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Like There Were Regulatory Burdens Placed On Goldman Sachs. Good One, Senator.

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Senator: "How long were you the CEO of Goldman Sachs?"
Paulson: "From May of 1999 til I left to come down here in mid-2006"
Senator: "You said didn't realize the maze of regulatory problems that we have here on the hill and that you and other companies like yours were dealing with here. You made that statement to us."
Paulson: "I said you have to get down here look at the people and look at the plumbing to understand it"
Senator: "But you were dealing with it on a daily basis"
Paulson: "Well I said you've got to see it up close and personal and step back and look at it and think about it"
Senator: "In other words you're telling me that you didn't know or someone at your firm didn't know about the regulatory burdens that were placed on your firm?"
For those of you not watching the uncensored version, Paulson, went on to add:
"Senator you're obviously not aware how this worked. Regulators came to 85 broad. I gave them the books and a rubber stamp. They pressed one against the other. We had coffee, little heavy petting, I clown faced them, and then they left. If it worked differently at other shops that's their problem."


Goldman Sachs Can Fix This

A week ago today, a man named Greg Smith resigned from Goldman Sachs. As a sort of exit interview, Smith explained his reasons for departing the firm in a New York Times Op-Ed entitled "Why I Am Leaving Goldman Sachs." The equity derivatives VP wrote that Goldman had "veered so far from the place I joined right out of college that I can no longer in good conscience say I identify with what it stands for." Smith went on to note that whereas the Goldman of today is "just about making money," the Goldman he knew as a young pup "revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients." It was a culture that made him "love working for the firm" and its absence had stripped him of "pride and belief" he once held in the place. While claiming that Goldman Sachs has become virtually unrecognizable from the institution founded by Marcus (Goldman) and Samuel (Sachs), which put clients ahead of its own interests, is hardly a new argument, there was something about Smith's words that gave readers a moment's pause. He was so deeply distraught over the differences between the Goldman of 2012 and the Goldman of 2000 (when he was hired) that suggested...more. That he'd seen things. Things that had made an imprint on his soul. Things that he couldn't forget. Things that he held up in his heart for how Goldman should be and things that made it all the more difficult to ignore when it failed to live up to that ideal. Things like this: