Today we get word the hapless SEC is bringing charges against Goldman Sachs regarding a pool of toxic shit created with a helping hand from master of the universe hedge fund manager John Paulson of Paulson and Co., with the express intention of shorting the tar out of said pool of toxic shit, resulting in a billion dollar profit for he and losses for, in all likelihood, your pension plan.
This all reminds me of a great quote from the movie Scarface. One of my all time favourites. Remember Robert Loggia's role in the movie as drug boss Frank Lopez when he said to the up and coming Tony Montana,
"Lesson number one: Don't underestimate the other guy's greed !"
Yup. Never, ever, ever underestimate the other guys greed. You got that right Lopez.
If there is one thing I can say with absolute confidence is that through all of this, my criticisms of Wall St., Goldman Sachs and all their ilk has been galactically understated. The whole system has been contaminated with a virus that is beyond eradication. The rot you see is like the tip of an iceberg exposed in the ocean .... it only represents about 15% of what is there.
Did you catch spin doctor-in-chief for the financial sector Dick Bove of Rochdale Securities out on Propaganda TV asap this morning? Simply being a good foot soldier and following the standard talking points script when bad news (aka cockroaches) comes out of the cupboard.
Did you expect Bove to tell you Goldman is finished with this. Of course this has to be a short term problem for Goldman?
Do you really expect the Wall St. shills to come out and tell you Goldman Sachs stock is not a good investment?
Nope. Simply circle the wagons, boyz. Every dip is a buying opportunity, keeping the game going is of paramount import.
As for this Fabrice Tourre. No doubt he is the absolute perfect candidate to replace Lloyd Blankfein at the helm of GS, heck he should be the next Fed chairman.
Sadly we get what we deserve and in all probability Bove and all these other hacks CNBC will trot out all day are correct, everyone will still keep doing business with Goldman. Wall St. is made up of thousands of cats like Paulson and Tourre, douchebags who would sell their own mother or daughter into sex slavery for a six figure bonus.
But hey it matters not. Markets always go up. Buy the dips. The trend is your friend, enjoy!
As for you John Paulson, one has to just marvel at the acumen or is that brazen audacity of yet another of the 'smartest guys in the room'. It sure must have been tough sleding riding out the bumps of that short position of shit you rigged together with your accomplice Goldman now wasn't it John?
How about we all acknowledge what is fact, that you, John Paulson and the rest of the 'smartest guys in the room' on Wall St. are simply thugs running a rigged game with the assistance of your cohorts on Wall St., not forgetting your enablers in Washington, who instead of policing you, look the other way for a bag of cash (campaign donations).
You Mr. Paulson have been revealed to be nothing more than a street hustler and scammers, running a crooked dice game, who like I said earlier would sell your own mother or daughter into sex slavery for a six figure profit.
You took extensive pains to select the absolute shittiest of shit for that portfolio of CDO's which Goldman helped you create so you could short. You deserve to be richly rewarded for all that legwork you and your firm did. Enjoy those hard earned profits John, about a billion if I recall correctly. You richly deserve it. How you look at your face in the mirror is beyond me.
But please John, just don't call yourself a capitalist, a speculator or investment manager for you are nothing of the sort, hearing you do so insults what little intelligence I have.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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