First up you have to understand that Goldman guys have trouble with simple math. Because at Goldman and on Wall St. in general, 2+2=not 4 but rather whatever they say it does, just ask Jefferson County Alabama, Orange County California, or Narvik, Norway.
One bit of clarification regarding the self proclaimed 'Fabulous Fab' Tourre. This vice president, (how many are there on Wall St.?) and certified legend at Goldman is not a trader he is a salesman. Rather than selling shoes at Stride Rite or furniture at Art Van he sells product at Goldman Sachs. That said, I am rolling on the floor laughing at this poor boob and his fellow Goldmanites. They are all too funny and so hollow. I will simply leave my comments at that rather than verbalize the numerous insults that come to mind for this character after watching his performance for only a few minutes.
Quick question for Lord Blankfein, vice Lord Vinier and the rest of the crumb chasing crowd. How much of this product providing liquidity you keep repeating, does your mother, father, brother sister et al. own? Just curious?
I have said it before and will say it again. Wall St. is infested from head to toe with a deadly virus. There is no cure. The patient needs to be quarantined and put down. Now you can forget about asking anyone on Wall St. whose income depends on this scam continuing this question because self preservation is a trait inherent in all creatures. On Wall St. they will eat their young and sell their mothers and daughters into sex slavery for a bonus or a commission.
This deadly virus I am referring to in Wall St. has been festering in for some time with the symptoms now openly visible for all to see.
Lets have a short history lesson.
Think back to one Henry Blodgett. Remember him?
The all-star internet analyst at Merrill Lynch who had come over from Oppenheimer. Remember his internal e-mails remarking how shitty deals were and how garbage certain stocks were after having publicly proclaiming them stellar and recommending them for clients? Don't forget now that prior to becoming an all-star internet analyst, Mr. Blodgett was, according to public records, a proof reader for Random House books via his BA in English from Princeton. Only a dope wouldn't be able to see how eminently qualified he was to analyse internet companies. Lovely. You just cannot make this stuff up, you truly can't.
Remember Michael Stamenson?
Remember Frank Quattrone?
Remember Jack Grubman?
How many times must we see the same sequence of events play out with the same thug characters like those above we get our collective heads out of asses and do something about it?
The solution actually is really quite simple.
All actions must have consequences. I think we should have learned that in kindergarten no?
No consequences then no deterrent, with apologies to the time out parenting crowd. What was it famous judge Roy Bean said? I think it was something like a good hangin' tends to focus men's minds.
Further to all of this I have a question for our current and former market leaders. Men like John Bogle, Warren Buffett, Bill Gross, Richard Russell, Peter Lynch, et al.
Where is YOUR outrage at all of this?
Why are YOU not standing up separating yourself from the pool of maggots?
Are YOU not concerned with the survivability and continuity of our markets?
Do you not possess and inherent love for the markets. They are your 'office'. Do you not wish to see them survive and prosper or are you that greedy that you will forfeit their survival to make a buck and look the other way?
To Mr. Buffett directly, where are your onions? Where is your leadership? Stop guffawing at Becky Quick for 5 minutes and focus on the larger picture you so often reference. Are you not repulsed by what Goldman and Blankfein stand for and represent?
Have you not had enough with the "you want a friend on Wall St. get a dog bullshit"? Do you not see that our capital markets integrity and survival is at stake or are you winding down and care less.
We all remember you stepping up to the plate years ago to help your dear friend John Gutfreund at Solomon Bros. during their bond trading scandal. Now once again you step up to help your "dear" friends at Goldman Sachs when they were in need. Is this attraction to assist dirt bags in time of need just coincidence or are you simply one of them while presenting yourself publickly as not?
Do you not see any of the issues so many in the blogosphere seem to have with the likes of Goldman and their ilk or does it simply matter not to you?
Just some questions. Now some quick hit items.
Questions are now being asked as to whether GM has really managed to repay their governnment loans or whether it is a big shell game. It seems, according to Sen. Grassley (R-IA.) that GM repaid their bailout money with..... drum roll please, bail out money from another account (escrow to be precise). This seems to be backed up by TARP Neil Barofsky which according to the above article;
In a report issued earlier this week, Barofsky, the special inspector general for the TARP, said, “GM has made several payments on its outstanding loan to Treasury and expects to pay it in full by June 30, 2010. The source of funds for these quarterly payments will be other TARP funds currently held in an escrow account.”
Noticed recently that an IRS agent owes over $12k in back taxes as he somehow managed to omit reporting income on $41,842 in Ebay sales. Maybe he took the tax return course offered by his boss Tim Geithner.
And lastly, with the debt crisis that is going on in Europe with Greece, ( and with Portugal and Spain on deck) Greek officials decided to take the bold step of......drum roll please..... banning short selling. Too funny. No different than Pavlov's dog.
Reality is stranger than fiction.
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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