Chillin' out till it needs to be funded
Even as Apple, J&J and Goldman Sachs itself came out with sterling earnings after IBM’s poor draw yesterday, Markets were shcked into a stupor by the ticker news that disclosed the SEC vote on charges againt the Goldman Sachs conduct in ABACUS CDOs. The vote was a 2-2 with Mary Shapiro siding with the two Democrats that voted for litigating tourres and Goldman Sachs..andin the same breath Networks were also presented with the crispy news line that Obama had moved hilself to speak frther against the Wall Street Banks at a university speaking event in Manhattan. Democrats are ostensibly pitching that reforms need to be passed because Wall Street could not possibly welcome them.and the Republicans were on their side. I sure hope Obama’s Democrats can manage without my support in this year Main Street can never be against Wall Street
Democrats accuse Republicans of siding with Wall Street to block new rules that could avert another financial meltdown. Republicans accuse Democrats of setting taxpayers up for more bank bailouts down the road.
Though we do agree the 41 would be speaking against whatever needs to be done, Wall Street was pretty eagerly pushing the paper and comments on the Qualitative and Quantitative reforms..
Also in the same breath you can probably digest this yellow journalism from otherwise a pretty matter of fact team at WSJ’s marketwatch
Maybe this is what Lloyd Blankfein, Goldman’s chief executive, meant by saying clients come first at Goldman: investors were first to lose money, and favored hedge funds were the first to make it.
But for all of the hand-wringing over the case, Goldman has a great shot at winning. Wall Street firms and brokers not as expert as walking legal lines as Goldman have won cases such as this before, or settled them with nary a blip to the bottom line.
We don’t subscribe to the first one at all, as for the second the marginal vote at the SEC shows there was no case.