• 14 May 2010 at 12:25 PM

Goldman Sachs Gets Only Endorsement It Needs

To everyone shrieking “Goldman Sachs broke the law,” “Goldman Sachs is evil,” “Goldman Sachs is this,” “Goldman Sachs is that,” to the SEC, to the peasants, to the window, to the wall, one voice of reason– the only one that counts– is here to say “Stuff it. These guys are cool.” His (nick)name is Bubba and in a wide-ranging interview with Maria Bartiromo that will air on CNBC this afternoon, he told her we should all consider getting off GS’s nuts (vis-à-vis BS lawsuits).

BARTIROMO: But there’s also pressure coming from investigations. I mean, does it–does it seem to you that Wall Street crossed the line? Is Wall Street broken? How are we going to get trust back in the system?

Pres. CLINTON: Well, I think…

BARTIROMO: And did they do anything wrong?

Pres. CLINTON: First of all, all I know is what I’ve read in the press, and I see that there are a lot of firms now that are being questioned by the SEC. I said the other day, and some of my friends got a little hot at me for saying it, that based on what I had read in the press about the–of Goldman and the CEO, it didn’t seem to me that that was illegal, what they did. If we don’t think it’s advisable for people to be gambling one step removed on derivatives because it adds to instability in the marketplace, then there are plenty of ways to deal with that without claiming that it’s illegal. You can simply say that you can’t have derivative trading in those areas, or you can simply raise the margin requirements significantly, or you can do what I think will be done with the securitized home mortgages, saying that the people that issue the mortgages, the original extender of the loan, have to maintain some position in the securities; that is, they can’t get rid of all their risk, because that’s one of the things that caused this bubble to get out of hand.

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Comments (26)

  1. Posted by FinkNottle | May 14, 2010 at 12:29 PM

    skeet skeet

  2. Posted by Riley Escobar | May 14, 2010 at 12:33 PM

    +1 in my book for the endorsement and the hummers while employed…

  3. Posted by How the Fuck Did This Happen? | May 14, 2010 at 12:33 PM

    Bill Clinton FTW?

  4. Posted by OptionsTrader | May 14, 2010 at 12:40 PM

    Love Clinton. The only president since LBJ to give us a surplus.

  5. Posted by kungfugrip | May 14, 2010 at 12:43 PM

    I’m really just here for the tags – there I said it – well done BL- again

  6. Posted by Anonymous | May 14, 2010 at 12:47 PM

    OptionsTrader = Monica Lewinsky

  7. Posted by Anal_yst | May 14, 2010 at 12:49 PM

    Echo @3

  8. Posted by Canadian Banker | May 14, 2010 at 12:53 PM

    and chicks with cankles are what makes The Bubba get out of hand

  9. Posted by guest | May 14, 2010 at 12:59 PM

    AMEN…..#4 Too bad the current Democrats in D.C. can’t get us touch with we the people. I feel bad about not watching Clinton but, I can’t stand Bartiromo.

  10. Posted by Anonymous | May 14, 2010 at 1:02 PM

    While it sickens me to say I agree with Slick Willy, I agree with his premise. He does, however, show himself to be uninformed in his last comment. This concept f forcing originators to “retain some risk” sounds very appealing to lots of people. I can’t think of a way to make it work from a regulatory perspective. If the buyer demands a performance put or something that might work – and that’s a market solution. But I have yet to see a coherent thought on how to force someone to “retain risk” and to “not hedge” it.

  11. Posted by Anonymous | May 14, 2010 at 1:11 PM

    Clinton: You look pretty.
    Maria: Thank you, Mr. President.
    Clinton: Maria, would you prefer to kiss a rabbit between the ears or a dog on the rear end?
    Maria: What?
    Clinton: Do like roses on a piano or tulips on an organ?
    Maria: I am not sure, I do like roses if they are red.
    Clinton: Just answer the question?
    Maria: Depends on the color of the tulips?
    Clinton: The color really does not matter.

  12. Posted by merkin capital partners | May 14, 2010 at 1:21 PM

    MB: How do you respond to claims that you are far blacker than Obama ever has been and will be?

    BC: Well, I can’t respond to that directly, but let me ask you this yew sweet lil Messican. You are Messican right? Anyway, have you ever seen an Arkansas anaconda? (unzips)

  13. Posted by NakedShort | May 14, 2010 at 1:38 PM

    Does anyone care to hear my thoughts on the topic?

  14. Posted by Anonymous | May 14, 2010 at 1:50 PM

    We have seen how Larry Summers, who as Treasury Secretary for Bill Clinton, worked diligently to deregulate and keep unregulated the novel profit-generating financial gimmicks. In fact, Summers went so far as to brag that one of his greatest achievements as Treasury Secretary was ensuring that derivatives would remain unregulated. More recently, even before his current stint in the White House, he wrote articles supporting greater regulation of the financial industry. But the damage had long been done.

    http://blogs.berkeley.edu/2010/03/04/1203/

  15. Posted by Anonymous | May 14, 2010 at 1:51 PM

    @13, NS – no offence, but I’d rather get my thoughts and insights from Anal_yst. He seems to have a good grasp of any situation and I like his forceful style of expression.

    But, an update on YTD performance at HBC and the 1-year and 3-year outlooks for the firm would be much appreciated.

  16. Posted by Devil in a blue dress | May 14, 2010 at 1:53 PM

    @6 pump and dump trade

  17. Posted by NakedShort | May 14, 2010 at 2:06 PM

    @15. Year to date has been fantastic we got in early on some wireless I.P.O.s, and the stuff just skyrocketed from there. There are a lot of Benjamins to be made now with biotech stuff. As far as our 1 to 3 year outlook I’d say strong to quite strong. But honestly, you gotta strike while the iron’s hot. Now’s the time.

  18. Posted by volatilitysmile | May 14, 2010 at 2:09 PM

    Bubba for third term.

    Does this make me a closet democrat? Urgh.

    @13 (NS): Walking to work in the morning listening to Handel’s Wassermusik while gently perusing HBC prospectus = zen.

  19. Posted by Anonymous | May 14, 2010 at 2:31 PM

    Clinton – GG

  20. Posted by NakedShort | May 14, 2010 at 2:33 PM

    @18/VS Cleavage & Classical. Its what we love to do. Its what we do best.

  21. Posted by bubba butt | May 14, 2010 at 2:53 PM

    @11 Please give us more Bubbalog…really good

  22. Posted by King of SLC | May 14, 2010 at 3:53 PM

    great tags

  23. Posted by Anonymous | May 14, 2010 at 4:36 PM

    Clinton: I know how to fix the tax code simply.
    Maria: How?
    Clinton: Come sit closer I want to whisper it in your ear.
    Maria: Bill, I mean Mr. President why can’t you tell me, no one else is in he room.
    Clinton: I wanted to smell your hair and put my hand in the small of your back.
    Maria: ok, but are you still going to tell me how to fix the tax code.
    Clinton: Not anymore. Can we talk about your lips again?

  24. Posted by Lucy van Pelt | May 14, 2010 at 7:11 PM

    Couldn’t you just pinch his fat little cheeks?

  25. Posted by Anon | May 15, 2010 at 7:03 PM

    A rent a shlub like Bubba I can understand ( all politicians become whores when they’re out of power) but to see a real journalist like Fareed Zakaria sucking up to them in the most sychophantic way in Newsweek was really sickening.

  26. Posted by oem software | May 2, 2012 at 4:48 PM

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