How very quaint that this surprises you.Well, we know Lloyd and his tribe didn’t kill Jesus. The Romans did. Plus, even if, millennia ago, Blankfein’s forebears had a little hand in getting rid of a certain troublemaker, that would put a big dent in said troublemaker’s claims of divine origin, if you know what we mean.
So they didn’t kill Jesus. But even if the boys at Goldman celebrated Christmas, they’d be getting a whole lot of coal–or worse–this holiday season, according to the Gray Lady’s one-time star business reporter and ARS nemesis Gretchen Morgenson.
Goldman and other Wall Street firms maintain there is nothing improper about synthetic C.D.O.’s, saying that they typically employ many trading techniques to hedge investments and protect against losses. They add that many prudent investors often do the same. Goldman used these securities initially to offset any potential losses stemming from its positive bets on mortgage securities.
But Goldman and other firms eventually used the C.D.O.’s to place unusually large negative bets that were not mainly for hedging purposes, and investors and industry experts say that put the firms at odds with their own clients’ interests.
Oh, there’s more people. Twenty-eight hundred more words, in fact, for you to spit up your coffee onto this Christmas Eve morn, accusing Deutsche Bank, Morgan Stanley, and everyone else–in the most restrained, journalistic terms, of course–of creating the housing bubble, levering the hell out of it and then betting the house against it.
“The simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I have ever seen,” said Sylvain R. Raynes, an expert in structured finance at R & R Consulting in New York. “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”
Nice metaphor, Sylvia. But can we blame the ratings agencies instead?
Mr. Egol and Fabrice Tourre, a French trader at Goldman, were aggressive from the start in trying to make the assets in Abacus deals look better than they were, according to notes taken by a Wall Street investor during a phone call with Mr. Tourre and another Goldman employee in May 2005.
On the call, the two traders noted that they were trying to persuade analysts at Moody’s Investors Service, a credit rating agency, to assign a higher rating to one part of an Abacus C.D.O. but were having trouble, according to the investor’s notes, which were provided by a colleague who asked for anonymity because he was not authorized to release them. Goldman declined to discuss the selection of the assets in the C.D.O.’s, but a spokesman said investors could have rejected the C.D.O. if they did not like the assets.
Wow. Stuff so toxic even Moody’s couldn’t muster a triple-A rating?
Goldman created other mortgage-linked C.D.O.’s that performed poorly, too. One, in October 2006, was a $800 million C.D.O. known as Hudson Mezzanine. It included credit insurance on mortgage and subprime mortgage bonds that were in the ABX index; Hudson buyers would make money if the housing market stayed healthy — but lose money if it collapsed. Goldman kept a significant amount of the financial bets against securities in Hudson, so it would profit if they failed, according to three of the former Goldman employees.
A Goldman salesman involved in Hudson said the deal was one of the earliest in which outside investors raised questions about Goldman’s incentives. “Here we are selling this, but we think the market is going the other way,” he said.
Well, why not? Those with the Big Guy on their side needn’t explain themselves to mere mortals. Especially not on Christmas Eve.
Banks Bundled Bad Debt, Bet Against It and Won [NYT]
Is there anything new in this story? Didn't we all know this in 2007?
@ 1
I actually checked the date on the article to make sure it wasn't stale
Hey Rubes: This Shazar guy is kind of writing in sort of an edgy way lately. I like it.
~The Late Hunter Thompson
Ghost of Greggums past.
As my friend Gabe who is is 6'5 and build like a truck says to any anyone who accuses him- and Jews for killing Jesus:
"I still have the nails, want me to do you too?"
Anyone notice that LB and BL have the same exact smirk?
The Romans. Leave it to the dagos to fuck everything up.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only "new" information is BS/irrelevant quotes from 2 or 3 of Gretchen's "sources."
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Who are you people calling "you people?"
goyem, we are calling you people goyem
Blankfein is Jewish ?????
@14 no, he's hindu, you ass
@14 Asian the last time I looked. Middle name is Senthil.
Is there anything new in this story? Didn’t we all know this in 2007?
Is there anything new in this story? Didn’t we all know this in 2007?
Is there anything new in this story? Didn’t we all know this in 2007?
Is there anything new in this story? Didn’t we all know this in 2007?
Is there anything new in this story? Didn’t we all know this in 2007?
Is there anything new in this story? Didn’t we all know this in 2007?
Is there anything new in this story? Didn’t we all know this in 2007?
@ 1
I actually checked the date on the article to make sure it wasn’t stale
@ 1
I actually checked the date on the article to make sure it wasn’t stale
@ 1
I actually checked the date on the article to make sure it wasn’t stale
@ 1
I actually checked the date on the article to make sure it wasn’t stale
@ 1
I actually checked the date on the article to make sure it wasn’t stale
@ 1
I actually checked the date on the article to make sure it wasn’t stale
@ 1
I actually checked the date on the article to make sure it wasn’t stale
Hey Rubes: This Shazar guy is kind of writing in sort of an edgy way lately. I like it.
~The Late Hunter Thompson
Hey Rubes: This Shazar guy is kind of writing in sort of an edgy way lately. I like it.
~The Late Hunter Thompson
Hey Rubes: This Shazar guy is kind of writing in sort of an edgy way lately. I like it.
~The Late Hunter Thompson
Hey Rubes: This Shazar guy is kind of writing in sort of an edgy way lately. I like it.
~The Late Hunter Thompson
Ghost of Greggums past.
Ghost of Greggums past.
As my friend Gabe who is is 6’5 and build like a truck says to any anyone who accuses him- and Jews for killing Jesus:
“I still have the nails, want me to do you too?”
As my friend Gabe who is is 6’5 and build like a truck says to any anyone who accuses him- and Jews for killing Jesus:
“I still have the nails, want me to do you too?”
As my friend Gabe who is is 6’5 and build like a truck says to any anyone who accuses him- and Jews for killing Jesus:
“I still have the nails, want me to do you too?”
As my friend Gabe who is is 6’5 and build like a truck says to any anyone who accuses him- and Jews for killing Jesus:
“I still have the nails, want me to do you too?”
As my friend Gabe who is is 6’5 and build like a truck says to any anyone who accuses him- and Jews for killing Jesus:
“I still have the nails, want me to do you too?”
As my friend Gabe who is is 6’5 and build like a truck says to any anyone who accuses him- and Jews for killing Jesus:
“I still have the nails, want me to do you too?”
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
Anyone notice that LB and BL have the same exact smirk?
The Romans. Leave it to the dagos to fuck everything up.
The Romans. Leave it to the dagos to fuck everything up.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only “new” information is BS/irrelevant quotes from 2 or 3 of Gretchen’s “sources.”
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only “new” information is BS/irrelevant quotes from 2 or 3 of Gretchen’s “sources.”
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only “new” information is BS/irrelevant quotes from 2 or 3 of Gretchen’s “sources.”
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only “new” information is BS/irrelevant quotes from 2 or 3 of Gretchen’s “sources.”
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only “new” information is BS/irrelevant quotes from 2 or 3 of Gretchen’s “sources.”
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only “new” information is BS/irrelevant quotes from 2 or 3 of Gretchen’s “sources.”
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only “new” information is BS/irrelevant quotes from 2 or 3 of Gretchen’s “sources.”
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
@1/2
Same reaction here. Not only is the article devoid of any structure/skillful writing, the only “new” information is BS/irrelevant quotes from 2 or 3 of Gretchen’s “sources.”
I despise Gretchen (and the NYT Biz section), but this piece just takes the cake for worst piece (of sh*t) financial journalism of the year.
The Romans. Leave it to the dagos to fuck everything up.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Anal_yst,
Thanks for your insight and for making sense of it all for us.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Accept that Lloyd is just another in a long line of great jewish thinkers, including Maimonides, Spinoza, Einstein, and yes, your boy JC.
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
Who are you people calling “you people?”
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
goyem, we are calling you people goyem
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
Blankfein is Jewish ?????
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
@14 no, he’s hindu, you ass
15/16 – No 14 is right. The man is Jewish.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
@14 Asian the last time I looked. Middle name is Senthil.
Royd Brankfrine
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
15/16 – No 14 is right. The man is Jewish.
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Royd Brankfrine
Sorry, but this was not Hunteresque, you bastard reptile. Nowhere near.
~ The Undead Raoul Duke
Sorry, but this was not Hunteresque, you bastard reptile. Nowhere near.
~ The Undead Raoul Duke
58FDbP Im thankful for the blog article.Really thank you!