• 31 Mar 2011 at 5:55 PM

Gary Cohn Was Just Kidding When He Said Goldman Sachs Only Borrowed From The Discount Window Once

By Bess Levin

Once, five times, same diff no diff.

Goldman Sachs Bank USA, a unit of the company, took overnight loans from the Federal Reserve on Sept. 23, Oct. 1, and Oct. 23 in 2008 as well as on Sept. 9, 2009, and Jan. 11, 2010, according to the data released today. The largest loan was $50 million on Sept. 23 and the smallest was $1 million on the most recent two occasions.

Goldman Sachs President and Chief Operating Officer Gary D. Cohn told the Financial Crisis Inquiry Commission June 30 that “we used it one night at the request of the Fed to make sure our systems were linked with their systems, and it was for a de minimis amount of money.” Peter J. Wallison, a member of the Financial Crisis Inquiry Commission, then asked, “you never had to use it after that?” “No, and as I said, we used it on the Fed’s request,” Cohn replied.

Oh, did you guys want to know how many times Goldman borrowed in total? Okay, that’s where the confusion was, he thought you meant how many times that day. Total ever was five.

[BusinessWeek]

Comments (14)

  1. 1
    Posted by Guest | March 31, 2011 at 10:56 PM

    What’s a few days between friends? Hey, keep up the god work, GS!

  2. 2
    Posted by Up Kisser | March 31, 2011 at 11:10 PM

    Can’t there be several “mini-tests” inside one larger over-arching “test”?

    - Guy Kissing Up to GS

  3. 3
    Posted by Guest | March 31, 2011 at 11:19 PM

    Decisions about loans <50m probably never even made it to the VP level

  4. 4
    Posted by Guest | April 1, 2011 at 12:00 AM

    The Treasury was late delivering four of our AIG-legacy swap payments and as a result we helped them out by getting the cash from the Fed.

  5. 5
    Posted by Fat Cobra | April 1, 2011 at 12:03 AM

    Gary Cohn is a bitch.

  6. 6
    Posted by Guest | April 1, 2011 at 12:23 AM

    They let the 20-25th interview guys handle shit like that.

  7. 7
    Posted by Guest | April 1, 2011 at 12:23 AM

    They let the 20-25th interview guys handle shit like that.

  8. 8
    Posted by Guest | April 1, 2011 at 12:23 AM

    They let the 20-25th interview guys handle shit like that.

  9. 9
    Posted by Guest | April 1, 2011 at 12:23 AM

    They let the 20-25th interview guys handle shit like that.

  10. 10
    Posted by Anonymous | April 1, 2011 at 3:30 AM

    janitorial staff does that at UBS, while traders are sucking

  11. 11
    Posted by guest | April 1, 2011 at 4:15 AM

    Lucas is that you?

  12. 12
    Posted by Guest | April 1, 2011 at 5:25 AM

    UBS sucks

  13. 13
    Posted by Pappa John | April 1, 2011 at 11:41 AM

    We were ordering pizza and did not have enough in petty cash to cover

  14. 14
    Posted by Guest | April 1, 2011 at 1:49 PM

    $1MM overnight loan at GS?!? Was someone too lazy to go to ATM, or search the couch coushions for their party funds for the evening?

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