Goldman senate hearing

GoldMan Sachs senate testimony:




This morning, star line from goldman descended to capitol hill and started firing at senators. It has clarified the meaning of market maker, complicated mortgage markets and its multifaceted relations with rating agencies. In the end what has happened senate helped goldman to explain their situation live on tv.



From Calculatedriskblog.com there is a wonderful summary of what has happened this morning

"You want the truth? You can't handle the truth. Son, we live in a country with an investment gap. And that gap needs to be filled by men with money. Who's gonna do it? You? You, Middle Class Consumer? Goldman Sachs has a greater responsibility than you can possibly fathom. You weep for Lehman and you curse derivatives. You have that luxury. You have the luxury of not knowing what we know: that Lehman's death, while tragic, probably saved the financial system. And that Goldman's existence, while grotesque and incomprehensible to you, saves pension funds. You don't want the truth. Because deep down, in places you don't talk about at parties, you want us to fill that investment gap. You need us to fill that gap. "We use words like credit default swaps, collateralized debt obligation, and securitization? We use these words as the backbone of a life spent investing in something. You use 'em as a punchline. We have neither the time nor the inclination to explain ourselves to a commoner who rises and sleeps under the blanket of the very credit we provide, and then questions the manner in which we provide it! We'd rather you just said thank you and paid your taxes on time. Otherwise, we suggest you get an account and start trading. Either way, we don't give a damn what you think you're entitled to!"



I have executed bear put spreads hoping senate will grill our famous ABACUS originators. At the end of day my trade went into red as senators got trained investing in CDOS. Most important irony today is Greek crisis tanked markets around the world. World took refuge in Gold (precious metal). Coincidentally, Goldman stock rose 2%/.

This proves Goldman is equivalent of Gold. Any doubts?