Senate Hearing: Lloyd Blankfein vs. Sen. Levin ; Goldman Sachs

http://www.thesoapboxroadshow.com/ WASHINGTON - Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression.
http://levin.senate.gov/imo/media/doc...

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  News & Politics

[R. E. Heubel]

Why is Goldman selling  "shitty" and "crappy" securities?

[R. E. Heubel]

First, You'll have to buy a bunch of congressmen and the Treasury Secretary will have to be your friend.

[Jaimy Fox]

Blankfein should hang from the highest tree of the US.

[TornaghCreations]

Goldman Sachs sold a risk, clients bought it, and since Goldman Sachs knew this shit is too risky for them they rather went short on it, where is the problem? If I think that I will outsmart the market, and buy something that many people consider a bad idea, and if i bought it from GS, why is GS at fault? The whole idea of stick exchange is buying and selling risks. Thats what they did.

[tonyukuk osmanlioglu]

I thinkg Sen. Levin does not really understand the workings of the market. the onliest thing that has the most destructive effects in this world has been the structural interference into the economy. that's why we need more free trade, free markets and that's why we need more people like Lloyd Blankfein in this world.

[vfam1l1]

Why does Blankfein constantly look like he's glaring into the sun

[vfam1l1]

It takes skill to be the level of bullshitter Blankfein is

[MixTapeHomez]

So this is God, the guy who rules us all.

[hj w]

one that were fully recovered from the biggest financial crisis in 2008 was the one who caused it. real irony.

[flukes777]

Because if GS bets against them (and if they fail), GS can make money.

[misterkeebler]

At least in this hearing, they really don't describe the actual positions. You can easily just have an option to short in case it does fall as you hold it long. There is nothing wrong with profiting that way. I don't know what they did in this case. Regardless, there are several groups at fault here, and Goldman simply banked off the fact that CMOs are traditionally safe investments and that most people wouldnt question them or the original mortgage underwriters. Sleezy on all accounts.