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View Full Version : Imagine for a moment that it was a GM CEO in Washington yesterday



Nicholas Scheuer
04-28-2010, 07:21 AM
And one of the membes on the Panel asked the CEO whether he felt "any obligation at all" to sell a customer a sound automobile for their money, and the CEO anseered, "no, we are marketing a product, and is up to the buyer to determine whether our product meets their needs".

We've heard a lot about Business Schools teaching courses in "ethics" over the last couple of decades. It sounds to me as if the Business Schools, starting with Harvard, have no f---k-g idea what the word "ethics" means. The students do have to earn a passing grade, do they not?

It's why I have no respect for MBA degrees.

Moby Nick

delecta
04-28-2010, 07:40 AM
I think your problem is that you have no understanding of what GS did. They wern't selling this product to moms and dads but to sophisticated investors.

You had one greedy bunch selling a product to another greedy bunch and one went home crying and the other laughing. This was a high risk/high reward investment that they took a gamble on and lost.

But lets not miss an opportunity to bash wall street. On a brighter note, you must be truly pissed at what a good job BO did in helping out all his buddies on the street. :D

paladin
04-28-2010, 07:46 AM
and last night a CEO at GM went on teevee telling the world that GM repaid their loan with interest 5 years early and we should trust them and buy their vehicles.

OconeePirate
04-28-2010, 08:25 AM
and last night a CEO at GM went on teevee telling the world that GM repaid their loan with interest 5 years early and we should trust them and buy their vehicles.

Not just trust them, trust them again, as if they've been around for more than 2 years. According to the letter I got from the company I bought stock in this new "GM" is a 100% new entity. There is no company history prior to the government loan/buyout/handout BS therefor no previous trust to justify him asking me to trust again.

Nicholas Scheuer
04-28-2010, 08:52 AM
Who the "customer" was is beside the point, delecta. They WRECKED the World's economy and thousands of "moms and dads lost their life savings.

But, of course, you missed my point, delecta.

One thing sure, I'm a hell of a lot happier with Obama than I would be with the AH you probably voted for.

Moby Nick

RonW
04-28-2010, 09:42 AM
Well I for one will give the goldman sach boys a lot of credit.

Could you image how tough it was sitting there trying to maintain your composure with a striaght face.

When it seems as if it was only yesterday that the same IDIOTS were in their office begging for money..

Just a dog and pony show for the public.

I know I feel a lot safer...and avenged..

john l
04-28-2010, 10:40 AM
and have you forgotten who was beggin for money 18 months ago?

Kaa
04-28-2010, 10:54 AM
The most striking thing about today’s big Senate subcommittee hearing on the role of investment banks in the financial crisis has not been the testimony of the Goldman Sachs traders and managing directors, but rather the opening statement of Senator Carl Levin, the subcommittee’s chair. Levin’s basic argument—which he made over the weekend when he released four e-mails from Goldman employees showing that the company had shorted the U.S. housing market in 2007—is that it’s an illegitimate conflict of interest for an investment bank to ever sell a product that it thinks will lose value. More than that, Levin also implicitly suggested that there was something wrong per se with betting that the housing market would crash, suggesting that while it’s good to make money from good things happening, it’s nefarious to put yourself in a position to make money when bad things happen.(http://www.newyorker.com/online/blogs/jamessurowiecki/2010/04/the-goldman-hearings-levin-vs-wall-street.html)

Kaa

John of Phoenix
04-28-2010, 11:16 AM
I think your problem is that you have no understanding of what GS did. They wern't selling this product to moms and dads but to sophisticated investors.

You had one greedy bunch selling a product to another greedy bunch and one went home crying and the other laughing. This was a high risk/high reward investment that they took a gamble on and lost.
And you better believe the loosing greedy bastards are looking get even with Goldman for the billion dollar screwing they got.

It's all about trust and those guys stammering out half-assed answers wiped it all out. Then Blankfien stepped up and dazzled absolutely no one.

Anthony Zucker
04-28-2010, 11:42 AM
If it was the GM CEO in Washington yesterday Sen. Levin would have been seen licking their shoes. Old or new, GM has owned him for decades, and his wife.

Notice how quiet Sen Schumer of NY is about the Goldman Sachs scandal.

That's what's wrong with our system, and I dont know a cure.

paladin
04-28-2010, 11:55 AM
Hang a few and it may get their attention.

ahp
04-28-2010, 08:10 PM
When power is abused, power is curtailed. It may take a while, and lot of people get hurt that don't deserve it. Historically power is curtailed by legislation, litigation, revolution, a bullet, a noose, or perhaps a guillotine, but sooner or later it happens.