Apr 21, 2010

Charles Gasparino on the Goldman Sachs spin machine

When the Fed report came out and basically showed that their whole line for the past year has been that they did not get bailed out, that they did not need bailout money, that they just accepted the money, that Fed report that came out about AIG showed that if AIG went under, Goldman Sachs was in serious trouble. It just gave credence to what everybody believed and what they won't admit, what Lloyd Blankfein won't admit, this sort of absurdity that he's trying to promote, this fantasy that Goldman wasn't bailed out. When that report came out it just underscored the fact that they were, to me, and that everything he's been saying is a joke and it's going to keep dogging the firm.

What they've been trying to create is this sort of fantasy-- that they weren't bailed out, that they don't have sharp elbows, their clients come first. He [Blankfein] makes these public statements all the time that this is true, and yet all you have is evidence built upon evidence that that's not the case, that they were bailed out and that, by the way, they are a pretty aggressive, sharp-elbowed firm where the clients don't come first, they come first.

They have no qualms about sticking an elbow in a client's face.

~ Charles Gasparino, Market Watch Media Matters Interview, April 19, 2010

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