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Not Sure What The Problem Is Here

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As if we didn’t live in a sick, fucked up enough city, where you can’t smoke in a bar, eat Trans fats or be rude to tourists, now people are saying that it’s no longer acceptable to mess with accounting so that actual losses plus paper gains equal a 79 percent increase in net income. Yes, the rules police has a problem with the fact that Goldman Sachs, because it is resourceful, was able to make (make money) money in the third quarter, when everyone else wrote down billions in losses, through trading profits that were unrealized and came from financial instruments whose value was determined by…Goldman. (“Goldman reaped huge gains within the level 3 pot in the third quarter. For example, it made a net gain of $2.94 billion from level 3 derivatives, financial instruments whose value is based on the value of underlying securities. And get this: $2.62 billion of that gain was unrealized.”)
A. What happened to Wall Street being a place that rewarded financial engineering and B. Incidentally, while walking home last evening I happened to pass Lloyd Blankfein outside his building, talking to a bunch of what I’m going to ballpark at ten years-old boys about what sounded like scooters. He was wearing a fleece vest, maybe an Old Navy Performance one, I don’t know. Let me ask you this—does that sound like the garb of a man who lie just to make a buck?
Questions arise about Goldman's blowout quarter [Fortune]


Not a place Goldman is particularly interested in visiting. Two hundred percent. [CC BY-SA 2.5], from Wikimedia Commons

Malaysia Is Not Buying What Goldman’s Selling This Time

$6.5 billion in bond deals? Sure. This cockamamie story about how you didn’t know people were stealing almost half of it? No.