Anybody watching the Goldman hearing?

Discussion in 'Current Events' started by Paulie, Apr 27, 2010.

  1. Paulie
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    Paulie Platinum Member

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    These guys are literally bullshitting the panel and smiling about it.

    They have better answers than politicians.

    Anyone who's watching this ought to know what I'm talking about.

    It was also funny to hear Levin say "shitty" like 50 times :lol:
     
  2. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    I'm watching it. It's a witch hunt. Susan Collins is a moron - and is selecting things out of context in order to add more brush to the fire.

    I personally believe that GS is scummy - but a Congressional Hearing is not a proper forum for this. The proper rules of evidence don't apply. It's just political stagecraft.

    (Levin has actually been saving crap over and over again.)
     
  3. Paulie
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    Paulie Platinum Member

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    Regardless, the Goldman employees testifying are making a mockery of the hearing.

    4 men sat there are danced around the simple question of "Do investment advisors at Goldman have a duty to act in the best interest of their clients?"

    They don't want to say "yes" because that would be a blatant lie.

    Stagecraft or not, this should be an outrage to any taxpayer who footed the bill for these bastards.
     
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  4. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    I'm not defending GS, but watching the people who created the environment for this crisis lecture the slimeballs is really beyond the pale.

    Example

    Senator: Do you know what a No Doc Loan is?

    And then he proceeds to describe how those No Doc loans were packaged to sell off.

    What he leaves out is the role the government played via CRA to force banks to make No Doc Loans to begin with, and how they financed Fannie Mae and Freddie Mac to buy them up (who then proceeded to lie on their financial statements about them).

    This hearing is incomplete. Without testimony from the Boston Federal Reserve that wrote the paper recommending "subjective standards", the bank regulators who threatened to pull bank charters if they didn't increase minority lending, Barney Frank and Chris Dodd, the rating agencies that scored subprime portfolios as high investment grade instruments, and the various execs at FM/FM - this is Just A Witch Hunt.
     
    Last edited: Apr 27, 2010
  5. Claudette
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    Claudette Gold Member

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    You got that right.

    Dodd and Franks and Cox oughta be sitting right next the GS dudes.

    I sit here and laugh. Especially when you consider the amount of money GS has donated to both parties.

    Talk about a kubuki show. Jeeze.
     
  6. manu1959
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    manu1959 Left Coast Isolationist

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    politicians are scum.....

    does it really suprise everyone that gs and others laid bets both ways...

    al the stock market is ... is a leagal betting parlour.....and gs is just one of many bookies....

    congress wrote the rules....they should be investigating themselves....
     
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  7. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    And it's important to note that GS has told its shareholders that it stands to BENEFIT from the current version of the financial reform bill.
     
  8. Paulie
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    Paulie Platinum Member

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    Of course it does.

    Like almost any other regulation, it will end up benefitting the big boys and screwing the smaller competition.
     
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  9. manu1959
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    manu1959 Left Coast Isolationist

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    kind of like when warren buffet asked congress to tweak the bill concerning derivaties because he has 50 million iin them....so they did....
     
  10. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    They didn't modify the bill for Buffett - although they should have.

    The Berkshire Hathaway derivatives are hedges to moderate energy prices for the companies in the BH portfolio. Utilities, airline companies, and railroads commonly hedge energy prices. Why would we want to make it more difficult for them to manage their cost structure?

    Painting all derivatives with the same broad brush is extremely shortsighted.
     

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