Goldman Sachs, enquête sur une société secrète. Why I Am Leaving Goldman Sachs.
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Magnetar, Goldman Press Flurry Still Misses the Biggest Point of. By Andrew Dittmer, a mathematician with hedge fund experience, and Richard Smith, a UK based capital markets IT consultant Readers of this blog are by now familiar with the incredible story of how a single hedge fund (Magnetar) managed to play a shockingly extensive role in inflating the housing bubble in 2006-2007.
The story was first broken seven weeks ago in Yves’ book ECONNED (completed in early October 2009). Goldman (and DeutscheBank) as Predator. One of the things that has been striking as revelation of bad behavior in the collateralized debt market has gotten more press is that a number of commentators who had taken the “nothing to see here, move on” stance have gotten religion.
Even more dramatic has been the change in perception of Goldman. The firm has had its vocal critics (including yours truly) but they seemed an ineffective minority. Goldman’s arrogance seemed only to confirm its “Government Sachs” connections, that it could do as it pleased and thumb its nose at the rest of us to boot. It compounded the public outrage over its record 2009 bonuses through its hamhanded, narcissistic rationalizations. Lloyd Blankfein’s “We’re doing God’s work” has come to epitomize what is wrong with the financial services industry post-crisis the same way Chuck Prince’s “We’re still dancing” did for the bubble era.