The Phaserl


Changing the Culture of NY Investment/Commercial Bankers

from Armstrong Economics:

Far too often we quickly forget history – even recent events of just a few years ago. It was on April 27, 2010 during the Senate’s permanent subcommittee on investigating Wall Street’s latest crisis, that the most memorable moment burst onto the scene. Democratic Senator Carl Levin of Michigan held up an e-mail that had been written almost 3-years before by two of Goldman Sachs’s most senior traders. The dramatic event emerged as the e-mail described a Goldman CDO (collateralized-debt obligation) as “one shitty deal.” Loyd Blankfein was testifying. Levin interrogated him demanding to know if it was ethical for Goldman to sell a security that its traders thought was crap in the face of the fact that Goldman, as a principal, was betting against the success of that security.

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