Traders Fabrice Tourre and Joshua Birnbaum answer senators' questions about the responsibility investment banks have to reveal their trading positions.
Well that and having corporate counsel that probably bills at $600 an hour coaching them on the correct responses on any potential questions they may get. Interesting how they avoid saying they acted in the best interest of their clients. Clearly they were instructed to avoid agreeing to that premise because it would open them up to another line of questioning around what the best interest of their clients means. Most of those senators were/are lawyers by trade so they know it’s a cat and mouse game.
I would like to see the tables reversed and have us ask the congress why they ran Fanny and Freddy into the ground and started the meltdown in the first place!!!
@@gamer-qj5po Hi, so sorry for the late answer aha. But he did teach in our bachalor degree in B.Sc in International Buisness we had him for 1 semester where we were studying in the valuation of CDO.... ironically. But right now he is a reaserch professor where he did publish few research paper on different subjects in our uni.
These guys are too smart to be outsmarted
Well that and having corporate counsel that probably bills at $600 an hour coaching them on the correct responses on any potential questions they may get. Interesting how they avoid saying they acted in the best interest of their clients. Clearly they were instructed to avoid agreeing to that premise because it would open them up to another line of questioning around what the best interest of their clients means. Most of those senators were/are lawyers by trade so they know it’s a cat and mouse game.
I would like to see the tables reversed and have us ask the congress why they ran Fanny and Freddy into the ground and started the meltdown in the first place!!!
FUN FACT!! Fabrice Tourre is a professor at my Univeristy. I am currently studying at CBS (Copenhagen Buisness School) in Denmark.
Thats a good thing? Universities are fucked. Edit: in America that is...
Cool what subjects does he teach ?
@@gamer-qj5po Hi, so sorry for the late answer aha. But he did teach in our bachalor degree in B.Sc in International Buisness we had him for 1 semester where we were studying in the valuation of CDO.... ironically. But right now he is a reaserch professor where he did publish few research paper on different subjects in our uni.
@@DEV3N87 well we had him for 1 semester where we were studying the valuation of CDO and different (imo) complex securitization investment tools.
@@DEV3N87 nah europes unis are fucked too lol
The lawyers told them
Don’t admit you have a duty to act in the BEST INTERESTS of your clients
Except they didn’t, never did, and still don’t (if we’re talking about their market making operation only)
As in, they actually don’t have that duty by law
Thats the senator who thinks that Trump has learned from impeachment. Nuff said
Wow, cry more.
Remember sitting down for a few minutes to watch - got up hours later when they were done. Master class in lawyering up
I like how Birmbaum notes he is unfamiliar with regulatory concepts lol. That pretty much answered Collins’ question.
Goldman Sachs Antartica. Serving Penguins since......
Client, of course. 😉 😉
Putting the Client first does not necessarily mean to act in the worse or worst interest of the Firm
I would like to share copies of my work to Goldman.
And NOTHING came out of these