Goldman's Memory Challenged


The best financial tabloid readers in the world (that's you) aren't buying Goldman's Made-off denial. Some of the comments we've gotten include:

"Guess my memory of 7 years ago isn't what it used to be. They are being disingenuous though. They did extensive due diligence on Tremont repping other buyer, side by side with Oppenheimer. Their buyer, Rabo or ABN, made multiple offers before dropping out."

"Goldman is full of shit. Their client put multiple bids in. What a bunch of hacks."

"Either Mr. Du Vally was not around in 2001 or he is misinformed. Goldman's client made several bids on Tremont before Opp. won the bidding. They lost they auction - they were an active bidder."

"I think Goldman is engaging in a bit of revisionist history. This is too bad because it is an easy lie to catch them in."

We quote, you decide.


Jewish Ping-Pong Tournament Participant / Sixth-Year Goldman Sachs Vice President Is Looking For His Next Challenge

I just. Gillian Tett has a book called "Fool's Gold: The Inside Story of J.P. Morgan and How Wall St. Greed Corrupted Its Bold Dream and Created a Financial Catastrophe." It's a pretty good book about the creation and rise to prominence of synthetic CDOs, and I'm sure the subtitle isn't her fault, but it's always bothered me, because how exactly was the "bold dream" of creating synthetic CDOs "corrupted" into ... like ... selling more synthetic CDOs? If you think synthetic CDOs are a Bad Thing, they were a Bad Thing at their creation. This is not an orphanage that was taken over by bandits and turned into a source of black-market organs. It was a financial derivative that was sold to people looking to buy financial derivatives. Similarly, Greg Smith spent twelve years flogging equity derivatives to "two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia" and is just now discovering that they're designed to make money for his employer? I imagine his contacts at these hedge funds reading his op-ed today and being like "holy shit, Goldman was trying to make money off of us?" Wait no I don't. I'm pretty sure they wanted to make money too.*