Goldman Sachs: Let the Beatings Begin
If you want a realistic version of reality television, you will want to tune in today to the whipping session that is to take place on Capitol Hill. The folks from Goldman Sachs will be appearing before a Senate subcommittee to 1) answer questions about their trading actions and 2) sign their names on a chalkboard 1,000 times.
There’s also another fella who is keeping close tabs to the circus about to take place on the Hill: President Obama. But he will be conveniently traveling today to three separate states to campaign and talk about financial reform. Oh yeah, he’s also expected to talk about jobs. Blah, blah, blah.
Having Lloyd Blankfein is important for the senators, but it’s critically important for all of Wall Street. If Blankfein comes across as elitist and shows those beady eyes and wrinkled forehead, all the major news channels tonight will show him as being the poster boy for, what those that are ignorant and uninformed like to say, the wrongdoings of Wall Street.
What a horrible position for Blankfein to be in. Forget about the 31-year old mastermind allegedly behind all of this: Fabrice Tourre. He probably made tens of millions and was about to retire anyway. The only thing he has to worry about is how many books he plans to write over the next five years. But Blankfein is all but done.
There really is no upside for the man and, as a result, the Goldman board will probably use this as the reason to let him go. But don’t feel bad for the guy. He’s certain to walk out with a very large severance, not to mention a guaranteed table at Harry’s during lunch hours.
I predict today is going to get heated. One thing about Blankfein’s background is the guy doesn’t quit. And, when he’s cornered, he doesn’t just roll over. Look for big Lloyd to get heated with some of these guys. After all, he didn’t break any laws; it’s just his job that is at stake!
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About the Author:
Todd M. Schoenberger is the Managing Editor of Taipan’s Tipping Point Alert e-letter. Todd holds degrees in economics and mathematics from the University of Maryland-College Park, and a degree in venture capital financing from Harvard Business School.
As the Managing Editor of Taipan’s Tipping Point Alert e-letter, Todd keeps himself up-to-date on the latest happenings from the news on Wall Street to the global market. He sifts through market announcements, economic news and financial reports from around the world, and offers spirited, sometimes humorous and always thought-provoking commentary to his readers.
