DISQUS

imapopulistnow · 5 months ago

Do you feel comfortable that Goldman Sachs is now responsible for providing market liquidity? Essentially hasn't this function been centralized by one powerful investment bank rather than distributed among hundreds of market makers? Is it not a smokescreen to argue that Goldman Sachs needs to perform this function to avoid the type of market freeze that we had after last September? Is a company, whose responsibility is to its shareholders, going to provide "liquidity" in the face of a financial crisis where it could incur substantial losses? Doesn't power corrupt and absolute power corrupt absolutely?

I think Gasparino just got conned by some very articulate and clever bankers.

newera22 · 5 months ago

Matt Taibbi's point proven again. Goldman has their ability to manage media coverage of them. Matt broke through. Charlie Gasparino is over to the dark side-- and all it took was one meeting.

Goldman continues with the "you can't handle the truth" argument. Without Goldman the world could not function.

Goldman has managed to so screw over this economy by not allowing NEW risk takers to come in and clean up THEIR mess.

Goldman used GOVERNMENT TAXPAYER money to protect their own place in the market and robbed the free market from finding a new batch of BETTER risk takers to clean up for a new stage.

Now it will take years (probably more than a decade) to fix markets once Goldman starts falling apart. Because of Goldman's iron grip during this last crisis we did not get market solutions. And cleaning up after a huge monopoly government controlled taxpayer funded intrusion into free markets will take a long time.

OBRon · 5 months ago

I wouldn't worry about GS falling apart. Rumor has it, they are moving to bigger, cheaper, and more secure digs @ 127 Gold Vault Rd, Ft. Knox, KY 40121-2412.

Evidently the last tenant has moved out following a massive garage sale.

I guess more pain for CRE in NYC, huh?

Oh well.

OBRon · 5 months ago

GS claims 90% of their "risk" came from customer facilitation trades??? Correct me if I am wrong, Tyler, but I thought GS volume was due predominately to principal trades. Hmmm... sounds suspicious to me.

But then front running Fed futures buys involves minimal risk, huh? And here I was worried with all that principal volume and liquidity, our tax dollars might be at risk!

Silly me!

JMHOAU

Fish Gone Bad · 5 months ago

Here is a transcript of the secretly taped conversation between Charlie Gasparino and Van Praag.

Van Praag: Charlie, do you know who signs your check?
Charlie Gasparino: (picking his nose) Uh, my boss does.
Van Praag: Let me put it this way, do you know who signs your boss's check?
Charlie Gasparino: (digging for a big one, then looking at it) What are you going to tell me, its you?
Van Praag: Why yes I am. Now why don't you stop being a <expletive deleted> retard and tow the line?
Charlie Gasparino: (looking at floor despondently, and sounding like the Beav) Ah gee wiz Wally, you take all the fun out of things.
Van Praag: And Charlie? On those new porno pages that are up on CNBC, put up some of that Teagan chick who looks like Britney Spears, and some of that Stoya chick too.

There you have it, CNBC works for Goldman Sachs.

chindit13 · 5 months ago

There is always liquidity; it just isn't always at a price the seller would like. So now we have a backstopped Goldman Sachs stepping in as a buyer above the market, rather than allowing the market to serve its function of real price discovery. And Goldman can step up without fear, since the "liquidity" they provide is backstopped by the US taxpayer.

Thus, no stock ever need go down again, ever. (Except pretenders to the throne.) Look out Morgan Stanley! BAC! C!

JohnKing · 5 months ago

Charlie the tool. Are there any honest journalists left on this planet?

Art Vandelay · 5 months ago

The last one died on Friday. RIP, Walter.

Milton Friedman's Ghost · 5 months ago

Walter was not an honest journalist. I almost single handedly turned the tide of public opinion on Vietnam.

MSMhater · 5 months ago

Hey, Art, if Walter Cronkite's career had been during the Internet Age where his sorry ass could been fact checked he wouldn't be such an icon.

They've all been lying and cranking out agenda driven slop for decades.

Milton Friedman's Ghost · 5 months ago

No there are not. The best investigative reporting is at places like this.

Moe Speeks · 5 months ago

charlie punked out to Goldman Sachs,
what a bitch he is

clawback · 5 months ago

I thought "providing liquidity" was Goldman speak for "ripping off retail investors by giving the worst execution possible, solely benefitting ourselves." But maybe that's just me.