BizBanker Wrote: ------------------------------------------------------- > Silly legislature trying to represent the people. > How do they think they can look out for the public > asking questions about something they dont know? > They should just leave the policing of wall street > to themselves because they are the only ones who > understand themselves. LMAO
IMO, That lady was smart
> They should just leave the policing of wall street > to themselves because they are the only ones who > understand themselves. What is the motivation to police themselves? What is on the other side that balances greed? I do agree that the senators knowledge does not match that of the GS guys.
Btw concerning those shitty investments of bundled no doc loans - someone has a view on that value - the person who buys that instrument at the negotiated price has made a statement about their view on value - pure & simple; ppl buy & sell securities during downturns/upturns etc etc - it seems like the Senators believe NO EXCHANGES should occur during any time of crisis or declining value; this is more of the same GSE BS - whereby home prices should never have declined If someone was stupid enough to solely buy a security based on the advice of their broker deserves to lose their shirt; same with the agencies rating
It was a joke. By definition, policing must be done by a different party than the policed. Someone mentioned that congressman dont understand the securities markets so they cant be asking quality questions. Along that line of logic, neither can the SEC because they are all lawyers so we should just do away with the SEC and let WS do whatever they want. It was a pretty stupid statement to make that congress, who represents the people, cant question the motivation of a company and individuals who happen to profit greatly from the destruction of the housing market which so many of their constituents now suffer from.
Their point, if you are watching, is that GS took a position to profit from the decline of the asset, not the trade. Their clients believed they were acting as advisors is the main point when in fact they werent even acting as a neutral third party becuase they took the short position.
From Wikipedia regarding current senator on TV: Jon Tester was born in Havre, Montana … In 1978, he graduated from the University of Great Falls with a B.S. in music.[6] He then worked for two years as a music teacher in the Big Sandy School District before returning to his family’s farm and custom butcher shop.[7] He and his wife continue to operate the farm; in the 1980s, they changed over from conventional to organic farming,[8] raising wheat, barley, lentils, peas, millet, buckwheat, and alfalfa.[6]
Well shucks, we should tell him to shut up and let GS do their jobs. For that matter, we shouldnt let people with this level of education vote at all. They obvioulsy have nothing to contribute and are a drag on our democracy. Only educated people should vote and be allowed to enter congress to represent the people, because that is how the founding fathers saw the legislature.
BizBanker Wrote: ------------------------------------------------------- > Well shucks, we should tell him to shut up and let > GS do their jobs. For that matter, we shouldnt let > people with this level of education vote at all. > They obvioulsy have nothing to contribute and are > a drag on our democracy. Only educated people > should vote and be allowed to enter congress to > represent the people, because that is how the > founding fathers saw the legislature. I agree…unbridled anarchy for the win…lets get rid of all regulatory agencies, police etc. Let the market self regulate and everyone own guns and create militias.
It strikes me that, in a place where a majority of posters have either completed the CFA program or are working on the program, all the attention seems to be focused on whether Goldman has done something illegal and not whether they did something unethical. I recall something about conflicts of interest being in the Code of Ethics. It seems there was a division at GS that was putting together these synthetic CDOs for potential investors, while there was another division that was doing some trading (long and short) that involved many of these products. Obviously, there is the potential for information to flow between these divisions and there is the potential for either division to make decisions based on this information. Were there people who knew what was going on both sides? Was there truly a Chinese wall between these units? Or is this kind of thing suddenly irrelevant once we pass L3 and don’t have to study ethics anymore?
Someone needs to regulate, but let it be someone qualified. These legislators are the ones that changed lending requirements and opened the floodgates to subprime loans
BizBanker Wrote: ------------------------------------------------------- > Well shucks, we should tell him to shut up and let > GS do their jobs. For that matter, we shouldnt let > people with this level of education vote at all. > They obvioulsy have nothing to contribute and are > a drag on our democracy. Only educated people > should vote and be allowed to enter congress to > represent the people, because that is how the > founding fathers saw the legislature. You wouldn’t want the most qualified person to be making decisions for you?
gees, it is really not easy to be one of these executives…they are being yelled at all the time…by smart and not that smart people…and the binder of emails…i see they didn’t use two-sided…wasting paper and bad for the environment…
cfajedi Wrote: ------------------------------------------------------- > BizBanker Wrote: > -------------------------------------------------- > ----- > > Well shucks, we should tell him to shut up and > let > > GS do their jobs. For that matter, we shouldnt > let > > people with this level of education vote at > all. > > They obvioulsy have nothing to contribute and > are > > a drag on our democracy. Only educated people > > should vote and be allowed to enter congress to > > represent the people, because that is how the > > founding fathers saw the legislature. > > > You wouldn’t want the most qualified person to be > making decisions for you? If that is in the Constitution somewhere, I seemed to have missed it. So did the minority of the country when they voted in GWB. It is called a representative democracy for a reason: it is supposed to represent the citizens of the country, smart, dumb, informed, uninformed alike. Of course if we did want the most qualified people, that would make a good case for the “librul elite” wouldnt it?
If the Senators wish to make a stronger argument, they need people who are competent, at least minimally educated in the the instruments involved, and knowledgeable in how the market functions. Instead, all we have is redundant questioning, poor understanding of responses, and an unconvincing argument by the government. Can it not be agreed that some of the people on this committee really do not have a clue what is going on, and that this whole circus on TV just makes the regulators look incompetent at their jobs?
Levin is the absolute worst. Is he even going to ask a question? He’s using this circus to grandstand to his constituents. I completely agree with ymmt.
^^ Do you know what a question is? Its when someone expects an answer to their statement. He seems to be doing alot of that and the GS execs seem to be avoiding answers. Questions start with “do, are, have, what, did,”. I seem to hear alot of those and very few “yes, no”.
BizBanker Wrote: ------------------------------------------------------- > ^^ Do you know what a question is? Its when > someone expects an answer to their statement. He > seems to be doing alot of that and the GS execs > seem to be avoiding answers. Questions start with > “do, are, have, what, did,”. I seem to hear alot > of those and very few “yes, no”. Ironic seeing as how I asked you whether or not you would want the most qualified to represent you and I didn’t get a yes nor a no.
The answers to his questions are a lot more complicated than a simple ‘yes’ or ‘no’ response. Levin is not really interested in listening and trying to understand the responses; he’s more interested in showing how tough he is on Wall Street.
What does PM stand for? Prime mover? LOLOLOLOL