As you might have heard, yesterday was the most majestic day of the Raj Rajaratnam insider trading trial, as it starred witness Lloyd Blankfein. After several hours of questioning (and one patently absurd effort by the court illustrator), the judge called for a quick break. During that time, Lloyd apparently “walked up to defense lawyer John Dowd,” with whom he “exchanged some words and a laugh,” and then “rapidly extended his arm and quickly shook Rajaratnam’s hand.” A very brief dialogue ensued, Raj “smiled” and Blankfein walked away. What did LB say to elicit the grin of the former Goldman client? Read more »
What Did Lloyd Blankfein Say To Raj Rajaratnam During Their Friendly Exchange And Handshake Yesterday?By Bess Levin
“If I had to sum it up in one word, I would say: ‘blah.’ It may slip into double-dip (recession) or it may not, but it is going to slow down. There is no question in my mind because the stimulus is running out, and there is great resistance to any further stimulus.” [Reuters]
Goldman Sachs Forces Employees To Come Up With New And Inventive Ways To Describe Not So Great CDOs Sold To ClientsBy Bess Levin
As you may have heard, Goldman Sachs has “banned the use of profanity” in emails. Some are heralding the move as the end of Goldman, where describing the various ways in which clients are screwed (I kid the Sachsians) is part of the daily grind. And at another bank, staffed by unimaginitive fucks* whose lack of creativity is bested only by their mediocre grasp of the English language, this would be a paralyzing edict. At Goldman Sachs, it’s a mere challenge. Read more »
Cliff Asness Is Running Out Of Adjectives With Which To Describe His Feelings Towards Obama’s PoliciesBy Bess Levin
Last year it was ‘unafraid‘ (in Greenwich), today it’s ‘appalled’ (also coming to live from Greenwich). So, just an FYI, he’s gonna need some help before his next paper. So work on that, and in the meantime, the AQR founder has some thoughts about Obama’s latest proposals. First off, they suck. Biff isn’t arguing that the banks don’t need to be fixed, they do. He just doesn’t like the way Barack and his friends are going about it. And it reminds him of a something he once saw, way back in the day, before AQR, before Goldman, before all of it. Back when he was working as a carhop at a place called Arnold’s.
Count Vikula: “We are the world’s most global bank in a world that becomes more global every day.”
Track 2: “I feel good about our strategic clarity and aspirations.”
So it seems some people are really getting bent out of shape over this whole thing about Bear Stearns CEO Alan Schwartz telling David Faber everything was cool at the firm just a few short days before everything wasn’t cool. No one wants to let this one go– it doesn’t help that the instigators at CNBC have been playing the clip ‘round the clock– or take a second to realize that we should be APPLAUDING Alan Schwartz, not tearing him down, or wondering if his comments about BSC “practically drowning in liquidity” were purposely misleading. As a Bear Stearns executive, CEO no less, the fact that the guy even showed up to answer questions about the solvency of his own company is huge. Factor in that he was at the Breakers Resort in Palm Beach at the time, and had to actually get out of the pool and towel off, walk up to the lobby and ask someone to hold his drink while he “did a thing,” and I think you will agree with me that someone should be getting a raise. Obviously, some of you don’t see it this way. The SEC includes itself in this group of one-dimensional thinkers. Since it doesn’t look like they’ll be backing down from their little threat to investigate why Alan Schwartz said what he said, let’s just get to the bottom of it now, and move on with our lives.
d. should be “got too much sun.” Vizu doesn’t let you just click back, you have to start all over, would’ve taken a decade, etc etc etc.
S.E.C. Eyes Bear Stearns’ Comments [DealBook]