Why Do People Love to Hate Goldman?

[Wiglaf]

Also, can someone explain to me why this is bad? Isn't this what goldman is supposed to do?

Goldman Sachs e-mails show bank sought to profit from housing downturn

A Senate investigation into the financial crisis has found that Goldman Sachs, the storied Wall Street investment bank, sought to profit from the historic decline in housing prices by betting against the U.S. mortgage market.

The documents show that Goldman, at times, made big, profitable bets against the housing market -- sometimes betting against mortgage investments that it had sold to investors.

Sen. Carl Levin (D-Mich.), chairman of the Permanent Subcommittee on Investigations, said four internal e-mails released Saturday contradict Goldman's assertion that it didn't seek to profit from the housing downturn. "Goldman made a lot of money by betting against the mortgage market," Levin said.

In a November 2007 e-mail, Goldman chief executive Lloyd Blankfein wrote that the firm "lost money" on the housing market, "then made more than we lost because of shorts."

The release of the documents comes as Goldman Sachs is preparing its most detailed defense yet to allegations that it misled clients in its mortgage securities business, arguing that the firm was unsure whether housing prices would rise or fall and did not take any action at odds with the interests of its clients.

http://www.washingtonpost.com/wp-dyn...042401049.html

Since you cannot read

d four internal e-mails released Saturday contradict Goldman's assertion that it didn't seek to profit from the housing downturn. "Goldman made a lot of money by betting against the mortgage market," Levin said.

THEY LIED about SEEKING PROFIT FROM TOERHUHS DOUWNTRURN. Lying = NOT what a FINANCIAL SERVICES INVESTMANT BANK IS SUPPOSED TO BED OING??

I am TIRED of people PICKING SIDES. Goldman will get off but please don't discredit the movement with **** like THIS THAT IS JUST SIMPLIFYING THE ISSUE

[KrazyHorse]

Then don't try

Not going to. Would be getting into dangerous territory.

[Drake Tungsten]

Do a search, why don't you find out why he's single.

Don't. It's sadder than you can possibly imagine.

[KrazyHorse]

Struth

[MRT144]

Not going to. Would be getting into dangerous territory.

I'd still be interested in seeing how you justify conflict of interest.

[KrazyHorse]

Are you honestly this ignorant?

[MRT144]

Are you honestly this ignorant?

so telling clients to do thing, while you do the opposite is OK. Look, no more discussion is needed here.

[KrazyHorse]

I ask you again: are you honestly not aware that various functions of an investment bank are walled off from each other? I suggest you learn something about how things actually work before you continue your wild-ass speculation.

[KrazyHorse]

For all the interest you've shown in the subject, I'd think that you would have at least managed to learn the single most important fact about how potential conflicts of interest are managed in IBs.

[MRT144]

For all the interest you've shown in the subject, I'd think that you would have at least managed to learn the single most important fact about how potential conflicts of interest are managed in IBs.

They send lackeys who have nothing to do with them to run the PR campaigns on Civ forums?

[MRT144]

I ask you again: are you honestly not aware that various functions of an investment bank are walled off from each other? I suggest you learn something about how things actually work before you continue your wild-ass speculation.

Are you honestly telling me that it's okay? I know that the right hand doesn't know what the left hand does and you're fine with that because "that's just the way it is". Did you become credulous when the price was right?

[KrazyHorse]

They send lackeys who have nothing to do with them to run the PR campaigns on Civ forums?

Har har. How else would you suggest we handle conflicts other than through a Chinese wall, you twit? Our customers have varying needs and varying market views. The firm's exposure will always be opposite some of them, and the only possible way to avoid conflicts is to separate the roles.

Companies can't have conflicts of interest because companies aren't people. Companies act through their agents. These agents are those who must avoid conflicts.

[Hauldren Collider]

Law firms are held to a much stricter conflict of interest standard. Do financial organizations have to make conflict checks?

[Dauphin]

Companies can't have conflicts of interest because companies aren't people.

[KrazyHorse]

What do you mean by conflict checks?

By the way, the legalities of this are far outside my area of expertise. I must stress that none of the views I present here are anything other than my own opinion, and are not based on anything other than public knowledge.