departed ones write op-eds and books.

WhyDoesItHurtWhen iPee's picture



  • check is in the mail
  • I promise not to come in your mouth
firstdivision's picture

The premier clients got the "just the tip" treatment, while the rest of the clients got the full shaft.

sawman's picture

Or the catch all excuse for all things illegal or highly manipulative such as naked shorting, HFT, and now this - "It provides liquidity to the market".

The market worked just fine before all these scams thanks very much you lying, thieving scum.

blunderdog's picture

As long as they tell us they're not doing anything wrong, I don't know what anyone could really expect.

It's not like it could be investigated-- that's sensitive information.

The "Zimmerman pocket defense"?  They tell a story, and the cops agree it sounds good and drop the whole thing.

Al Huxley's picture

These guys are awesome, always putting the client first.  Between GS and Blythe over at JPM, acting on behalf of their clients, I just feel really solid about the state of the market these days.

BlackholeDivestment's picture

...funny thing about corruption, it kills. These foolish hosts, filled with contempt for life and for the truth, call for their own cause to come upon all host so marked in agreement and sealed by such desire. These people are pathetic. They are as Lucifer, ''knowing'', their god in which their trust rests. Well, we have witnessed that trust and the broken seal defining their printing press, the push to artfully dodge the silver bullet. Lol.  These fools have sealed their short term reward and marked themselves for judgment, which they shall never escape at this point. Their globalist government defenders have risen with their gains, as enemy combatant and geopolitical algo robot drones, lol. This is the Supreme souless image and single global voice of contempt speaking their likeness into being. The antichrist image is right on time with the prophetic revelation of the last generation. LMAO. We are all going to suffer the wine of wrath in the BTFD Cup of Fornication, have no doubt, and it's only just begun.

It is a terrible thing to see, the people in general have no nation or power among the nations that is able, much less willing and capable, to overcome the rule of contempt which is now forcing it's hand among all nations riding this new global market beast, which is the insane dealing Pimp pushing for Armegeddon. All you pathetic morons (still) in uniform, no matter what country you are are in, no matter what faith or race you are, you are deceived by the same image as these insiders, that image being the beast which lives for a short time at the expense of mercy, as an attempt to prolong your own interest which has been defined by the orders shaped and defined by the contempt for mercy. Here we all stand, knowing the lawless reality and principalities of the air, declaring persons offering and persons given into temptation. Look at the persons of power and authority, have they not foresaken the revelation of mercy for the comanding voice of contempt, insider market interest, goepolitical and religious conquest? Please, point out the defenders of mercy that have command over forces, and please point out those not lead by deception and inspired by suicide. What a joke. Lol. This market is lawless and the biggest gun on the block, the U.S. Government, is nothing but a pathetic sold out body captured by scumbags in possession of PIIGS in the Europe grave yard ...waiting to drown in the Middle East deep 666.

bugs_'s picture

group hug - but check your wallet afterwards