|Their business is shot through with conflicts of interest.They make markets then make bets within the markets they make.
Posted: 5/1/2010 10:57:11 PM
I saw a guy on CNBC who literally said the ratings agencies were "the best of all worlds." I kid you not. I doubt he has ever read Candide, but he was a latter day embodiment of Dr. Pangloss. Incredible.
They serve no useful purpose, except to aid in the fraud perpetrated on the public.
It is interesting that GS thinks by saying they are dealing with "sophisticated investors" it somehow relieves them of all ethics.It doesn't.
Lastly, if they were truly smart, Goldman would tell Lloyd to stay in the office, and they should trot out the prettiest woman on their payroll as spokesperson, preferably a blonde and blue eyed woman.
There is a lot of latent anti-Semitism in the air, and Blankfein is not the face you want attached to your cause at this point.