Well, well, well.
It seems that Lloyd Blankfein and the folks at the Vampire Squid think Sen Levin and the staff of the Senate Permanent Subcommittee on Investigations “cherry-picked” the emails that were released yesterday. From today’s New York Times:
In the messages, Lloyd C. Blankfein, the bank’s chief executive, acknowledged in November 2007 that the firm had lost money initially. But it later recovered by making negative bets, known as short positions, to profit as housing prices plummeted. “Of course we didn’t dodge the mortgage mess,” he wrote. “We lost money, then made more than we lost because of shorts.”
Goldman, of course, denies they made the profit:
Goldman on Saturday denied it made a significant profit on mortgage-related products in 2007 and 2008. It said the subcommittee had “cherry-picked” e-mail messages from the nearly 20 million pages of documents it provided. This sets up a showdown between the Senate subcommittee and Goldman, which has aggressively defended itself since the Securities and Exchange Commission filed a security fraud complaint against it nine days ago. On Tuesday, seven current and former Goldman employees, including Mr. Blankfein, are expected to testify at a Congressional hearing.
My absolute first thought when I saw the “cherry-picking” complaint was of Richard Nixon and the Watergate Tapes. I am not a lawyer and as always, just might be an idiot but it sure looks to me that Sen Levin and staff found what can be very close to the “smoking gun.”
But I’m willing to give Mr Blankfein and the rest of the Vampire Squid folks the benefit of the doubt. They claim that Sen Levin and staff released
just four e-mails from the almost 20 million pages of documents and e- mails provided to it by Goldman Sachs,” van Praag said. “It is concerning that the subcommittee seems to have reached its conclusion even before holding a hearing.”
So tell ya what we can do there Goldman Sachs folks. Why don’t you go ahead and release all 20 million pages of documents and emails and let those of us who are interested do some crowdsourcing review for everyone. Surely this would be satisfactory for all parties, right?
No. I’m not going to hold my breath on this to happen.
And because I can: