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Goldman Sachs fraud accusations heating up -- Emails released by that financial companies showed that Goldman's trade on the capitalists fabrics to right.
Was very much in love with his girlfriend while some of the emails -- little -- They also indicate how the investment -- felt about those sub prime borrowers -- Give me two emails to -- particularly provocative.
We have emotional them on the screen right now one of them yet to erase emails reads that follows what we created a thing.
Which has no purpose which is absolutely conceptual and highly theoretical which nobody knows how to price it's -- little like meaning himself like Frankenstein.
Turning against the zone and -- or another for brief to -- Email reads as follows anyway not front of guilty about this -- real purpose of my job is to make capital markets more efficient.
Amazing how good I am in convincing myself.
So what this points to with just more embarrassing disclosures headline risk -- Goldman Sachs lost twelve billion dollars in market cap.
The day the SEC charges were announced usually a company settles immediately with the SEC when charges are brought like this.
-- tends to fight now the issue here is.
Stewart these emails and I had little to do with these securities disclosure case at hand -- securities fraud case -- it words that they did not disclose this conflict adventure and the Paulson hedge fund.
Cherry picking the assets which Paulson then.
Short -- but it is that it does there's a theory which says these derivatives have no economic value what so Evans jett's trading pieces of paper with do nothing for the economy -- emails suggest that the -- to -- actually believe.
That FedEx -- -- -- threat and talk about it sympathetic CDO which had negative bets basically built on swaps not under not actual subprime backed assets that the CDOs with the flops but which are protection for the moment the bottom line is is just terrible publicity.
Terrible dreadful image -- Goldman's side that's right -- -- appears before congress tomorrow believe that's right he's gonna get.
Beaten up and it gives momentum to the whole idea of financial reform yet since my conversations with Goldman Sachs are saying look we were essentially a market maker well they -- at -- interest -- market maker.
There essentially building these products and selling them to.
And investors are also -- this is a private deal it didn't hurt main street if it wasn't a registered security.
Its losses were immaterial to its own investors and that its own deal -- noted that Coleman could itself short this deal to give me.
From like you won't comment and -- -- -- do you find one and thus was Goldman -- doing in the first place dealing in packaging line look -- looking to -- defend Goldman -- you know I'm I'm I'm I'm probably in agreement with you because -- -- I just got to get back it.
It I don't know I can't wrap my all of that.
-- going to -- all the fact that.
They -- ask your question about -- circuit focus he was twenty at the time does have a case as an all here are saying.
He was used he was young was an impressionable I mean some of these emails there -- -- -- -- the bad dream that repeats itself coming to work every day.
If he had any closer this you know he's having his name been thinking signing his name to the utility doesn't have a case and Angela.
So you know and so basically what is Goldman going to distance and -- from for a brief time ready and set himself as the fall guy for this whole.
Not democracy if you're buying -- -- Yes and and David being here and other executives and -- that's with the appearance.
There it seems to me that you're saying that a company should not have a right to make money list when -- -- that's what they're engaged -- Has -- -- sides will benefit another word about engaging -- commerce.
But it doesn't benefit some area of society -- out to be off -- -- I'm actually not -- that I'm saying that -- up on talk shows over the weekend everybody that yes and -- -- -- a very good point and I agree with you on the but I cannot see for the life of me Goldman Sachs the biggest and best -- and investment banking what are they doing.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- you put cutting entitlements I think imports saying that they were betting that what they were trying to make the economy go down instead of saying they knew that this part of the economy I was overheat it and -- the -- -- a separate from that whole point I just don't see the world's premier investment bank involving itself in the trading and packaging -- -- loans.
I don't see I --
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