At this point, lamenting the absolute lack of criminal convictions is almost as productive as listening to Goldman's defenders con-niptioneering its innocence.
ABACUS is an example of a very sicko patient. That patient is Wall Street and it needs to be put under the regulatory microscope for corrective surgery...like pronto!
The symptoms are not pretty:
Facilitating predatory financial tactics by hedge fund homeboys.
Quantitative three card monty in da private placement hood.
Caveat emptor? Caveat Goldman clients... Since when did anyone decide that "let the buyer beware" is the theme that drives our capital markets.
2Big2Nail --rampant moral hazard.
Balance sheet/financial statement shiatzu of the REPO 105 kind.
Lying former CEOs ("I didn't know nuttin").
We're makin markets not fraud.
Compensation leading to "fast buck Charlie" bangsta bling.
Pumpin and dumpin on sophisticated chumps like AIG, IKB, ABN and your local pension plan.
High frequency trader hooliganism.
Unregulated derivative speed balling.
Yadda, Yadda & Yadda, LLC
Do you want to know what is wrong with Dodds Bill? Its does not go far enough.
Our regulatory system has suffered years of erosion and neglect while being held hostage by the free market Taliban. Now Obama and his posse have a case of financial Stockholm Syndrome. Wake up, the frenemies are our enemies!
Goldman is busy proclaiming its innocence under a contorted regulatory framework that has been diluted and polluted to virtual FUBAR. They are not trusted advisers. They are advisers to be distrusted. Your pension assets and insurance company are fair game since they are managed by sophisticated financial Neanderthals. Goldman can never be wrong because it is 2Big2Fail and a primary dealer of T Bills.
You can't blame anyone for financial tsunamis and black swans. I can't be held responsible for the actions of my 2Big2Manage enterprise. REPO 105? Obscene leverage? Don't know nuttin about dat!
Welcome to Wall Street 2010 folks! Check your nest egg with Wall Street's untrustables...Opus dei the Goldman way!
QUESTION: What is the difference between a snake pit like Lehman and a squid pit like Goldman.
ANSWER: Hank Paulsen
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"They are not trusted advisers." McKinsey was all over the financial services industry in the 1990s selling the repositioning of financial companies as "trusted advisers." If everyone becomes "trusted," all are positioned the same from a marketing standpoint and any differentiation is lost. So they all went over the cliff together, cushioned by a bailout....
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