Given my rant yesterday concerning the Goldman hearing at the FCIC, I am obligated to present you two more thorough analysis of the same exchange. Each arrives at somewhat different conclusions but both are supportive of the idea that Goldman is using its superior knowledge and cleverness to attempt to outsmart and defeat the FCIC. They view it as an adversarial proceeding and do not want the Commission to understand the details of the transactions and therefore have some input on how they might be regulated. Further, they are obfuscating to prevent data which might be used in civil or criminal trials from coming out. That is my opinion and is based on my understanding of the culture of such organizations, not on intimate knowledge of the specific facts of these matters.
July 2, 2010
Goldman FCIC Hearing – “Just Take The Fifth”