A Glimpse Into The Soul of Goldman Sachs

By
Real Estate Agent with COMPASS DRE# 01339266

Today we had a glimpse into the soul of Goldman Sachs.

We witnessed an incredible denial of responsibility or accountability by remarkably intelligent executives of the firm.

Senator Carl Levin asked why Goldman Sachs sold a set of investments it had itself labeled “shitty.”

I don't believe he received an answer.

What appeared from the hearing was how disconnected Llyod Blankfein is (and was) from the day-to-day operations of the industry and the actual activities conducted by his firm.

Is he really that uninvolved as the CEO and Chairman or is this going to be his line of defense in the coming lawsuits brought against the firm?

I believe the Financial Services Industry is in for radical change.

So much money changes hands while nothing is produced.

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Rainmaker
1,035,380
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Stewart I wish I had seen that.  I believe it may have had something to do with derivatives.  Hmmmm!

Apr 27, 2010 07:44 AM #1
Rainmaker
1,978,334
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Makes one think real estate...that's a sound, solid investment. Land for instance. Underneath all is land. Stocks..can disappear in value as you watch CEO dragged up court house stairways on the nightly news.

Apr 27, 2010 10:57 AM #2
Rainmaker
887,586
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

It wasn't just Goldman, Stewart. It was plenty of other equally culpable culprits. 

Apr 27, 2010 03:06 PM #3
Ambassador
1,010,775
Steve Shatsky
Dallas, TX

Hi Stewart... anyone who heard that testimony and doesn't believe that there is an ethics and integrity leadership issue there should be themselves suspect.

Apr 27, 2010 03:56 PM #4
Rainmaker
597,043
Jim Hale
ACTIONAGENTS.NET - Eugene, OR
Eugene Oregon's Best Home Search Website

What a den of thieves!  We lock up petty thieves.  We should truly throw away the key on these guys.

Apr 27, 2010 04:29 PM #5
Rainmaker
551,694
Melinda (Mel) Peterson
Real Estate Cafe LLC - Bend, OR
The Blessed Realtor - ABR, CRS

Stewart ~ Sounds like somebody sold their soul to the devil... some time ago!

Apr 27, 2010 04:29 PM #6
Rainmaker
494,160
COMPASS PALM SPRINGS | Stewart Penn
COMPASS - Palm Springs, CA
COMPASS Palm Springs - Broker Associate

Banks such as Goldman Sachs try to justify their activities by explaining they provide essential tools for risk management.

But what they fail to address is the enormous additional risk they add to the system with the high degree of leverage their products incorporate.

The bottom line is we desperately need new regulation to address these exotic products.

Apr 28, 2010 02:23 AM #8
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Rainmaker
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COMPASS PALM SPRINGS | Stewart Penn

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