Remember when the mainstream media was fawning over the multi-millions Warren Buffett had made in 48 hours with his investment in Goldman Sachs? How his $5 billion dollar preferred stock structure with a 10% dividend and the clever warrants he had worked into the deal to buy another $5 billion at $115 per share looked so fucking smart and clever that you just knew it was all going to be ok? Yeah, so, maybe not so much.
Brutality in graphics, after the jump.
It is like that obnoxious jock in High School with the roman numeral after his name, though, isn’t it? You know, the one that was always so full of himself, always scoring the winning goal, driving the nicest car, never getting in trouble for drinking or smoking because he was a “future leader” and knew how to apologize and schmooze the administration really well? Yeah, that guy. And then he takes your best friend to the prom instead of… ok well, nevermind.
And when anything bad did actually happen to him, well, you expected this big backlash, but instead he just skated through it, and people praised his courage and development, or some horseshit. Yeah, that’s Goldman. Except, now he’s out of school, and that smarmy sheepish apology crap just isn’t cutting it anymore, is it? Your friends in the Jock club, the ratings firms are already taking heat and they aren’t going to take the fall for you this time, Goldman. This time they are downgrading your ass. And your father’s friend, the president of the local mini-regional bank (good ole WB) isn’t going to stick his neck out again. He already looks like an ass for that drunk driving incident he helped you with. No, you’re on your own in the real world now, Goldman. Cold out here, isn’t it?
Goldman’s Outlook Revised to Negative [MSN]
goldman is not going to die…in these periodic bouts of crisis->recapitalization affectionately called the “business cycle”, someone of the old guard always gets to survive.
Couldn’t have happen to a better bunch of guys.
Bwahahahahaha
Yeah, b/c WB in the type of investor who judges his investment over a period of weeks. Yep, that is how he made billions.
Wow.
Hopefully the start of a long trend.
fuck goldman.
those guys aren’t that good. It’s reality that these weasel bastards were doing the same underhanded bullshit the rest of the world was doing.
I hope Goldman dies this weekend and the market stands up on its carcass to rally to new heights.
Do all of these Goldman alumni that have pervaded Treasury and the rest of government realize how dire this situation is? This little crisis they concocted is going to take Morgan Stanley down today and there’s no one next but Goldman…
Prime Brokerage customers be careful! Might be time to look for a safer bank like BNP.
to all these people that hope GS dies, after MS gets bought out by japan, what is left? think of your country
I like putting on sparkly glitter eye-liner. It makes me feel good.
If Meriweather can keep getting people to throw money at his hedge funds, GS alumns will be able to branch out at different companies
EP – did GS hurt you in high school?
Who is todd Harrison? Did he spurn BL in high schooL?
As of June 30, Goldman had their subprime exposure marked at 85 cents on the dollar. Merrill puked theirs at 22 cents. Hmmmmmmm.
http://www.pehub.com/20110/lemons-from-lemonade/
I suggested the same thing the other day… time for everyone to take a breather!
They can’t possibly let MS and GS fail. You thought LEH was bad…
@13- ep wrote this post, you dumb fuck.
peter wentz sux.
All – However pleasant you think the Schadenfreude would feel if GS collapsed, the aftermath would feel far far worse. The reverberations of such a disaster would not end at the proverbial Main St. As dire as it might sound, the truth of the matter is that an end to GS would really mark the end of the USA itself.
Anyone notice that Neel is selecting one custodian today? Why hasn’t JP morgan been mentioned? I’ve only seen BNY Mellon and State Street mentioned.
Whoever gets the gig will get a nice fat vig for the next thirty years…
this guy: http://www.minyanville.com/gazette/bios.htm ? really? looks like a knuckle-dragger….
let me see, Goldman, failing, hmmmm. who did Hammerin’ Hank work for again? and his sidekick Mini-Me?
yeah, i am going to go with, “Investment Banks That Survive When They Should Go Teets Up” for $1000, Alex.
–bcd
SYSTEMIC!!!!!
Stop bashing GS- it could be your firm next if we don’t stop this.
-MoneyGripwisdom
http://www.wallstrip.com/2006/12/08/12-08-06-wallstrip-chat/ – wow, what’s sexier, the exposed chest hair, or the bling-bling on the neck?
supa star!
- EP undoubtedly Buffet shorted GS common into the “Buffet Rally” and has now locked in a guaranteed profit.
Time to hit godaddy.com
goldmanresumes.com
goldmanshwag.com
goldmanguyseatdookies.com
I still say the easiest way for the Treasury to end this crisis is to sell a shitload of CDS’s on MS and GS: as much as you bitches want, come and get it. Then announce they are fully backstopping both firms.
You’ll see a short-cover in MS and GS that you have never seen before as all of those CDS writers and short-sellers have to cover the equities and as all the bitches who went long the CDS’s see their premium evaporate as they have to sell those CDS’s back to Treasury for pennies on the dollar.
When that’s done, they should threaten to do it with any other shit financial company they want – when the market is least expecting it.
Nice volume in the JP Morgan Nov 55 Calls~bastards
@27 That is crazy enough that it just might work, well unless the companies really are worthless and Treasury can’t get congress to pony up to cover the debts.
@27-
Sounds just like the advice certain people gave the BOE when the pound fell out of the ERM. That sure worked out well for them.
Heard quite a no. of hedge funds have transferred their accounts from there to Deutsche & JPM. Ask around.
Buffet was also a big investor in railroad stocks in end 2006/early 2007. Anyone seen those stocks of late?
But of course, if you hold it for 20 years then there HAS to be another bubble where the price goes up. So THAT is the strategy?
@9 GS is not our country. Just a bunch of leeches on their way down.
I thought GS was the US Tresury? Why would the US Tresury fail?
@33-
If GS isn’t our country, why did the taxpayers just pony up $700B to guarantee the GS bonus pool won’t be less than last year’s?
@35 The tax payers couldn’t stop it. They tried.
WB invests for the long term. He doesn’t care that GS drops like this over a week.
It probably helps that it’s nothing more than a drop in the bucket for him.
What’s a Goldman bonus really worth if you get beatdown in the street on the way to the bank?
I think the world would rejoice if Goldman failed. A bunch of sissies who are delusional about their place in the world.
- former GS trader
Very well don, EP. Good metaphor. Also appropriate would have been likening GS to the president of the hot guy frat in college that hooked up you at the bar and then took your roommate to formal.
@RAW DOG
the US can survive without GS, trust me.
#40 sums it up.
commenting on Buffet losing money now is just as idiotic as those articles 48 hours after investment lauding his profits. he does not make short term plays, all of this price movement is meaningless.