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.