In Your Last Meeting, Did Mr. Paulson Crack His Knuckles In Such A Way That Suggested "You're Done Here, Charlotte"?

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12:45: And we're back (previously).
Lewis thought due diligence was done "adequately." He kicked the tires, took a look under John Thain's hood. What do you want?
12:53: We didn't say anything about the losses 'cause we didn't want to "shock" or "spook" the markets. I mean, you saw what Merrill was packing, right? Slasher film-status.
Rep Kucinich is back on the fact that Lewis claimed to not remember asking for a letter from the government re: taking on a metric asston of losses, even though an email from Paulson indicates he did.
Kucinich: CEO's should have good memories.
Lewis: I have a good memory, except for the times I black out.


1:20: Elijah Cummings is taking this to a heavy, philosophical place I don't appreciate (these things are for batshit insanity.) "Why didn't you leave this deal on principle?"
This is good: "Tim Bernanke"
"How could a man of your stature go through with this, knowing what you knew? You're not some bank teller." [bank tellers: hey!]
Chairman Edolphus makes a good point, which is that we're only getting one side, and need to also interrogate Paulson and Bernanke, which they're planning on doing. Except that they should've grilled them all at the same time, together, which would've been not just hilarious but possibly actually effective, 'cause Lewis isn't going to lie with the Hammer sitting 5 feet away. Also, if they really wanted to get anything out of this, Congress should've made this a traveling show, and performed the hearing at the various scenes of the crime (the meat locker Paulnanke took Lewis to, the trail Paulson was biking riding on during the December 17th phone call, etc).

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David Viniar's Work Here Is Done

Back in 2009, Goldman Sachs Chief Financial Officer David Viniar, whose face may not be as recognizable to you as that of Lloyd's but whose voice you've likely found just as if not more soothing each time you hear it during the firm's earnings calls, decided he was ready to move on after a three-plus decade long career with The Firm. Normally, that would have been just fine; people would have wished Viniar all the best as he happily waved good-bye to all his colleagues and friends from the gondola lift made of fluffy clouds and money that transports all Goldman Sachs executives to retirement. Unfortunately for DV, however, it was around the time that he started to think about leaving that Goldman hit some unfortunate rough patches that included "a civil fraud suit by the Securities and Exchange Commission over marketing of mortgage-related securities, a federal criminal probe on the same matter, and a civil suit brought by a hedge fund that bought a Goldman CDO." And while other higher-ups-- no names: Jon Winkelried-- would have thought nothing of abandoning Lloyd in his time of need or what kind of message it would have sent that a top official was calling it quits, David "Bones" Viniar is  a little more loyal than that. Lot more loyal in fact ("He's so loyal he's only going to do anything when the timing is appropriate," one person said at the time, adding that "David will do whatever the firm asks of him") and so he stayed. Stayed by Lloyd's side during his darkest hour. Stayed when the Goldman needed him most. And although some might have hoped he'd forget about wanting to leave; that he could be tricked into staying "just one more year" and another and another and another after that; that that good-bye he put on hold would stay on hold forever; that, if all else failed, Gary Cohn could put him in a sleeper hold with his legs...that good-bye has come. Goldman Sachs today announced that Harvey M. Schwartz, the global co-head of the Securities Division, will become Chief Financial Officer at the end of January 2013. After a distinguished 32 year career at the firm, including 12 years as the Chief Financial Officer, David Viniar has decided to retire and will join the Board of Directors as a non-independent director at that time. The firm expects to appoint additional independent directors to its board in the near term. David Viniar retiring as Goldman CFO [FT Alphaville] Related: David Viniar Stands By His Man