This just infuriated me:
“Our model really never changed, we’ve said very consistently that our business model remained the same,” Goldman’s chief financial officer tells Bloomberg News. Value-at-risk — a statistical measure of how much the firm’s trading operations could lose in a day — rose to an average of $245 million in the second quarter from $240 million in the first quarter. In the second quarter of 2008, VaR averaged $184 million.
Goldman and others brought the world financial sector to their knees, are largely responsible for the worldwide recession, required ten billion in TARP funds, protection as they moved from investment bank status, billions in loans, thirteen billion in direct payments from the taxpayer (routed through AIG), god only knows what else from the Fed’s hidden behavior, as well as a Paulson assist in the elimination of their competition, and here is the CFO of Goldman telling you that they learned nothing and that nothing changed.
I’d have more respect for these guys if they would just cut the double-talk and instead of granting interviews, just bought full page ads in the NY Times mooning us. But why should they even bother? We clearly don’t care enough to do anything about it.