Warren B. tells us why:
... Many of you have expressed your concern over the business practices at Goldman Sachs Group Inc. (GS 149.50, +4.30, +2.96%) and I want to assure you that I do not see anything unusual with the way Goldman sells mortgage securities to its investing clients and then shorts the pants off them before they are even out the door. ...
To be honest, I don't know what Goldman does with all of their derivatives and whiz-bang trading gizmos, but I do know that Lloyd Blankfein is the best person to lead Goldman until he is indicted, at which point I will have a senior moment and forget we ever had this conversation. And if you don't believe me, you can ask Maurice "Hank" Greenberg, whoever he is. ...
That Lloyd Blankfein, he's a total f*cking genius. And worth every penny they pay him.
Etcetera.
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2 comments:
Lloyd is a side-show to satisfy the need for the public to vent. It is obviously working. The real issue is with stripping power from the Fed/ breaking up the mega-banks, which will not happen. Who else do you think built the system that feeds and protects the multi-national conglomerates and allows them to flourish at the expense of labor? The anger should be with the administration and Congress, Democrat and Republican. Lloyd's only a very rich trader. Think about why Goldman had to become what it did to make money and think about why it took so long for the government to get up to speed. They are still way behind the curve.
Correctomondo.
The Big Banks will remain. The Fed won't be reformed or audited. Ten to twenty years out (maybe sooner) we go through this again.
Oligarchs now! Oligarchs forever!
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