Remember when the mainstream media was fawning over the multi-millions Warren Buffett had made in 48 hours with his investment in Goldman Sachs? How his $5 billion dollar preferred stock structure with a 10% dividend and the clever warrants he had worked into the deal to buy another $5 billion at $115 per share looked so fucking smart and clever that you just knew it was all going to be ok? Yeah, so, maybe not so much.
Brutality in graphics, after the jump.
It is like that obnoxious jock in High School with the roman numeral after his name, though, isn't it? You know, the one that was always so full of himself, always scoring the winning goal, driving the nicest car, never getting in trouble for drinking or smoking because he was a "future leader" and knew how to apologize and schmooze the administration really well? Yeah, that guy. And then he takes your best friend to the prom instead of... ok well, nevermind.
And when anything bad did actually happen to him, well, you expected this big backlash, but instead he just skated through it, and people praised his courage and development, or some horseshit. Yeah, that's Goldman. Except, now he's out of school, and that smarmy sheepish apology crap just isn't cutting it anymore, is it? Your friends in the Jock club, the ratings firms are already taking heat and they aren't going to take the fall for you this time, Goldman. This time they are downgrading your ass. And your father's friend, the president of the local mini-regional bank (good ole WB) isn't going to stick his neck out again. He already looks like an ass for that drunk driving incident he helped you with. No, you're on your own in the real world now, Goldman. Cold out here, isn't it?
Goldman's Outlook Revised to Negative [MSN]