Anybody watching the Goldman hearing?

[Paulie]

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

 

[boedicca]

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.)

 

[Paulie]

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.)

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.

 

[boedicca]

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.

 

[Claudette]

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 leave out is the role the government played via CRA to force banks to make No Doc Loans to begin with, and how the 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.

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.

 

[manu1959]

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....

 

[boedicca]

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.

 

[Paulie]

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.

Of course it does.

Like almost any other regulation, it will end up benefitting the big boys and screwing the smaller competition.

 

[manu1959]

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.

Of course it does.

Like almost any other regulation, it will end up benefitting the big boys and screwing the smaller competition.

kind of like when warren buffet asked congress to tweak the bill concerning derivaties because he has 50 million iin them....so they did....

 

[boedicca]

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.

 

[manu1959]

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.

odd...thought i read yesterday that they tweaked it for buffet.....

i have no problem with what gs did or what utilities do....both are legal and smart business....

 

[CrusaderFrank]

List of the World's Greatest Short Sellers:

Goldman Sachs
Joe Kennedy
George Soros.

Any questions?

 

[CrusaderFrank]

Can anyone guess how the Kennedy Family made their fortune?

 

[uscitizen]

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

I intentionally avoid such things to keep my BP down and my stomach better settled.

 

[Paulie]

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

I intentionally avoid such things to keep my BP down and my stomach better settled.

Yeah I don't even watch news. I might catch a little MTP on Sunday, but that's it.

I watch CNBC a lot though, and it's nothing but the Goldman hearing today.

 

[Oddball]

Anybody watching the Goldman hearing?

No.

I prefer my Kabuki theater to be played in native costume.

 

[uscitizen]

Can anyone guess how the Kennedy Family made their fortune?

Are any still in politics? does it matter?
Should we talk about the Bush family dealing with Hitler?

 

[uptownlivin90]

Liars trying to get liars to stop lying and tell the truth.

Hmmm... sounds pointless.

I woke up in to good of a mood this morning to watch pointless shit on TV and get frustrated. So fuck it, hang em all from a lightpost upside down by their feet and shoot at them until they're dead.

Betchya there won't be anymore bailouts anymore after that.

 

[Mr. Peepers]

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.

AGAIN with this debunked LIE. The government did not FORCE anyone to lower loan requirements. A few lenders said no, but most were greedy and saw how much money could be made in predatory lending. When Wall Street and lenders realized they could both make big profits bundling mortgages, they BEGGED and CRIED for Congress to loosen standards even more and get more and more loans flowing their way. 83% of the toxic mortgages were issued by PRIVATE LENDERS - not government backed entities. Freddy and Fanny held onto their loan requirements much longer than all other private lenders. This is on Wall Street, deregulation and GREED. Period. I'm glad they're going after these investors. I hope they catch all that they can and that they go to jail for fraud. THE CRA DID NOT FORCE ANYONE to issue subprime mortgages. You need to research and think for yourself for a change.

Community Reinvestment Act had nothing to do with subprime crisis - BusinessWeek

It's Still Not CRA | New America Blogs

 

[Oddball]

Can anyone guess how the Kennedy Family made their fortune?

Running booze during prohibition.

Somehow or another, that seems like honest work in comparison to what's going on in the District of Criminals today.