"While Goldman clearly takes care of itself first, it can not treat its clients as calves to be slaughtered, and expect to survive."
How quickly we forget that just before the start of the last financial crisis, Goldman Sachs peddled complex securities known as synthetic collateralized debt obligations, or C.D.O.'s to their clients to include pension funds and while it was making huge financial bets against these same products. They made a killing on this trade and no one went to jail, the company only paid a fine.
So sure, they take care of their clients most of the time since this is easy during bull markets. But when the market turns and they need to dump garbage and save their books, they will not let you know.
Many of their clients got slaughtered yet they survived thanks to having former Goldman Sachs CEO Hank Paulson's help when he was Secretary of Treasury along with many other former Goldman Sachs bankers in key jobs. Today the ECB president is a former Goldman Sachs banker and he seems to working hard toward the goal of the ECB being allowed to absorb the European Banks bad loans as we did in the US. I have no doubt we are going to see an attempted redux of these policies in the future.
Not all the analysis coming out of the large banks is bad, much of it is good. We just need to read between the lines sometimes on some of the communications.
Michael
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Posted by: Michael Bond <michaelhbond@yahoo.com>
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