Sen. Carl Levin grills Goldman Sachs Department Head Dan Sparks. "How Goldman got Comfortable?"
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- Опубліковано 11 лют 2025
- I took this clip from C-Span. In 2010 a series of congressional hearings were conducted about the causes of the 2008 Financial Crisis. Goldman Sachs was then under investigation for fraud. The Executives in this panel are Dan Sparks, Fabrice Tourre , Mike Swenson, and Joshua Birnbaum.
That Senator is the most Senator looking Senator I’ve ever seen.
Hahah I thought I was the only one that was thinking that, THANK YOU ahahaha
I like to watch this over and over again
Senator Levin I'll always remember you as a US senator that stood up for the rights of many American citizen as a consumers and exposed the complexity and cunning strategies of corporations that have preyed on consumers for their own personal gain over the years. May other future senators pursue and follow in concert within that same vein of both thought and deed, RIP.
This guy could do this forever
And Nobody went to jail...
You have to commit a crime to go to jail..
@@mjo3275 YEAH, YOU ARE A P0S
Nope
Wow! that binder must weight 30 lbs..
The ability for these gs ppl to totally ignore the question and answer a different one is unbelievable
all this and no one goes to prison. God, isn't the US justice system rock solid.
I have a question: if I ask a question to someone about a question he's been asked by somebody else who had a question, is the question questionable or the question is not very important because the main question is the question itself? this is my question, can you answer the question? if you have any questions, just ask the question!
Take one for the team. He was embarrassed but he’s still got a hundred million in the bank.
How do you get comfortable? Well senator, I usually will lay down or sit back, final answer, sir.
After reading all these emails I was tired and I decided to get comfortable
i liked that they acted professional (the congressman), and not petty like the ones like Kamala Harris or Corey Booker
I want to be just like him in the next 2-3 years. Making so much money I can’t count then being called to DC for all the wrong reasons only to still walk away scotch free.
My idol.
Yoooooo there is something wrong in your head. See the financial crisis killed many peoples savings including my parents and it made me drop out of college cause I couldn’t pay.
@@vaseqsamimi8074 U know sarcasm?
Life Savings (40 years of hard work), all gone in an instant! Did they really wanted synthetic C.D.O.'s? Why not stay stay safe and get the low yielding C.D.O's (Prime Mortgage Market)? As what they all say, the higher the risk the higher the interest return but when these synthetic C.D.O bets fail you get none.
As market makers they didn’t have a responsibility to answer their position. While I think it’s dubious that goldman packages Anderson and shorts it, if some guy from Deutsche or Bear calls me up and is negotiating fair market value for the trade, at that time you didn’t have to tell him how goldman is positioned. That’s not the roll of a market maker.
The market maker is supposed to be the middle man, not playing the other side. It’s like someone selling you a car, and them taking out an insurance policy on your car when they know for a fact that the car has shorty brakes, an explosive gas tank, the accelerator gets stuck, and the bumpers are worthless. They know this because they made the car.
@@prism8289 but they didnt make the car. they only sold it to you. the act of selling it to you when they know that the car has these defects is incredibly shady and in no way moral, but it is not their obligation.
@@yesyes-zc7ur yes it is. Ever hear of lemon laws? These guys are not just selling the car. They are actively betting against you. They are making money not only from the crappy car itself, but like I said, they are making money from the result, ie they know the brakes don’t work, it is in their interest to have the brakes not work, because the also own the ambulance company that is going to come pick up all the injured people because your brakes don’t work.
But hey, at least now I know who never to buy a car from. Or pretty much anything. ☝️
@@prism8289A market maker’s role is to take the other side of the customer. The bank plays multiple roles…underwriter, sales, market making, portfolio management for internal funds…different departments
The reason Goldman Sachs didn't tell them that they were short on Anderson is why would the customers buy it if we told him we're betting against it? we're trying to sell this shitt
This senator is over- simplifying the situation.
These guys are some of the most brilliant minds in their field coming from some of the best schools in the country but can't seem to answer a yes or no question, let alone find a page in a binder.
Because even if they're from an "excellent" school they're just as stuck up as everyone else.
Because the name of this game is called lie lie lie
Because it's not a real question.
The Binders of all Binders!
I know that look and that move when you're pretending you cannot find your homework assignment which you clearly half-assed or didn't do,so trying to buy time. LOL
Thugs!
Dan Sparks from Nicolas Sparks (the notebook) - I came to this country at the age of 10 and didn’t change my name 👆and here my family I m not rootless in the end.
Government efficiency at work! 2015 and they still use this grotesquely humongous paper evidence file instead of any electronic format. Hey don't even bother splitting it into several convenient binders, we've got all day anyways!!
Congress should be able to bring in an expert questioner in these situations. They are clueless and therefore letting these guys off the hook
They benefit as well at the end of the day. Tragic
I would never trust Goldman calls, even if they were right.
What is it that whenever there is a crisis the first thing that is brought to question is Goldman Sachs/ Morgan stanely and JP Morgan involvements ?
Oh poor investors and clients!
I like how this senator verbally sharted out a convoluted word salad and then says "thats my question"
The congress man's direct intention is that " how could you process in that way towards short side which possessed modest assets relatively." The man wanna listen about Goldman Sach's employers' work ethic or morality .
"Yes, Mister Chairman..."
Fed : Are you a human being?
Banker : Well, technically i am a collection of cells.
Fed : Are you alive?
Banker : I am a collection of cells, they are alive.
Fed : Do you have any idea what you’re talking about?
Banker : My cells will have a response to your cells in due course.
Another Banker : He’s a genius!
LOL
It took this guy the whole video to fail to answer a yes or no question, some BS bank executive.
doyoukong i know fuck that guy.
How would he know if their was a counter party hedging a short on NC’s security outside his department? Goldman Sachs isn’t your mom and pop securities shop. This is a company with 40,000+ employees, who take counter positions in from a wide range of platforms from their Private Equity, fixed income, or a host of other departments.
@@lee58901 You are joking right? They were buying millions worth of stock for their institutional clients, while shorting the same stock themselves through their proprietary traders. See the problem here?
Zygimantas Adomavicius Nope, not joking that’s the purpose of a market maker. They didn’t buy stock the underlying collateral were bonds or securities. Which transaction do you want to discuss?
@@lee58901 The main purpose of the market maker is to ensure that the market they deal in and the particular stock they have interest in is liquid. What they did, on the other hand, is told their clients that the mortgage bets their clients placed were all good, whilst shorting the same securities they were selling internally and boasting about how dumb their clients were through e-mails. The whole CDO thing was gambling and Goldman were the casino who not only lied about the odds, but made sure that the odds got worse.
“Your not gonna answer the question obviously.”😏😂
Adverse interest with clients should be illegal. Selling CDO and MBS deals backed by credit default swaps are risky
You’d no longer have any retail brokerages or investment banks then because if they’re not hedged against their clients’ interests they’ll go bankrupt fairly quickly.
Seller and buyers always have adverse interest
A True expert needed to ask the questions here, the senator appears a good man however only someone who KNOWS the answers should have asked this slippery weazel and all the others in this all for show affair
to expect an honest answer from these rats seems ridiculous !
They do it with Shopify now.
6:25 speedy
anyone here see the movie about this?
Psalm 109
Dan spark is the GOAT 🐐 🐐🐐🐐🐐🐐🐐
That is a big binder....
Cant explain ethics to someone who doesnt understand the concept.
He's just playing the idiot card to buy time because he knows they can't force him to answer since it's not a criminal court (which it should be). If it was, he would've already been found in contempt and sent to jail.
The senator's ignorance is astounding. It's clear he is not equipped with the knowledge nor the attitude to conduct this questioning. He doesn't know the first thing about market making and persists in making misleading and/or completely wrong statements and accusations.
Legend
You sell stock (assume you think it will sink) to somebody (who thinks it has potential) Nobody has to disclose their logic (with exceptions)
Oh please. A business telling their clients that this is a great stock, all the while knowing it's crap and they're betting against it, is not a difference of opinion. It's fraud. Wtf is wrong with you?
@@QwidgyboMan Nope - they don't have a fiduciary obligation to protect their clients' interest. Levin doesn't know what he's talking about
I thought I'd lost hope... all of these ignorant and racist comments! I found your comment.. finally the truth. Whenever a financial product/instrument is sold the other side is buying becuase they have a belief that it will increase in value. Carl Levin doesn't understand basics. Obviously if someone is selling they hold a adverse view of whoever is buying!
@@QwidgyboMan The difference between immoral and illegal. Sadly it will happen again as the law is always playing catch up on matters like this.
Nothing has changed..even the names are the same..no one goes to jail.
how about stopping grilling puppets in front of cameras and actually doing something
Investment bankers - Don't trust them. They will do anything to make quick money for themselves and their firm at the cost of their customers.
I wish invisible garbage truck Jerry was there to take out this garbage. It's a new franchise, until he runs out of gas
All this political grandstanding and nothing happened. Other than additional time and taxpayer dollars wasted.
senator doesn't know what market making is... banks are always forced to take adverse position when client takes position. it's up to each individual participant how to deal with the position they have, keep or hedge .
if banks must take the same way as client's interest, no one can trade. diversity of interest is essential in financial market.
The congressman doesn’t understand the role of a market maker.
Thanks a lot 1880
so my son you want me to reward you for good behavior and bad behavior ???? that's how to ask the question
Daniel is very good at playing dumb. Hell, he can't even find what page they're on.
Is simple fraudster. Should be 100year in
These people have no soul.. They know it.. And will defend themselves...
why does this guy keep repeating the same questions with a follow up on new questions i think most of these questions this guy already has the answers to this guy just wants to hear the person under testimony to say what this guy thinks is the answer that this guy strongly believes in
Lets some walkers in and lock all the doors
I love The Great And Beautiful America 💗
Isn't this...insider trading?
Hey we’re going short that’s my question did the client ask you a question It’s a question how did you get comfortable answer the question did you question the question
Wouldn’t be surprised if the senetor government were given brown envelopes
Hoping some hedge fund managers go to jail after the GME short in 2021
You saw how no one got punished for 2008. The same will happen again.
RIP
Wouldn’t want to meet Dan the Man in a dark alley.
Pretending to not understand your own language because you don’t want to admit your responsibilities. Bleah.
guys what does buy short means ?
They bet against the stick. So instead of being paid when it goes up you get paid when the stock goes diwn
these guys play so dumb but quick to take your money
senator Levin you can not ask a lying demon to tell you the truth sir this is impossible .
This is ridiculous, I would have lost my shit. Man can that guy evade a question in a loop ....
Yes he can , a new option called the CDO circling loop
Literally hypothesized scenario and double kaboom :)
The senator was sold the shitty deal.
at 7:06 shit gets real
cardaderdention How is GS still operating ?
They are selling stocks which they themselves bet against. Furthermore when a potential customer asks about these stocks, how they can be comfortable with these stocks, GS did not answer and does not feel like they have to answer.
.. it was nothing more than a dog and pony show for the masses .... the wall street scum bags got away with major fraud ............
The question wasn’t really clear
diamonds collar fraudulent
His desk position? He gets comfortable on a big pile of tax money
SO WHY ALL THE FUSS??? life is a bitch!!!
Look at all the names of some of these people involved they all have same ancestry.
Dan Sparks = FAIL
The senators is not very bright
Yep he was old and out of touch and he's dead now
Coleman sacks coleman sacks coleman sacks coleman sacks funny lol
#matematikagaqarshimatematika
haha
진짜 미국 스럽다 .... Document 93..executive 172..