The Death of Goldman Sachs
I saw something die today. It didn't die accidentally either. It was killed.
This was a very painful event to watch, not just because death is tragic and not because this death was intentional rather than accidental.
It was very painful to watch because the thing being killed didn't even know it was dying... and it didn't know it was actually participating in its own death. It didn't know it was helping the hangman not just put the noose around its neck but helping the hangman open the trapdoor under its feet.
What died today was Goldman Sachs. It hasexisted for 140 years. But today all that ended, as the head of GoldmanSachs, Lloyd Blankfein, in his prepared remarks before the SenateGovernmental Affairs Subcommittee on Investigations, said "We have beena client-centered firm for 140 years and if our clients believe that wedon't deserve their trust, we cannot survive."
That was Lloyd Blankfein putting the noose around Goldman Sachs' neck.
And then - in his opening exchange with Subcommittee chair Senator CarlLevin - Lloyd Blankfein proved that Goldman Sachs absolutely,positively does not deserve the trust of its clients.
That was Lloyd Blankfein helping open the door under Goldman Sachs' feet.
In his Senate appearance, Lloyd Blankfein participated in the death of his own company. It was really a stunning thing to watch.
I expect Goldman Sachs to be out of business by the end of this year and maybe before the November election.
Steven G. Brant
April 27, 2010 06:58 PM
http://www.huffingtonpost.com/steven-g-bra...h_b_554371.html |