Lying Sack Of Dog Squeeze: Blankfein
The Market Ticker ® - Commentary on The Capital Markets
Posted 2009-11-17 15:27
by Karl Denninger
in Editorial
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Lying Sack Of Dog Squeeze: Blankfein
 

Sorry Lloyd: NO SALE

“We participated in things that were clearly wrong and have reason to regret,” Blankfein, 55, said at a conference in New York hosted by the Directorship magazine. “We apologize.”

But then there's this...

Goldman Sachs, the most profitable securities firm in Wall Street history, had a record profit in the first nine months of this year and set aside $16.7 billion for compensation expenses.

No they didn't.  Their "profit" was entirely ill-gotten.

About $10 billion from the government via the AIG conduit, which they had a ZERO chance of collecting had AIG filed bankruptcy.

Another $21 billion financed at RADICALLY below-market rates due to government guarantees - that is, an explicit taxpayer subsidy.

That money is not Goldman's.  It is ours.

Furthermore, the standard for forgiveness among Christian faiths for sins requires certain things.  Specifically one must:

  • Be sorry for one's sin.  Lloyd professes to be.  Ok.

  • Forswear sin in the future.  To do so one must identify the specific sin(s) for which one is atoning.  So far, Lloyd hasn't done that.  Exactly what things did you do that were wrong Lloyd, and why are you trying to evade whatever lawful and reasonable punishment might come from making a full account of your activity?

  • Make penance where possible.  In this case it is possible, since the sin involved money.  Yet Goldman and Lloyd have made no penance whatsoever, despite the myriad people who got hosed as a direct and proximate cause of activities he now admits were wrong for Goldman to engage in.

Goldman may be the "most profitable" Wall Street firm but I will simply observe that it is trivially simple to be "profitable" when one does wrong, since it is always easier to make money by doing wrong than by acting with honor and propriety.

No Lloyd, your apology is not accepted, as it is insincere.  You are simply trying to deflect attention from the well-deserved hit to your reputation - a reputation that, from my perspective, is somewhere south of Satan's.

Have a nice day Jackass and may you burn in Hell.

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User Info Lying Sack Of Dog Squeeze: Blankfein in forum [Market-Ticker]
Widgeon
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Amen.

Chessmaster
Posts: 284
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Near the Bay
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Yes, I would like to take the few minutes out of my day to tell that rat muther ****er I don't forgive him either. Another person that would get hit in the face with my hammer. Probably more than once too. Again I would walk away smiling.


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You never go broke taking a profit UNLESS you spend like an *******!
Pojo
Posts: 45
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Banned
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i hate to say it, being a good Christian myself,
but i HATE that man and all who work for GS and the like

if they do it, they clearly don't see anything wrong with it
there is no rehabilitation for those rat muther fockers

their position has gone from "it's a free economy rewarding the hard-working/creative/intelligent/entrepreneurial"
to "it technically isn't illegal"
to "it's mine"
to "**** you, give us more"
to "we don't care if you die, you lowerclass pigs"



Ldog
Posts: 320
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The gall of these Ivy league pricks. I could have one down day a quarter too if I had the Fed's error account and did repos all day long with the printing press. This whole ****show has to come down.

These guys are DOWN to the mutha****ing market!!!! Profitable my ass.
Dashingdwl
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I hope he travels with security.

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Genesis
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I hope he doesn't.

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Mondocondo
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Yeah, right, very contrite. And then we have this:


Nov. 16 (Bloomberg) -- Labor union president Andy Stern said Goldman Sachs Group Inc. executives love “their company more than their country” and called for their bonuses to be canceled.

“Goldman Sachs seems to salute no flag but their own corporate logo,” Stern, the president of the 2.1 million-member Service Employees International Union, said at a rally today outside the company’s Washington offices.

The combined bonuses that Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co. are set to hand out will be a record this year. The three biggest banks to exit the government-funded Troubled Asset Relief Program will distribute $29.7 billion in bonuses, according to analysts’ estimates.

New York-based Goldman Sachs set aside $16.7 billion for compensation, enough to pay each employee $527,192 for nine months’ work.

Goldman Sachs spokesman Lucas van Praag declined to comment on Stern’s remarks.

The jobless rate in the U.S. is projected to remain above 10 percent through the first half of next year, according to economists’ forecasts. There have been 3.6 million service- industry jobs lost since the recession started in December 2007, according to the Bureau of Labor Statistics. SEIU represents health-care workers, janitors, and private security officers.

Tax Money

Stern said Goldman’s executives are “gorging themselves” on bonuses made possible by tax money from working Americans, and denounced the company’s chief executive officer, Lloyd Blankfein. Stern cited an interview this month with the Sunday Times in which Blankfein said bankers serve a “social purpose” and do “God’s work.”

“Have you no decency?” Stern said.

Stern said Goldman Sachs should spend the money planned for bonuses to help families avoid home foreclosures.

The labor leader’s criticism follows that of AFL-CIO Richard Trumka, who said at a Bloomberg Washington summit last week that executive compensation is “out of control” and suggested shareholders should have a greater say in how companies are run.

http://www.bloomberg.com/apps/news?pid=n....
Patentleathershoes
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Didn't he recently proclaim himself god.

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Trades50
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There is a special place in hell for this guy.

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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
Anti
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Times like these I think about what a good shot Lee Harvey Oswald was.

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Maxi
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Security? My husband was Army Special Forces and once told me: Identify target, identify defenses, acquire/destroy defenses, acquire and capture/destroy main target.

I don't think that I would want to be so-called "security", especially for a bankster.
Twoells
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Oregon
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"I hope he doesn't."

Still ROFL about this comment, too funny.
It is very disingenous of Blankfein to now say "Oops, our bad, sorry folks, but we will just keep all the extra money that we made courtesy of the taxpayers.
Clock
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Strange Taxes Coming After November 2010 Elections
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Quote:
...the standard for forgiveness among Christian faiths for sins requires certain things...


My guess. . . Blankfein might not be a Christian devout Christian. smiley

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...lots of money still on the sidelines ~ CNBC mantra ~


Tm22721
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I love this forum. Where else can you savor this depth of vitriol toward bankers ?

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Etz
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Quote:
our reputation is very important to us
Mr. B. need not worry.

Their reputation as the crookeder thieves in the room is fully intact.

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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.

Coolhandluke
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Did he leave out front running their clients trades? I am sure they engage in this activity too in order to be "the most profitable"

And what about their super secret software that gives them the edge over every other trader in the market? Did Blankenstein for get about that one too?

No, the only thing his is sorry about is the fact that the public is catching on their ****.

Waverider
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What about the other hell Hank. He is rolling in dough. Wish we can hear what these two guys talked on phone just before aig bail out. Why Hank called him so many times before the bail out ?

So this was one more sorry. Lol. I think Bennie will also say sorry later and that's that
Randy123
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These guys realize if Mad Max occurs, they will be early on people's lists to check twice.

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Hankrearden
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Atlanta
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I take some solace in knowing the graveyards are full of self serving pricks like Blankfein. I just hope his last few years are spent behind bars. Better yet, his last few seconds looking into the barrel of a gun that's about to be unloaded into his face. Perhaps he could save us all a lot of trouble and actually slit his wrists, since his is obviously aware(by his own statement) that many people would cheer the event.
Pika-steph
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This poor man suffers from a severe lead deficiency. I certainly hope someone comes up with a cure for that soon.

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Taint
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he's not a Christian, nor is the legacy of the firm he operates. just saying.....(nor is ben, timmy or alan). Thieves are thieves irrespective of their religion but I suspect there are a few million that notice and CARE about such things.
Waverider
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I personally think that every trade that Government Sachs does in USD, economy (which has been reduced to dollar Carry trade), healthcare, defense, etc is essentially an insider trade given the close relationship with the government.

Raj Rajaratnam is a small fly compare to that
Fidgit
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Quote:
Didn't he recently proclaim himself god.


Lloyd has evidently switched PR advisors recently ;)

I'd call this current PR plan - the whole "moral" veneer - an epic FAIL, since it's bound to **** off lots of people who wouldn't be paying attention otherwise; but it's tremendously amusing, and for that I'm happy ;)

Realist
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This is great information. Keep on writing about these matters.

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