Taibbi AGAIN Trashing The Giant Vampire Squid

[boutons_deux]

Goldman Tries, Fails to Sell Soul With Libya Deal

The Libya episode is classic Goldman. They made the equity offer in the first place after blowing a giant pile of Qaddafi’s money on a complicated series of option bets, made before the 2008 crisis. In this deal they pulled the standard White-God conquistador routine, sending in a smooth-talking "rock star" salesman to dazzle the aborigines with cuckoo clocks and shiny things. From Marke ch:

Libya was eager to join the big leagues of finance, and its investors were “awed” by an Arabic-speaking Goldman executive who urged them into an options deal that bet on the fortunes of companies including Citigroup Inc. C +0.23% , Allianz DE:ALV -1.33% and Italy’s UniCredit IT:UCG +2.08% .

The LIA, Libya’s sovereign wealth fund, was charmed by the demonstration and decided to go all-in with a $1.5 billion bet. Goldman very quickly lost them 98 percent of that money.

http://www.rollingstone.com/politics...-deal-20110602

[symple19]

I think I may hate GS more than any other en y on earth

Thanks for posting

[Winehole23]

good1, boutons.

[RandomGuy]

Goldman Tries, Fails to Sell Soul With Libya Deal

The Libya episode is classic Goldman. They made the equity offer in the first place after blowing a giant pile of Qaddafi’s money on a complicated series of option bets, made before the 2008 crisis. In this deal they pulled the standard White-God conquistador routine, sending in a smooth-talking "rock star" salesman to dazzle the aborigines with cuckoo clocks and shiny things. From Marke ch:

Libya was eager to join the big leagues of finance, and its investors were “awed” by an Arabic-speaking Goldman executive who urged them into an options deal that bet on the fortunes of companies including Citigroup Inc. C +0.23% , Allianz DE:ALV -1.33% and Italy’s UniCredit IT:UCG +2.08% .

The LIA, Libya’s sovereign wealth fund, was charmed by the demonstration and decided to go all-in with a $1.5 billion bet. Goldman very quickly lost them 98 percent of that money.

http://www.rollingstone.com/politics...-deal-20110602

Libya threw money every which direction after the sanctions were lifted. It would not surprise me in the least if Goldman bet against their own client in some way.

Ultimately though the money belongs to the Libyan people, so it is kinda sad, but one has to suppress a snicker upon first reading.

[RandomGuy]

By the by Goldman was going to make it up to them by selling them some minor equity stake in Goldman itself.

Something that Goldman would prefer people not know about either.

[boutons_deux]

http://www.rollingstone.com/politics...331?print=true

and the results, so far:

JP Morgan Records Largest Profit Ever, While Community Devastated By Its Predatory Lending Sheds 1,000 Workers



http://thinkprogress.org/economy/201...nty-jp-morgan/

Wall St is run by sociopaths for sociopaths.


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Repugs have said they will block ANYBODY Barry nominates to run CFPA unless the Repugs are allowed to destroy it first.

[boutons_deux]

Goldman's Perjury Distraction

Starting in late 2006, Goldman Sachs made trades that would pay off if the housing market tanked. Was this a massive bet that the housing market was going to crash, as Goldman's critics maintain? Or was it merely a hedge, an attempt by the firm to reduce its risk, as Goldman claims? This debate, which has raged for more than three years, has lately taken on a new significance.

the perjury question is a distraction. Any claim that Goldman lied to Levin's subcommittee will probably be hard to prove, and, anyway, the subject obscures more fundamental questions about Goldman's behavior. The evidence that Goldman misled the government is murky. The evidence that Goldman misled its customers, on the other hand, is fairly compelling. And if that is indeed the case, then there are suitable remedies.

http://www.slate.com/id/2296521/?from=rss

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Very complicated, much "he said we said", almost complete opacity.

My bet is that Goldman, along with all of Wall St, continues to escape, at worst, will "settle" for some silly fine.