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HomeIs Lloyd Blankfein a Liar?
Posted by Larry Doyle on November 18th, 2009 3:45 PM |
Yesterday I wrote “Just How Sorry Is Goldman Sachs?” in response to a blanket, unspecified, and unsolicited apology put forth by Goldman Sachs CEO Lloyd Blankfein. In my commentary, I asserted:
Wait a second. Blankfein admits that Goldman participated in activities that led to the crisis? Get Lloyd back in here and ask him for specifics.
In an attempt to probe as to Goldman’s culpability, I inquired:
What do you think Blankfein was referring to when he stated that Goldman “participated in things that were clearly wrong”? I’ll get the ball rolling with a few possibilities:
1. Manipulated the equity markets via computer programs connected with high frequency trading.
2. Ran over Tim Geithner in the settlement of open positions with AIG.
3. Facilitated insider trading on behalf of hedge funds.
4. Intentionally misled lesser prioritized clients via trading huddles.
5. Abused privileged information provided by former Goldman execs now in government positions.
6. All of the above.
7. Other . . . please share your opinions.
Today we learn the answer is most likely choice # 2. It appears that Lloyd Blankfein would like forgiveness for the aggressive posture it took with Uncle Sam in the process of settling its exposure with AIG. Recall that Blankfein has repeatedly asserted that whether AIG went down or not was not meaningful to Goldman Sachs because Goldman had secured collateral from AIG to cover its exposure. (more…)
Just How Sorry is Goldman Sachs?
Posted by Larry Doyle on November 17th, 2009 7:47 PM |
Goldman Sachs CEO Lloyd Blankfein
Mea culpa, mea culpa, mea maxima culpa . . .
It is not everyday that the head of a major Wall Street bank issues an unsolicited and unspecified apology. In fact, in my 23 years on Wall Street I do not ever recall a Wall Street CEO issuing an apology in the manner that Lloyd Blankfein did today. What did Blankfein say? From a Bloomberg report, Goldman, Buffett Establish $500 Million Small-Business Program:
Blankfein, speaking at a conference today sponsored by Directorship magazine, apologized for Goldman Sachs’s role in some of the activities that led to the financial crisis, without providing specifics.
“We participated in things that were clearly wrong and we have reason to regret and we apologize for them,” Blankfein said at the New York event. The magazine named him its CEO of the year.
Wait a second. Blankfein admits that Goldman participated in activities that led to the crisis? Get Lloyd back in here and ask him for specifics. (more…)
