The Faber Report

Speaking a Different Language?


Not much that differentiates Lloyd Blankfein'stestimony today and his appearance in January before the inquiry commission.

It feels as though the senators and Blankfein are speaking a different language. And one can sense his frustration in their not understanding the role of a market maker or choosing to ignore it, while he chooses to ignore the apparent contradiction in marketing a transaction in which Goldman Sachs was short.

Blankfein's explanation of how investment banking has changed over the last 15 years was interesting.

Has it been caused by the repeal of Glass-Stegall or was Glass-Stegall repealed because so many banks were already giving advice and offering financing?



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