I don’t remember
Amazing how the smartest people in the world can remember everything they are doing, clients, deals, income commissions, successes, most of the time. Why is is that when they get into trouble they all get alzheimer and can’t remember a thing? It would save everyone alot of time if their lawyers who advised them for legal purposes to claim ignorance, would testify instead.
I found the most disturbing part was listening to all the senior executives saying they were “market makers” and there is nothing wrong with their behavior. When Carl Levin asked “don’t you see a problem selling a shitty product and claiming it is fine and then shorting the investment”, and watching the reaction it was unreal to watch.
I kept thinking about that and realized that is the problem. Making junk, selling it as quality and hoping and betting it will fail doesn’t seem to be a problem for Goldman. That is the issue, nothing else.
“unreal to watch” – spot on!
Mr Blankfein’s earlier claim he plays ‘the role of God’ already was prove of the banks disdain.
On top of that he showed no dignity whatsoever during Levin’s interrogation.
Institutionalized theft is a huge problem especially in the anglo-saxon world. If GS proves to be ‘not guilty’ as their horrible conduct is not illegal by law, then lawmakers themselves are guilty. Liberalization of the banking sector was btw largely carried out under president Clinton, masterbrained by mr Rubin (ex GS), his Treasury secretary. And now the GOP swears to block all financial reform.
That should tell us enough. Time for a third choice in the US!
David
PS: 13 of the 85 billion of public money that was used to save AIG (policy created by finance Minister Paulson – also ex GS) was directly forwarded to GS, as their risky subprime portfolio had been insured there. In classic Fox news style: http://www.youtube.com/watch?v=F3AlFe8l4OE – surreal to see them attack rich people for a change.