‘God, What a Piece of Crap’

[babylonsister]

‘God, What a Piece of Crap’
Posted on Apr 28, 2010
By Robert Scheer


It was the Perry Mason moment in the unraveling of what was left of Goldman Sachs’ reputation. Only in this case, it involved a grizzled former prosecutor, Sen. Carl Levin, rather than a genial defense attorney. The case was broken and the truth about the depth of Goldman’s corruption revealed in his startling cross-examination of Goldman Chief Financial Officer David Viniar.


The Michigan Democrat, citing the language of the internal e-mails of Goldman traders concerning the deceptive products they were selling, asked: “And when you heard that your own employees in these e-mails are looking at these deals said `God what a shitty deal. God, what a piece of crap,’ when you hear your own employees and read about those e-mails, do you feel anything?”

Viniar’s answer told us all we need to know about the banal but profound immorality of Goldman’s business culture: “I think that’s very unfortunate to have on e-mail.”

A flabbergasted Levin cut in with “On e-mail? How about feeling that way?” and Viniar, apparently moved by jeers of ridicule from the audience, conceded “I think it is very unfortunate for anyone to have said that in any form.” Pressed further by Levin asking, “How about to believe that and sell them?” the CFO finally conceded, “I think that’s unfortunate as well.” To which Levin responded, “That’s what you should have started with.”

But Goldman’s executives didn’t start with any such moral qualms or end with them, as was made clear in the testimony of Goldman Chief Executive Officer Lloyd Blankfein that followed. Blankfein basically pleaded ignorance about the company’s scams, making it clear that offering the details of such products was below his pay scale. That would be $68 million in 2007, the highest in Wall Street history, when Goldman’s bets against its customers paid off so handsomely. What was clear is that his job was to ensure the company’s immense year-end profitability with no questions asked about the methods used. “I did not know” he replied when asked about the details of the company’s trades, and at another point he added, “We’re not that smart.” Then there was “I don’t have any knowledge” on selling short, and finally, “We did not know what subsequently occurred in the housing market.”

more...

http://www.truthdig.com/report/item/what_a_piece_of_crap_20100428/

[opihimoimoi]

1. That the GOP Backed those dudes is a KILLER for any GOP Election

The sheer arrogance shown indicates the unabashed greed

[mrcheerful]

2. Ah yes the good old pass the buck and blame the little guys for my handling of making policy

This poor under paid exec, $68 million a year, was clueless to what those working for him were doing. Yeah right and I'm Boo Boo the fool, you can tell me anything.

[Kablooie]

3. Now where have I heard those replies before, Enron? Where?

"I was not aware of any financial arrangements designed to conceal liabilities or inflate profitability," Skilling told the House Energy and Commerce Committee's investigative subcommittee.

Rep. Edward Markey, D-Mass., said Skilling was relying on a "Hogan's Heroes defense," in which Sgt. Schultz repeatedly claims, "I know nothing."

[WinkyDink]

4. I know NUSSINK!

[lunatica]

5. I love the 'I'm too important to know what's going on under me' defense

Didn't Reagan use it in the Iran-Contra deals? The higher you are, the more money you make, the more important your decisions are, the more influence you have, the less accountable you are??

Just another skunk defense ----->

[frylock]

6. below my pay scale..

when your pulling 68 milly, just about EVERYTHING is under your payscale. fucking prick!

[Oceansaway]

7. slimeball...nt

[ChoppinBroccoli]

8. So, Essentially, He Regrets Getting Caught

Either that, or he regrets that evidence of his company's corruption was left behind for others to find. I can just see him testifying, "With all due respect, Your Honor, I always told my employees to DISPOSE of any evidence of corruption, and to never, EVER leave a paper trail."

Hey, here's a fun little trivia question to ask people based on this article: What do the 42 people filibustering to BLOCK legislation aimed at holding these scumbags accountable have in common? (Hint: it's a single, particular letter after each of their names.)