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I was hoping to discover how that whole thing went down at the time, and how Goldman and Morgan Stanley got the Fed’s blessing but Lehman Brothers Holdings Inc. did not. Also I was interested in Goldman’s interactions with the Fed since that fateful moment. My hopes were raised further when I heard from people at the firm that Goldman had reviewed the contents of what was being sent to me and that its executives seemed worried about it.
No such luck. On the disk was nothing more than a bunch of obscure -- but publicly available -- Federal Reserve documents about the details of Goldman’s assets and liabilities on a quarterly and annual basis, everything from the kinds of loans the firm had been making to the tenor of its derivatives book to whether the real-estate loans it owns were backed by commercial properties or residential properties.
The documents contained a bunch of detailed numbers (without explanation) about the kinds of risks Goldman was taking at a moment in time, thus prying open ever so slightly the firm’s black box.
For instance, who knew that at the end of December 2011 Goldman had $44.2 trillion in the notional amount of derivatives contracts on its books, about $1.3 trillion more than it did in 2010? Or that $36 trillion of that amount was for contracts of less than one year in tenor? Or that Goldman had $19 billion in insurance underwriting assets, up nearly 40 percent from the year before? Or that Goldman’s book of commercial and industrial loans was $7 billion at the end of 2011, up dramatically from the $829 million it held at the end of 2010? Or that the firm’s stash of mortgage-backed securities -- now $1.37 billion -- had nearly doubled what it had at the end of 2010?
Although I still have no idea how Goldman makes its money, I guess it is interesting to know that the government produces mind-numbing documents containing columns of numbers and then puts them on websites buried on the Internet.
But let’s not pretend that the Fed’s carefully scripted, and untimely, release of a disk of public information to me is even remotely the way FOIA is supposed to work. Where are the documents and e-mails about how Goldman was allowed by the Fed to become a bank holding company? Where are the documents from the SEC about Goldman? Where, for that matter, are the SEC documents related to the short-dated, out-of-the-money puts that investors spent millions of dollars buying in the last week of Bear Stearns’s existence? The SEC said it was investigating who bought and sold these puts, but it has never made the results of its investigation public despite my FOIA request.
Originally posted by tracehd1
For the last 9 years I've been learning how to invest.
Here's where I am with it...
I'm still not threw " Learning Stockes for Dummies ". I think that's the name of my book! lol
I have 2 high-end magazine's.... One sent me this awesome dark blue coffee cup.
I finally invested a grand into a great shipping company. Lost it all in 2008.
A wall-street rocket scientist I'm not. Let me ask you... Isn't there some kind law out there that prohibits companies from becoming so big .....That.....they'll turn us into flesh eating zombies? lol or.... Fill in blank...
Great post.... I learned a lot. Side note... I love YT!!!!
Originally posted by babybunnies
If Goldman Sachs were to collapse, it would be massively spectacular and probably take the world economy with it.
Originally posted by poet1b
They keep upping the bet, because they have to, cause the money isn't there to cover the bet, any of the bets, and sooner than later, its all going to blow up. It will be 1929 times 1,000.
Originally posted by poet1b
There won't be another bailout, we simply don't have the money to do it for one thing, and the people aren't going to support it for another.
I'd be surprised if they can keep this going for the rest of the year.