The banker, worker and immigrant sit at the table and there are 20 cookies. The banker takes 19 cookies and tells the worker "watch out for the immigrant, he's trying to steal your cookie"
if you watch the whole hearing you'll see that goldman sachs made alot more money by shorting the subprime market, and they made alot more money than all the "heros" of the big short
the very last statement of the video.... spot on. Achieved the objective of demonstrating the lack of responsibility Goldman displayed in their everyday work.
The most IMPORTANT part of the video is 6:26 and Ensign leaves the point too quickly. Paying a 3rd party to rate something your selling, is a total Conflict of Interest, because the Rating Agencies know, if they give low ratings the firms will go somewhere else. So the Rating Agencies have incentive the rate everything AAA
I agree. Mr. Jerome Fons made various remarks on numerous occasions about this issue. Mr. Tourre and Mr. Sparks each described over the course of a few senate hearings that they either knew about GS paying the rating agencies and in Mr. Tourre's case, it seems quite apparent that he himself made sure the deal was made with rating agencies to ensure individual BBB grade securities, once bundled, would become AAA rated securities so Goldman could sell it more easily.
Useless reply... Because they didn't answer the question at 6:26 and answered "no" at 11:53, doesn't change anything. It is a conflict of interest to pay the company that rates your product, especially when it has been found time and time again, the ratings agencies were giving high marks to junk.
@@Sapientiaa Ensign was forced to resign because Doug Coe couldn’t fix his situation within his “brotherhood” after he was caught cheating with one of his “brothers” wives lol
"Deal performance had less correlation amongst themselves" !??? That should be carved into a cornerstone somewhere on Wall St for the Huckster Poetry belain in it.
Who allowed the securitisation of the C.D.O's? Isn't it the SEC? Who authorizes the SEC ultimately? That caused all of these theft (2 ways). Steal from the gamblers (investors) and from all the taxpayers.
They are talking about the giant bombshell, called 'CDO', MBS or other securities which have three phases handling and giving some credits to the repackaged instruments. The Senator keeps pointing out the real cause.
The irony of congress asking if the pay structures set up at Goldman sachs lead to ethical behavior is not lost on me .. maybe Mr ensign needs to turn the question on himself they get nice fat checks from the American taxpayer regardless of what happens in this country...maybe Mr ensign and his colleagues pay should be affected due to the community reinvestment act that helped make this situation possible...I'm here because of the big short
I want to ask Senator J. Ensign this. How come he proposes an argument that more Casinos mean more jobs and more tourist attraction money? Casinos do no good to the system. People are dumping Billions of dollars into a business that does no good to society. Instead, those billions (the currency) could go towards Government Hospitals, Government Schools, and Government Farms.
I forgot to say that anyone I ever heard as a banking and finance solicitor referring to any issue of securities as a "deal" always gave me pause to think.
Like lloyd blankfein said we are market makers therefore we create CDOs and CDSs against the very security we sale to our investors even if it is an inherent conflict of interest. If you make a market it would not be in our best interest to be fully transparent.
Wrong modeling assumption is very fatal in terms of triggering ongoing repackaged high risky financial instruments in the way that successively conneting the debt like a chain from homeowners to investment bankers, investors, brokers, hedge fund managers etc. Collapsed like domino blocks. What happened behind the homeowners??
Isn't it amazing, harsh words from the Senator, but nothing changes. They go free and continue to fleece the American people. The senator said we can't continue to hurt the little guy. Actually when he allows them to skirt the questions he is the unethical one.
BBB securities repackaged as AAA is a function of tranching, and it is very reasonable to assume that a risky underlying asset can be rated AAA in the upper tranches. With respect to GS disclosing risk, they transact with highly sophisticated institutions who know exactly what they are buying and are compensated for the risk that they are taking. Every answer from the GS panel was spot on, great showing gentlemen.
We, the citizen all around the world, are losing every day more of our money and of our patience, but at the same time you can hear the crowd chanting... "Jump you fuckers, jump you fuckers, jump you fuckers!!!
All of the comments below are misinformed and need to be adjusted. BBB securities were combined to make traunches, one of which would be rated AAA. If you flip a quarter once there's a 50% chance of heads or tails. If you flip it twice there's a 25% chance you get two heads, a 50% chance you get a tail and a head and a 25% chance you get two tails. If you do it thousands of times, ASSUMING you have no correlation between flips, there should be at least a handful of heads. That's how this works.
You can't tell the seller that it will do amazing and tell them to buy thousands of dollars in stocks when their company sent emails to each other saying how shitty the deal was
+Lunarr Instinct of course you can, business is representation of thoughts not reflection of them. One minute you might own something but you can never know what's going to happen in the next minute. It is this fluidity of business that losers don't like.
Lunarr Instinct it did not! some people lost money some people made money. it's just the nature of business. These losers always had an option NOT to buy anything or invest their money in.
If this was a chess match the Goldman guys are 10 stePs ahead of these elected officials.
The number of people who went to jail for fraud=0.
Fabrice Tourre (2:30) was found guilt for six claims of fraud. They didn't have a criminal case against him, but he was fined.
@@nobody.123 Oh wow a fine, because taking a bit of their money away really hurts them!
what the fuck kind of justice system is this? You can't go to jail because you won't admit to stuff??
because youre a billionaire
The banker, worker and immigrant sit at the table and there are 20 cookies. The banker takes 19 cookies and tells the worker "watch out for the immigrant, he's trying to steal your cookie"
so you're basically implying the immigrant doesn't work and relies on free government money... pretty accurate.
@@MrHomel3ss I’m a immigrant and have founded a tech startup
@@MrHomel3ss no. Implying the bank takes everything and has everyone else fight for crumbs.
@@peternguyen3645 so you stole the cookie huh
@@peternguyen3645put the cookies down
Who's here after watching 'The Big Short'?
me :D
inside job
if you watch the whole hearing you'll see that goldman sachs made alot more money by shorting the subprime market, and they made alot more money than all the "heros" of the big short
me after watching 'margin call'
sen.ensign looks like jeremy irons,doesn't he ?
me
I love the Senator's directness . Wish ppl we're always this direct 24x7..beyond fun
All those people got away with crimes!!!!!
the very last statement of the video.... spot on. Achieved the objective of demonstrating the lack of responsibility Goldman displayed in their everyday work.
If you adulterate AAA stuff with something lower the result cannot be genuine AAA. These people were/are common criminals in sharp suits.
Glad to see that all those crooks served long prison sentences. Oh wait! None of them did.
So sad that they weren't held responsible.
The most IMPORTANT part of the video is 6:26 and Ensign leaves the point too quickly.
Paying a 3rd party to rate something your selling, is a total Conflict of Interest, because the Rating Agencies know, if they give low ratings the firms will go somewhere else.
So the Rating Agencies have incentive the rate everything AAA
that was a big old game of question dodgeball
I agree. Mr. Jerome Fons made various remarks on numerous occasions about this issue. Mr. Tourre and Mr. Sparks each described over the course of a few senate hearings that they either knew about GS paying the rating agencies and in Mr. Tourre's case, it seems quite apparent that he himself made sure the deal was made with rating agencies to ensure individual BBB grade securities, once bundled, would become AAA rated securities so Goldman could sell it more easily.
Hold their feet to the fire Ensign!
Useless reply...
Because they didn't answer the question at 6:26 and answered "no" at 11:53, doesn't change anything.
It is a conflict of interest to pay the company that rates your product, especially when it has been found time and time again, the ratings agencies were giving high marks to junk.
Now we know the real reason he was forced to resign.
Who was forced to resign ? Daniel sparks?
@@Sapientiaa Ensign was forced to resign because Doug Coe couldn’t fix his situation within his “brotherhood” after he was caught cheating with one of his “brothers” wives lol
@@MVPTC Who was caught cheating? Ensign?
@@MVPTC alright
Smooth criminals...
"Deal performance had less correlation amongst themselves" !??? That should be carved into a cornerstone somewhere on Wall St for the Huckster Poetry belain in it.
Clean house in both houses - out with the shits.
wow... a senator actually took part responsibility for the crisis?!?
Selling $1 for $20. what a world we live in.
Who allowed the securitisation of the C.D.O's? Isn't it the SEC? Who authorizes the SEC ultimately? That caused all of these theft (2 ways). Steal from the gamblers (investors) and from all the taxpayers.
They are talking about the giant bombshell, called 'CDO', MBS or other securities which have three phases handling and giving some credits to the repackaged instruments. The Senator keeps pointing out the real cause.
oh THAT why he was so widely investigated :D
Amen brother
The irony of congress asking if the pay structures set up at Goldman sachs lead to ethical behavior is not lost on me .. maybe Mr ensign needs to turn the question on himself they get nice fat checks from the American taxpayer regardless of what happens in this country...maybe Mr ensign and his colleagues pay should be affected due to the community reinvestment act that helped make this situation possible...I'm here because of the big short
I want to ask Senator J. Ensign this. How come he proposes an argument that more Casinos mean more jobs and more tourist attraction money?
Casinos do no good to the system. People are dumping Billions of dollars into a business that does no good to society. Instead, those billions (the currency) could go towards Government Hospitals, Government Schools, and Government Farms.
But casinos and gambling are heavily taxed aren’t they
I forgot to say that anyone I ever heard as a banking and finance solicitor referring to any issue of securities as a "deal" always gave me pause to think.
The diversity of apples transform them into pears.
they're sitting like in front of a headmaster's desk
I hope the revolution is televised. I'd spend $500 on pay per view to see these guys get what's coming to them.
Halleluiah
If there are winners, there are also losers! When someone wins money, someone also loses money.
봐도봐도 너무 죠으당 너무 재밌엉
GS and ethical behavior?!
Oil and Water... But that is true for every institution that have soul interest in making Money and money only
Ensign was framed to step down after these hearing because he shook the cage
Or he crated a toxic environment within his tight circle by stealing his friends wife lol
how come goldman sachs is still around, they seem pretty illegal to me
Like lloyd blankfein said we are market makers therefore we create CDOs and CDSs against the very security we sale to our investors even if it is an inherent conflict of interest. If you make a market it would not be in our best interest to be fully transparent.
And nobody went to jail
Repackaging b rated products and marking them as A product and repacking them to sell is call every day business in the USA.
Wrong modeling assumption is very fatal in terms of triggering ongoing repackaged high risky financial instruments in the way that successively conneting the debt like a chain from homeowners to investment bankers, investors, brokers, hedge fund managers etc. Collapsed like domino blocks. What happened behind the homeowners??
Isn't it amazing, harsh words from the Senator, but nothing changes. They go free and continue to fleece the American people. The senator said we can't continue to hurt the little guy. Actually when he allows them to skirt the questions he is the unethical one.
BBB securities repackaged as AAA is a function of tranching, and it is very reasonable to assume that a risky underlying asset can be rated AAA in the upper tranches. With respect to GS disclosing risk, they transact with highly sophisticated institutions who know exactly what they are buying and are compensated for the risk that they are taking. Every answer from the GS panel was spot on, great showing gentlemen.
they showed fundamentally criminal/anti-social behavior
@@Jmjdit that’s literally half of society
We, the citizen all around the world, are losing every day more of our money and of our patience, but at the same time you can hear the crowd chanting... "Jump you fuckers, jump you fuckers, jump you fuckers!!!
😊Oh Kaman Man Spinomi Won For Bank Now For Me
only fools and horses
what happened to the guys under questioning?
Gregor Rama if I remember correctly, no one except Tourre got punished.
And they keep their stolen cash. It will happen again and again and again.
Baroso is working with them.
How the hell does this have only 8 thousand views?!? This should have 10 million views, instead of some shitty Justin Bieber video.
2:19
Ignorance is a bliss.
who knew they were pro manipulaters too...
the title isn't very catchy.. maybe something like "Goldman Sachs Executives get grilled by Senator" would have gotten more views??
The questioning was inept and gave too much wiggle room for these bankers.
i now man
half of humanity are living zombies
2:03 - 2:15
And?
14:49 it starts then at 15:34 the wipe the stink of the BS away from his nose.
@skitchem
Their game is just about up. Look at the price of gold.
All of the comments below are misinformed and need to be adjusted. BBB securities were combined to make traunches, one of which would be rated AAA. If you flip a quarter once there's a 50% chance of heads or tails. If you flip it twice there's a 25% chance you get two heads, a 50% chance you get a tail and a head and a 25% chance you get two tails. If you do it thousands of times, ASSUMING you have no correlation between flips, there should be at least a handful of heads. That's how this works.
Trying to get a straight or useful answer from Daniel Sparks is futile. He's a flim-flam man.
There is a buyer and a seller...what's the problem?
You can't tell the seller that it will do amazing and tell them to buy thousands of dollars in stocks when their company sent emails to each other saying how shitty the deal was
+Lunarr Instinct of course you can, business is representation of thoughts not reflection of them. One minute you might own something but you can never know what's going to happen in the next minute. It is this fluidity of business that losers don't like.
Critical John if thats the truth then why was any of this a problem, why did it ruin the economy of the united states. Jesus you idiot
Lunarr Instinct it did not! some people lost money some people made money. it's just the nature of business. These losers always had an option NOT to buy anything or invest their money in.
Critical John i cant believe you don't know how the goldman sachs ruined the economy in 2008. Go learn your facts before you argue
shouldn't there be a firing squad involved?
Oy vey
load of crap from both sides.
this is one of the problems with fundamentalist totalitarism .
Goldman Sacks.... Goldman Sucks...
why am I watching this it's all set up
When will people learn though :( breaks my heart.
So grateful I found your comment. Gives me hope for people in the world. May God have mercy on us.
true
All this talk, no one went to jail. This is a horse and pony show