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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.)
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.
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.
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.
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.
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
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.
No.Anybody watching the Goldman hearing?
Can anyone guess how the Kennedy Family made their fortune?
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.
Running booze during prohibition.Can anyone guess how the Kennedy Family made their fortune?