Goldman Sachs (GS) 01 (Jun 08 - Apr 10)

[kennynah]

they acted as the casino... create a game, set the rules and invited the players but not before making sure they had the best odds for themselves...

these criminals ought to be jailed for a long time...

[greenhoney]

reminds me of the genting resort world. so far ive never heard of anybody winning much there, have you guys? have seen HIGH rollers though.

[millionairemind]

Apr 27, 2010
Goldman clients complain
WASHINGTON - SOME clients of Goldman Sachs Group Inc complained the investment bank was putting its interests ahead of theirs, according to emails released by US Senate investigators on Monday.

The concerns appear to undercut Goldman's insistence that it did not bet against clients to whom it sold mortgage-related products during the financial crisis.

'Real bad feeling across European sales about some of the trades we did with clients. The damage this has done to our franchise is very significant,' one Goldman employee wrote in October 2007 to Daniel Sparks, a former head of the mortgages department at Goldman.

The emails were released ahead of a hearing on Tuesday before the Senate's Permanent Subcommittee on Investigations into the role of investment banks in the financial crisis. The hearing is shaping up as a trial of Goldman's business practices.

Goldman Sachs Chief Executive Lloyd Blankfein, in written testimony for Tuesday, said his firm did not have a 'massive short' against the housing market and 'certainly did not bet against our clients.' 'We have been a client-centred firm for 140 years and if our clients believe that we don't deserve their trust, we cannot survive,' said Mr Blankfein, who will appear with six other current and former Goldman executives.

Goldman which rebounded from the financial crisis to be the dominant firm on Wall Street, has faced increased scrutiny from regulators and Congress. The US Securities and Exchange filed a civil suit on April 16 charging Goldman with fraud for allegedly hiding vital information from investors about a subprime mortgage-linked investment product. Investor lawsuits have followed. -- THOMSON REUTERS

[LenaHuat]

Several shareholders' lawsuits have been filed against GS.
These are like Chinese dumplings. It could take 3 to 4 years to sort these lawsuits out. Steaming and unwrapping them is God's work (by the magistrates)

[kennynah]

big time jialat man...

you should turn on to bloomberg now and listen to the very caustic remarks and serious allegations of intentional immoral profiteering, the senate committee is making to GS execs NOW....

[winston]

Ha Ha ... Impression more important than facts.

Seems like it has no effect on the market. The Dow has gone from -45 to +10 now ..

[kennynah]

senator levin is really pounding the ex-gs partner...

"that is my question! answer me ! where is your ethical responsibilities?"

and after repeating the same question.....finally said :

"if you dont want to answer the question, just say so"...

wah dao...really lambasting this ex-gs partner (sparks)

[winston]

I was thinking of sleeping but this GS hearing is a one in a life time deal.

[kennynah]

next senator started questioning sparks...

and again she says "i am beginning to share the same frustrations as the chairman" when she clearly could not extort a straight answer from sparks...she rolled eyes...hahahaha...

[winston]

When you try to play with the lao jiaos, they will play with you

"Mr. Chairman, I feel that there's a strategy here to try to burn through the time "