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Thursday, April 29, 2010

Goldman Sachs

One interesting revelation from the hearings seemed to slip under the radar. One of Goldman's excuses about the Abacus deal (that's the one the SEC is suing them about) is that they lost money on the deal that went south. The implication is that they had chosen to invest some of their own money in the deal and we should therefore feel a little sorry for them.

Most of the witnesses at the hearing used the usual tactics of obfuscation, misdirection and delay as they shuffled through their papers and actually admitted very little. The Fabulous Fab, a nickname that will live in infamy, and the key to the Abacus deal admitted in testimony that Goldman only landed up owning part of the Abacus deal is because they couldn't sell all of it and were stuck with owning part of it. Maybe because he's just not as ingenuously slick as some of the head honchos who gave testimony.

Bottom line, the lied and got partially screwed only because they couldn't find enough suckers to take the shit off their hands.

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