tag:blogger.com,1999:blog-2065764625651099128.post995948799489888694..comments2024-01-19T00:28:25.444-05:00Comments on Purse Pundit: Goldman Sachs, FCIC Inquiry, What Caused the Crisis and more...Jacki Zehnerhttp://www.blogger.com/profile/17111090486082618525noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2065764625651099128.post-38769715880452574412010-08-03T17:55:09.495-04:002010-08-03T17:55:09.495-04:00Thank you for the comment and you make some very g...Thank you for the comment and you make some very good points, and respectfully, which I really appreciate. I worked at Goldman Sachs for 14 years, having left 8 years ago now, and it is fair to say i have a positive bias towards them. That said I have written some tough pieces about them and am one of the few people that have worked there that seem willing to. I do not intend to write often on GS so I hope you keep reading. Thanks again.Jacki Zehnerhttps://www.blogger.com/profile/17111090486082618525noreply@blogger.comtag:blogger.com,1999:blog-2065764625651099128.post-28411425156197385452010-08-03T14:14:31.127-04:002010-08-03T14:14:31.127-04:00Operator error! I just saw that accidentally poste...Operator error! I just saw that accidentally posted this multiple times! Sorry about this. I wasn't trying to "spam" this blog. My apologies to all.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2065764625651099128.post-2682659825047095082010-08-03T14:02:11.404-04:002010-08-03T14:02:11.404-04:00Jackie, I don't think that your opinion that t...Jackie, I don't think that your opinion that the "FED and these agencies [Fannie and Freddie] played a major role in crowding out other investors and forcing them in to look for yield in all the wrong places" is going to sway too many minds. People are just too smart to believe anything from the Goldman PR machine. I really like most of your blog posts but wish you would spend less time defending your past employer and defending the good causes you stand for.<br /><br />Goldman Sachs spent beaucoup bucks in lobbying trying to loosen federal regulations of the financial services industry. To cry that it was only doing what it had to to play by the rules of the game -- when it helped lobby for those rules -- is pure hypocrisy.<br /><br />Matt Taibbi, Rolling Stone's Political Chief Political Report, says it best here:<br /><br />http://www.commondreams.org/view/2010/04/24<br /><br />Goldman is little better than a criminal enterprise that earns its billions by bilking the market, the government, and even its own clients in a bewildering variety of complex financial scams.<br /><br />Confronted with the evidence of public outrage over these deals, the leaders of Goldman will often appear to be genuinely confused, scratching their heads and staring quizzically into the camera like they don't know what you're upset about. It's not an act. There have been a lot of greedy financiers and banks in history, but what makes Goldman stand out is its truly bizarre cultist/religious belief in the rightness of what it does.<br /><br />The point was driven home in England last year, when Goldman's international adviser, sounding exactly like a character in Atlas Shrugged, told an audience at St Paul's Cathedral that "The injunction of Jesus to love others as ourselves is an endorsement of self-interest". <br /><br />Even if he stands to make a buck at it, even your average used-car salesman won't sell some working father a car with wobbly brakes, then buy life insurance policies on that customer and his kids. But this is done almost as a matter of routine in the financial services industry.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2065764625651099128.post-24497310888609720292010-08-03T14:01:19.320-04:002010-08-03T14:01:19.320-04:00Jackie, I don't think that your opinion that t...Jackie, I don't think that your opinion that the "FED and these agencies [Fannie and Freddie] played a major role in crowding out other investors and forcing them in to look for yield in all the wrong places" is going to sway too many minds. People are just too smart to believe anything from the Goldman PR machine. I really like most of your blog posts but wish you would spend less time defending your past employer and defending the good causes you stand for.<br /><br />Goldman Sachs spent beaucoup bucks in lobbying trying to loosen federal regulations of the financial services industry. To cry that it was only doing what it had to to play by the rules of the game -- when it helped lobby for those rules -- is pure hypocrisy.<br /><br />Matt Taibbi, Rolling Stone's Political Chief Political Report, says it best here:<br /><br />http://www.commondreams.org/view/2010/04/24<br /><br />Goldman is little better than a criminal enterprise that earns its billions by bilking the market, the government, and even its own clients in a bewildering variety of complex financial scams.<br /><br />Confronted with the evidence of public outrage over these deals, the leaders of Goldman will often appear to be genuinely confused, scratching their heads and staring quizzically into the camera like they don't know what you're upset about. It's not an act. There have been a lot of greedy financiers and banks in history, but what makes Goldman stand out is its truly bizarre cultist/religious belief in the rightness of what it does.<br /><br />The point was driven home in England last year, when Goldman's international adviser, sounding exactly like a character in Atlas Shrugged, told an audience at St Paul's Cathedral that "The injunction of Jesus to love others as ourselves is an endorsement of self-interest". <br /><br />Even if he stands to make a buck at it, even your average used-car salesman won't sell some working father a car with wobbly brakes, then buy life insurance policies on that customer and his kids. But this is done almost as a matter of routine in the financial services industry, where the attitude after the inevitable pileup would be that that family was dumb for getting into the car in the first place. . . . this Randian mindset is now ingrained in the American character.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2065764625651099128.post-79846854375381162062010-08-03T13:59:34.623-04:002010-08-03T13:59:34.623-04:00Jackie, I don't think that your opinion that t...Jackie, I don't think that your opinion that the "FED and these agencies [Fannie and Freddie] played a major role in crowding out other investors and forcing them in to look for yield in all the wrong places" is going to sway too many minds. People are just too smart to believe anything from the Goldman PR machine. I really like most of your blog posts but wish you would spend less time defending your past employer and defending the good causes you stand for.<br /><br />Goldman Sachs spent beaucoup bucks in lobbying trying to loosen federal regulations of the financial services industry. To cry that it was only doing what it had to to play by the rules of the game -- when it helped lobby for those rules -- is pure hypocrisy.<br /><br />Matt Taibbi, Rolling Stone's Political Chief Political Report, says it best here:<br /><br />http://www.commondreams.org/view/2010/04/24<br /><br />Goldman is little better than a criminal enterprise that earns its billions by bilking the market, the government, and even its own clients in a bewildering variety of complex financial scams.<br /><br />Confronted with the evidence of public outrage over these deals, the leaders of Goldman will often appear to be genuinely confused, scratching their heads and staring quizzically into the camera like they don't know what you're upset about. It's not an act. There have been a lot of greedy financiers and banks in history, but what makes Goldman stand out is its truly bizarre cultist/religious belief in the rightness of what it does.<br /><br />The point was driven home in England last year, when Goldman's international adviser, sounding exactly like a character in Atlas Shrugged, told an audience at St Paul's Cathedral that "The injunction of Jesus to love others as ourselves is an endorsement of self-interest". A few weeks later, Goldman CEO Lloyd Blankfein told the Times that he was doing "God's work".<br /><br />Even if he stands to make a buck at it, even your average used-car salesman won't sell some working father a car with wobbly brakes, then buy life insurance policies on that customer and his kids. But this is done almost as a matter of routine in the financial services industry, where the attitude after the inevitable pileup would be that that family was dumb for getting into the car in the first place. . . . this Randian mindset is now ingrained in the American character.Anonymousnoreply@blogger.com