Rolling Stone’s chief Wall St. correspondent Matt Taibbi has a missive coming out soon on the fall of Bear and Lehman. But before he reveals the solution to those riddles, he took some time to return to the conspiracy/blame game theorists’ version of Old Faithful, Goldman Sachs. This time around, the target is three pages ripped out of a presentation Goldman was apparently using to advance their cause in Washington in connection with the ongoing debate on naked short selling. But chances are MT was not on the original distribution list. So how exactly did he come upon the word according to GS?
Last Friday I got a call from a Senate staffer who said that Goldman had just been in his boss’s office, lobbying against restrictions on naked short-selling. The aide said Goldman had passed out a fact sheet about the issue that was so ridiculous that one of the other staffers immediately thought to send it to me. When I went to actually get the document, though, the aide had had a change of heart.
Which was weird, and I thought the matter had ended there. But the exact same situation then repeated itself with another congressional staffer, who then actually passed me Goldman’s fact sheet.
But Taibbi didn’t just take these stories of Goldman-induced laughter at face value. He had a look himself at the three slides and (after accounting for the 8 missing slides between the first and second piece of evidence), in his professional opinion, the firm is getting a bit egregious with what they believe their facts actually prove.
The thing is, you can’t deduce anything at all about naked short-selling by looking at a graph showing levels of normal short selling. This is like trying to draw conclusions about the frequency of date rape by looking at the number of weddings held. The two things have absolutely nothing to do with one another.
An Inside Look at How Goldman Sachs Lobbies the Senate [TrueSlant]
Greg,
Stop shitting on yourself after lunch, you make Dontrelle not want to come over here, figuratively and literally.
Mom
“Naked short-selling is a kind of counterfeiting scheme” just like Goldman Sachs is a great vampire squid wrapped around the face of humanity.
Makes perfect sense.
Matt, can you please use a different metaphor, preferably one involving deli meats. Gratzi.
-CG
@2
It will all make perfect sense when a baby vampire squid explodes out of humanity’s collective stomach.
God that is such classic banker BS…did anyone read those slides??
“Naked sponsered access introduces the potential for significant systemic risk due to the…..” hahaha..and these guys make 10s of mills a year…hahah
let me finish the slide….” Your life is the sum of a remainder of an unbalanced equation inherent in the programming of the matrix. You are the eventuality of an anomaly which despite my sincerest efforts I have been unable to eliminate from what is otherwise a harmony of mathematical precision. While it remains a burden deciduously avoided it is not unexpected and thus not beyond a measure of control. Which has led you inexcerably here.
Precisely, as you are undoubtedly gathering the anomaly is systemic. Creating fluctuations in even the most simplistic equations.
- BANKERS ARE DOUCHEBAGS
@5/Taibbi
GFYS and GTFO
These posts from Greg are harder to read then the Dead Sea Scrolls.
Moses
matt taibbi = fucking idiot. stop sucking at the zh teat, MT, or at least understand what he’s feeding you.
Mary Schapiro, the head of the Securities and Exchange Commission said the office will investigate controls on “naked” short selling which “potentially” could be harmful to the market. The roundtable will be held on September 30, 2009 and starts the day with a speaker from Goldman Sachs.
Film producers of “Stock Shock-The Short Selling of the American Dream” expect little to change, but its narrator, Richard, has high hopes. “I never thought in my wildest dreams I would be in a Hollywood movie telling the world about stock market corruption,” says a shocked Richard, ” I’m no star, but as the narrator of the movie, I am the voice of my former fellow postal workers, victimized military veterans, police officers, firefighters, teachers and the rest of the working class people of the world.”
Director, Sandra Mohr says she made the movie to empower small investors and give them a voice.
To view “Stock Shock” buy the DVD at Amazon.com or http://www.stockshockmovie.com.
Mary Schapiro, the head of the Securities and Exchange Commission said the office will investigate controls on “naked” short selling which “potentially” could be harmful to the market. The roundtable will be held on September 30, 2009 and starts the day with a speaker from Goldman Sachs.
Film producers of “Stock Shock-The Short Selling of the American Dream” expect little to change, but its narrator, Richard, has high hopes. “I never thought in my wildest dreams I would be in a Hollywood movie telling the world about stock market corruption,” says a shocked Richard, ” I’m no star, but as the narrator of the movie, I am the voice of my former fellow postal workers, victimized military veterans, police officers, firefighters, teachers and the rest of the working class people of the world.”
Director, Sandra Mohr says she made the movie to empower small investors and give them a voice.
To view “Stock Shock” buy the DVD at Amazon.com or http://www.stockshockmovie.com.
Mary Schapiro, the head of the Securities and Exchange Commission said the office will investigate controls on “naked” short selling which “potentially” could be harmful to the market. The roundtable will be held on September 30, 2009 and starts the day with a speaker from Goldman Sachs.
Film producers of “Stock Shock-The Short Selling of the American Dream” expect little to change, but its narrator, Richard, has high hopes. “I never thought in my wildest dreams I would be in a Hollywood movie telling the world about stock market corruption,” says a shocked Richard, ” I’m no star, but as the narrator of the movie, I am the voice of my former fellow postal workers, victimized military veterans, police officers, firefighters, teachers and the rest of the working class people of the world.”
Director, Sandra Mohr says she made the movie to empower small investors and give them a voice.
To view “Stock Shock” buy the DVD at Amazon.com or http://www.stockshockmovie.com.