It is interesting that Lloyd Blankfein, CEO of Goldman Sachs, is appearing before the court as a witness for the prosecution of Rajat Gupta, ex-member of Goldman Sachs's board. Blankfein confirmed that Gupta violated the company's "confidentiality policies" when he gave tips to outsiders about Goldman Sachs's financial position.
It's the pot calling the kettle black!
Too bad that Goldman Sachs isn't on the stand for its violation of ethics, and possible criminality, revealed by their own memos written in 2006-2007 just as the financial meltdown reached its zenith. There is something repulsive about Blankfein accusing others of wrongdoing while he stands there, all accusatory, yet having admitted his firm made a "mistake" and paid a fine that is the equivalent to so much bird seed to GS's bottom line!
Goldman Sachs's own words do not give us much reason to cheer for their candour, what with their "shitty" deals, "dirty...originations," "a day that will live in infamy," "pigs," "distribute junk," "crap pools," etc., phrases found in their internal messages.
What I would like to see is Blankfein facing a jury of his peers and explaining all the ways he managed to pull the wool over the eyes of "other banks, pension funds, insurance companies, municipalities, university endowments, and hedge funds." (p2. of memo from Senator Carl Levin, Subcommittee Chairman....)
Below are the 900+ pages of e-mail exhibits from the hearing conducted by Levin and Coburn:
GOLDMAN SACHS EMAILS-EXHIBITS FROM HEARING ON WALL STREET & FINANCIAL CRISIS-THE ROLE OF INVESTMENT BANKS- ...
See the original document here
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