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2010-04-27 Economy
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Posted by Mike 2010-04-27 12:47|| E-Mail|| Front Page|| [6507 views ]  Top

#1 I contend there is a difference between betting right based on the same information and influence as everyone else, and 'betting' right based on privelaged information and influence. When we buy a used car we assume we are being lied to by the seller; we have not previously been advised to make the same assumption about securities purchases.
Posted by Glenmore 2010-04-27 15:00||   2010-04-27 15:00|| Front Page Top

#2 Funny that every time I hear about some really questionable financial transactions from sub-prime mortgage backed securities to the Greek crisis, Goldman Sachs is involved. The only organization that's dodgier is the one that was grilling Goldman Sachs execs on C-Span today.
Posted by DMFD 2010-04-27 18:31||   2010-04-27 18:31|| Front Page Top

#3 All investments without exception are bets on someone failing in some way and to some extent.

If you bought GM stock you would be betting on the Japanese manufacturers failing to capitalise on their superior technology and manufacturing techniques.

Otherwise, this is just another aspect of banks trading on their own account, which is the real problem.
Posted by phil_b 2010-04-27 22:05||   2010-04-27 22:05|| Front Page Top

#4 The author's correct. The scandal about Gov't Sachs isn't that they bet against the US mortgage market-- they were absolutely right to do so-- or even, for that matter, that they screwed Wall Street and institutional clients. Those are big boys and the financial markets have no room for tears. What's profoundly disturbing is that

a) when GS bet wrong with its own book, as it did with AIG FP, our politicos bailed out Government Sachs to the tune of $13 BILLION, and

b) our idiot pols created the housing bubble in the first place by encouraging 70% home ownership in a nation where a majority has negative net worth and credit scores below 600.

GS is a sideshow. We need a new political class.
Posted by lex 2010-04-27 22:10||   2010-04-27 22:10|| Front Page Top

23:53 JosephMendiola
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22:31 Jack Shomoper7600
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22:16 lex
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