Goldman Sachs Exec's. to appear today

Senate financial hearings continue today (now) on C-SPAN3 and streaming live here - http://www.c-span.org/Listen/C-SPAN-Radio_wm.aspx.

http://www.c-span.org/Watch/C-SPAN3.aspx

Carl Levin is exposing their fraud out loud

Goldman Sachs , hopefully sweating bullets

are priceless.
not happy..sour faces

I was having a hard time connecting at the alternate albeit I could just turn on my FM Radio, I'm local. :silly: :hi:

Summary who will appear from Goldman Sachs

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7109214.ece

Thanks and keep the commentary on, so I can pop some corn and check back later...LOL :popcorn:

mentioned that 8 decades ago regulations were put in place to keep greed on wall street in check and needs to be done again

susan collins up now

nonetheless Goldman is getting a spanking by the other senators

hope this doesnt end up being just theatrics

'lala land of ledger entries' says one senator/

'its gambling!'

'you are the bookie!! '

as she yells at the CEOs

'you have less oversight then a pitboss in las vegas!!'

:thumbsup:

hoocoodathunkit.

"to spend more time with my family" after I had cashed out billions.


WHAT A FUCKING PIECE OF SHIT.



TG

this is like watching a train wreck

bastards. cant wait til they get grilled by the senators

let's see how they answer questions

Goldman Sachs, Goldman Sachs, Goldman Sachs


lol

.

acts like a deer caught in the headlights

Sparks - mumble

'on the longs we lost' sparks says

he wont answer

levin is letting him have it

Levin says, I'm not asking about the longs. Did you make money on the shorts!

http://dealbook.blogs.nytimes.com/2010/04/27/live-blogging-the-senate-hearing-on-goldman/?src=busln


Can't wait till he blogs about Sparks

I am loving this

these priviledged, armani wearing, limousine riding, little kings are learning they are not as special as they thought they were

he is just saying he doesnt know, doesnt recall.

levin says 'you knew it was a shitty deal'

this is priceless

on to senator collins (R)

wonder if the R's will throw softballs

Sparks - We serve our clients well


Not Answering question directly. Same question to the other Goldman execs

lol

Hope this sinks into the public mind.

within the last hour

http://money.cnn.com/data/markets/dow/

are trying to burn thru their time, not answering questions

in so many words. Fabulous Fab tapdancing. Collins not impressed.

they get on your nerves..can't find a damn thing can't understand the question

they sure had a problem with Collins question about "do you have a responsibilty to act in the best interest of your client"
uhh..well..do you mean we have a responsiblity to show them the shit we're selling..geez louise

a duty to act in the best interest of ourselves."

Guess we will all be waiting a very long time.

.

says Levin

and he says he sees that the banksters are stalling and not answering

was the only one to use the "f" word in his opening statement

4/25/10
Read what Kaufman said on TVOne’s “Washington Watch”...

In his pre-taped interview, Kaufman swipes at Wall Street, saying he would caution friends not to put their cash in the market now. “If I had a friend that had a 401(K) right now? Don’t invest in Wall Street. Get in a bank. Get in Treasury bills … get in something safe, because we just don’t know where this … thing’s going to go,” he said. “There’s nothing in God’s universe that says there has to be a Wall Street and that there has to be a market up there.”

http://www.politico.com/news/stories/0410/36285.html

here's a video, appx 2 minutes
http://tvoneblogs.com/roland/washington-watch-with-roland-martin/news-roland-talks-finance-reform-1628.htm

**********
Kaufman is strong, he knows. I wish he would run for permanent Senator from Delaware.

delay delay delay "which exhibit was that, senator?" lie lie lie evade evade evade


FUCKING PUKES

The natural disaster metaphor is brilliant. Basically, the GS execs are posing as helpless fools rather than the manipulators that they are.

using all kinds of adolescent excuses ...'I didnt know, at the time, well, it wasnt me, you see..'

Kaufman calling bullshit

90% were stated income loans..it was an act of God

man you need hipwaders to walk in the bullshit

while the economy was tanking

come up with schemes that make money, legal or not.

"Mom, I got a job working for Goldman Sachs on Wall Street!"

LOL

SUFFERED!

:wtf:

I choked on my coke when he said that :nopity:

Of course, no one from Goldman Sachs would admit to that term.

4/19/10

In order for WaMu and institutions like it to sell these low-quality loans to the secondary market, they needed a AAA rating from the credit rating agencies. So what did these institutions do? They gamed the system and manipulated the agencies by engaging in a practice called “barbelling.” Apparently, the credit ratings agencies did not examine individual FICO scores when rating mortgage-backed securities, and instead relied on average FICO scores. As revealed at the hearing by a WaMu risk officer, and detailed in Michael Lewis’ The Big Short, lenders could create the requisite average score by pairing loans whose borrowers had relatively high scores with borrowers whose scores were far below levels that would normally warrant a loan. So if the raters wanted an average FICO score of 615, a lender could pair scores of 680 with scores of 550, even though borrowers with scores of 550 were almost certain to default. This “barbell” effect satisfied the rating agencies, even though half the loans had little chance of success. At the hearing, WaMu CEO Kerry Killinger effectively admitted to barbelling, while saying “I don’t have the barbell numbers in front of me.”

http://kaufman.senate.gov/press/floor_statements/statement/?id=de8c5323-48c6-431b-a892-881171223a6b

The shape that appears when charting the strategy on a timeline looks like a barbell (dumbbell). The reasoning behind this strategy is that it allows one portion of the portfolio to achieve high yields while the other portion minimizes risk

GS's pocket.

hahahahahaha

gotta make sure he exploits the crap out of that for his teabagging constituents all the while ignoring his role in adding to that debt by supplementing 2 wars while cutting taxes.

uses colorful words

Thanks for the link!

which is so opaque only they can understand it.

Total Eclipse of the Heart
Don't let it bring you down
Walking on broken glass
13th Floor
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=105&topic_id=9345530&mesg_id=9345543

Lord Of The Rings Scene
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=8214196&mesg_id=8214278

Walking On Broken Glass
Die Hard Trailer
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=8214919&mesg_id=8217884

The Battle Of Ever-more
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=105&topic_id=9345798&mesg_id=9346594

It has a Lord of the Rings feel to it also.

99 Red Ballons
http://www.youtube.com/watch?v=14IRDDnEPR4

She's using terms I am not familiar with

Fab - uh, hm

McCaskill - Was Paulson in the room?

Fab - yes

************



I'm still not sure about this line of question, I'm not sure how betting works.

edit to add the blogging from the Telegraph...

1742: Senator McCaskill has moved on to Paulson. Tourre in the firing line - and giving answers, ish. What's Paulson doing in the room when the deal was being put together? "Erm." Was IKB in there too? "No IKB was not." Tourre adds: "I didn't tell IKB about the existance of Paulson." McCaskill goes in for the kill: "I don't think anyone was in the room except Paulson, were they Mr Tourre? You put ACA in the room as a figleaf....Everyone else involved was your alumni, your former desk buddy."

more

1746: Panicked looks on the Goldman bench. Sparks tries to restore order, using his slow, technical voice to point out some tedious point that may or may not be interesting. McCaskill listens but will not be distracted: "We're hear to learn why people in my state have lost money, that's why we're here and we're going to."

1750: McCaskill waves emails about "shitty deals" but her run is interrupted as the Goldman bench insist on finding the correct piece of paper. She will not have her time wasted and, despite Goldman protestations, says "don't worry, I have plenty more." This is one formidable lady.

1755: McCaskill - what's clear here there's not much confidence in the long side of this instrument, yet sales people are being told to push it. You guys are not just making the market but playing the market and messing it up. Do you understand that?

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7639304/LIVE-BLOG-Goldman-Sachs-grilled-by-Senate-as-it-happens.html

The rest of that quote should be --

"AND THEY LOST IT TO YOU, IN A GAME THAT YOU RIGGED SO YOU COULDN'T LOSE AND THEY COULDN'T WIN."

is on the hot seat

about four inches thick, but it's all numbered. They need their secretaries?

Man, what a bunch of double-dealing slimers.

language. They hated that.

.

yeahhhhh

two different languages..one is Goldman and the other is English

'we are all sympathetic to the bursting of the bubble'

no one taking responsibility...

These asses couldn't give a straight answer if their lives depended on it.

GOOD LORD

hutzpah

I sure don't envy the next panel - there are some frustrated and pissed-off senators at this point.

I get the impression the senators can't believe the amount of bs that these guys are trying to spin. Ugly stuff.

all I can think of is his own shady history

felt the same way..he's icky

Vegas is more honest than Wall Street. In Vegas you know the odds, Wall Street, the odds changed while your playing.

there are cameras all over, you're not using others good-faith monies and if there's fraud - they take the offender/s out back. :-P

ugh..ewww...

At this point, I'm really hoping there will be enough evidence for criminal charges against some of these companies.

asking them when they knew about the housing bubble and telling them he knows they have been briefed by attorneys


little josh in total evasion

and little birnbaum is a smug little shit, yes

"I'm not suggesting that you were brilliant in that assertion..." Re. his statement on the declining housing market. Birnshit visibly didn't like that.

Deals that went to junk after the housing market started going south.

Sparks - Ans: "I don't think Goldman didn't perodically make mistakes, doesn't mean wrong.

they are mostly used to asskissing by their subordinates..
now, suddenly, they are being asked hard questions and they are not happy

:nopity: :nopity: :nopity: :nopity:

Even at this time - they're busted, there are charges by the SEC, among the most despised in this country (and other countries) yet these stuffed shirts show zero remorse, zero honestly and zero real cooperation. It's really quite sickening.

are neutral on conscience. It's all about their bottom line. Greed is good

Tester just talked about people losing everything, and they dont blink an eye

gave me a chill. Bill Moyers had an interview with William Black who called them exactly that.."sociopaths" I now see why

we need regulation ...lots of regulation...'

levin is smacking them down. they are all sitting there stiff as boards.

I think Senator Levin is thoroughly frustrated and totally pissed - it's showing.

they are sitting there with smugness and I think Levin is beyond pissed at this point

and they are using every evasive measure they can not to say anything

Sociopathic tendencies.

http://www.mcafee.cc/Bin/sb.html

they have been raised by mumsy and dadums and were born with silver spoons, they think they are entitled, they have no idea how other human beings live

I think we're seeing the Wall Street mindset in its entirety, today. Pretty frightening and all the more reason to push hard for REAL regulatory reform.

that did nothing wrong they sure are paranoid :dilemma:

and they sure are trying their best to pretend they can't find their ass with both hands. Playing dumb is obviously not their strong suit, even though their lawyers have spent hours coaching them in the practice.

the papers right in front of them

I would love to see them grill Paulson

.

ROFL..and to think these are the smartest guys in the room..suddenly it's all very clear why they went south and took us with them..

"I THINK YOU HAVE NOT ANSWERED THE QUESTION AS BEST AS YOU CAN"
to one of them

The senators and their staffs have really done their homework (about damn time - too bad we had to have a financial disaster to get something done). These investment cretins thought they'd be able to fancy-talk and sidestep their way through this with the help of their lawyers.

The senators aren't buying their 'shitty' offerings today.

and it's good to see

in slow motion....

smart little mfers whom I hope go to jail...my own life and previous dreams were totally derailed by their activity...

I CANT STOP WATCHING EITHER....

the little bastards

can't even talk about our 401K..would love to see Levin send an uppercut their way

Tourre was squirming.

his chair isn't hooked up to wires when he lies

ewwwwee

I've seen Tom Coburn three times now and he seems to be able to hold his own against these very smart people from Wall Street. You get him on the subject of abortion or gun control or in front of a bunch of teabaggers and you'd swear he couldn't hold a conversation with a pet rock. He's actually a very sharp person who can drop a couple million brain cells when he needs to play to the lowest common denominator. Pretty cynical.

And Fabrice Tourre, who boasted by email of selling financial products to a "widow and orphans"?

Blankman must be next..the leader of the assholes

You are worse than the senators mispronouncing ACA, Abacus, or Birnbaum. Its Blankfein. Read a newspaper please.

Geesh, makes me want to reach through the monitor and slap the snot out of 'em.

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Are they taking a break?

and he could be heard saying "Perhaps we should recess." Guess we'll see what he meant by that. Perhaps they will continue tomorrow?

I'm with those wondering when Blankfein's ass will be in the fire.

that could be half an hour though, depending on the bladder/bowel situation, the GS guys might be gone for a bit if it's a bowel situation, cleaning drawers and all that...:hi:

More GS exec's.

This one is getting kinda long.


edit - here's the link to thread 2
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8226414

maybe after the pee break?

here's the link
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8226414