Tuesday, April 27, 2010

The Goldman Sachs Testimony Circus: Live Now

You can watch the GS hearing live on Bloomberg, going on right now.

The Pragmatist Capitalist has Blankfein's testimony and excellent comments.

"Until recently, most Americans had never heard of Goldman Sachs or weren’t sure what it did. We don’t have banking branches. We provide very few mortgages and don’t issue credit cards or loans to consumers. Instead, we generally work with companies, governments, pension funds, mutual funds and other investing institutions. These clients usually come to Goldman Sachs for one or more of the following reasons: (1) they want financial advice; (2) they need financing; (3) they want to buy or sell a stock, bond or other financial instrument; or (4) they want help in managing and growing their financial assets".

"TPC Translation: We used to be this great little private partnership until we got greedy and went public. Now the entire US public knows that we provide very few necessary services for the economy and they don’t like it".

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Kentucky said...
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The Shocked Investor said...
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