|Art Cashin: Markets Are 'Nowhere Near a Top'|
2. Yesterday I took the liberty to watch the goldman grilling and ı have to say the Goldman crowd was not looking that smart at all and the senators were not either. levin did by far the best job but missed to dig deeper at a crucial point where birnbaum got really nervous. first off all the self assesment showed the real culture of Goldman it was not graceful how they bragged about their achievements and they were quite competitive about each other. the crucial spot besides the obvious dumb the crab on any idiots bid you can find attitude was very clearly presented by levin but as he came across the fact that Birnbaum also used short bets on stocks to add momentum to his big short was thee point where levin missed or ignored the chance to nail goldman. he should have found out how big the short position was since by forcing the stock of competitors like bear or mer down he could also used as a strategic measure to force the shorts on ABX and single name CDS his way. The evil mind of Goldman was not displayed in full manner at all since the other Senators did not do their homework at all - the fact that ACA was the biggest buyer in the one Abacus deal was never really understood by them. the fact remains that goldman put himself first and dumbed all the crab on the other morons which is part of the wallstreet game between hedge funds and prop traders but it is criminal intend to do it with investors who are not sophisticated enough to grasp the risk. Basically the whole CDO operation was a criminal scheme they acted like phony car-salesman who take old cars who are close to crash down repaint them have them look classy and sell them as brand new state of the art cars from Germany.