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October 06, 2008



Basab This is a brilliant piece of anaisyls. I think you have hit the nail on the head. The whole "Goldman sold a Paulson-designed-lemon to ACA and then they and Paulson made a killing at the expense of the poor buyer" is over simplistic. But I was phenomenally disappointed at the defence put up by Mr Viniar and, more, so, Mr Blankfein. You would think they would come out hitting with simple to understand analogies to make their points. But they didn't. They stuck to how "market making" required them to do this or that as if Joe sixpack or, for that matter, the senators would get it. I remember that hearing only for senator Levin & Co repeatedly hammering the "do you see no conflict?" question but not one of the responses registered.

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