The testimony from each panel including the final testimony from Lloyd Blankfein has been very interesting. What they did not say is more important then what they were trying not to say when they were talking. There were those occasional slips when they all said things that I am sure made their attorneys shudder.
It is 7:15 and Lloyd Blankfein is still testifying. His statements are all very guarded and evasisve except for his occasional slip. Frankly I am getting tired of listening to him hem and haw and never answer a question directly. Moreover, he appears to be anything but knowledgeable and one must wonder how he got his job. What will be interesting will be how long he and some of the others keep their jobs.
What we are learning is that there very definitely are issues with conflicts of interest, disclosure and transparency as Sen. Claire McCaskill (D-MS) summed up. But even more then that, ethics becomes a real issues as does absolute wrong doing with knowledge.
What also was brought out is the fact that the problems and causes of the economic crisis are not exclusive to GS. McCaskill said at one point that Blankfein should have been joined by other bank CEO's as well. My hope is that this investigation expands and that more charges come as a result as the entire banking system is exposed.
The media and blogs will be humming tonight and tomorrow and for aggregaters like us their should be enough material to last weeks. I also will be offering my comments and opinions.
TAKE-A-LOOK-Goldman Sachs faces fraud charges
Reuters
Goldman Sachs on Capitol Hill: Testimony of David ViniarCBS News
Costs to insure Goldman Sachs debt rise-Phoenix
Reuters
Goldman Sachs Grilled in Senate Hearing Over Mortgage Business
BusinessWeek
Goldman Sachs Investors Sue Over Abacus Disclosures
BusinessWeek
Sen. McCaskill zings Goldman Sachs execs
Washington Post
Goldman Sachs' German Problem
Forbes (blog)
Goldman Sachs's Tourre to 'Categorically' Deny SEC's Claims
Bloomberg
Alwaleed Says He'll Go on Working With Goldman Sachs
BusinessWeek
Goldman Sachs's Blankfein Says Firm Didn't Bet Against Clients ...
(Bloomberg)
Goldman Sachs Bet Against Its Own Deals, Senate's Levin Says ...
(Bloomberg)
Goldman Sachs Abacus E-mails Show Hunt for 'Easiest' Asset Firm ...
(Bloomberg)
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