Posted on 07/16/2009 6:27:05 PM PDT by ovrtaxt
The Genius of Goldman?
What’s up with the mainstream media acolytes who keep
aluding to the genius of Goldman Sachs?
What genius?
If it wasn’t for their former CEO Hank Paulson bankrupting
their competition (Bear and Lehman) and then extorting
Congress behind closed doors under the threat of martial law,
they wouldn’t even be in business today.
Does having your former CEO being able to choose who among
your competitors lives, or dies, make you a genius?
Does having your former CEO bail you out via the backdoor
of AIG, make you a genius?
Does running the latest shadow-government version of
INSLAW/PTECH/PROMIS software and front running the market
(not mention their own clients) as the defacto trading arm
of the Plunge Protection Team make you a genius?
Does stuffing profits offshore and only paying a 1% income tax
rate, after being bailed out by taxpayers who pay 20-30-40
times that, make you a genius?
Was former Goldman Chairman and NY Fed head Stephen Friedman a
genius, or just another front running, inside trader?
Since when does front running & shearing the sheep make one a genius?
Goldman is no more a genius than is the IRS.
One robs you blind under the protection of the law of the land,
and the other robs you blind while operating outside of it.
SliderOnTheBlack
Tags: Genius of Goldman·Goldman Sachs·Hank Paulson·Stephen Friedman
Goldman Sachs is the bigger winner in Obama’s “worst economic crisis since the Great Depression” extravaganza and freak show. I’m pretty sure it was planned that way.
can there be any doubt?
Oh by the way, they have a large stake in the exchange where ‘carbon credits’ are to be traded.
Matt Taibi thinks this will be the next bubble.
There you go! For a liberal, Matt done good and put the future out there for everyone to see.
I agree, that’s am excellent piece of research.
I think there are some common ground issues like this that a third party would do well to address.
Not only Goldman but also JP Morgan Chase in a nutshell.
You do it.
Envy is unbecoming...
Casinos make billions gambling too. It’s easy when you rig the game in your favor. Oh and envy? Please.
Yep, look at this though- scroll down to ‘Avoiding the Real Problem’:
http://jsmineset.com/category/generaleditorial/
I read all about the derivatives market late last year. Very few people realize this is going to be a multi-year slog for America and the West.
The last man standing is going to be communist China.
In case nobody noticed, yes that means the only underlying cause of any of our difficulties in the first place, was not saving enough. And the amounts required are extremely modest, as adjustments to everyone's finances. Most of them have in fact already occurred.
If I had the ability to frontrun my clients trades, I could be a genius too.
If Goldman doesn’t fry over this frontrunning scandal, then it will destroy the market.
Doesn’t take a genius to make money trading on stocks you know are either going to go up or go down.
Your points are correct, but it’s too late. Commerce has alread been destroyed by the governments’ monetary and fiscal policies.
It was clear as day that all the banks would turn in trading profits once the corporate bond market bottomed late last year. But Goldman blew the doors off on how well they traded it.
And it isn't once. It is all the time, for a decade.
If they only made money by hurting their clients they'd have no clients. It is a lie and a smear.
And no, the market isn't going to be destroyed, by Goldman or by anything else.
The government shouldn't be raising taxes at the bottom of a recession. It shouldn't be trying to enact new multi trillion dollar handouts to middle class people who can afford to support themselves. There is plenty to legitimately criticize in present economic policies, if conservatives would drop their doom mongering schtick and pay attention.
But apparently the urge to scream that the sky is falling is too strong and swamps thought. It is a piece of idiocy, and a year or two from now those overcommitted to it today are going to look like complete fools.
Commerce is down 22%. That is what most economists call destroyed by American standards.
I will be happy to go over this again with you in 2 years.
Do you have evidence that Goldman is frontrunning, or are you just doing your best to slander them?
Goldman is over a hundred years old and has one of the best reputations on the Street. If they were found to be frontrunning, their clients would dump them en masse and their reputation would be destroyed. They’re not about to take that risk for a few billion in trading profits.
Just what I’ve read about in the WSJ. There’s a Russian-born software engineer that is about to be prosecuted under the 1996 Economic Espionage Act for taking source code for such a software system with him to his new company.
He was a VP at Goldman prior to him leaving. He made VP there in an awful hurry too.
That software system was not designed for frontrunning. It would make no sense to steal it if it were, since it’s not like the new firm would have access to Goldman’s order data even with the code.
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