LLOYD BLANKFEIN AIN’T NO DUMMY
14 April 2009 by TPC
20 Comments
Goldman Sachs selling shares sounded awfully familiar. I did a little sleuthing and remembered that Goldman sold shares last September at $123 (gee, those terms look familiar…) just before the market tanked. This was the date of the great Buffett investment. The investment where Buffett negotiated better terms than the U.S. government could….We all know what happened after that. The market fell off a cliff and GS stock fell 62%. The boys in the corner offices at Goldman aren’t stupid. They’re selling high. Did Goldman just top-tick the bear market rally?
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nice catch. I had totally forgotten about that offering in Sep.
Is the CNBC crew still cheerleading the goldman "blowout" quarter? As PT Barnum once said….
FDO15 Reply:
April 14th, 2009 at 6:04 PM
TPC has been calling this market correctly for months, but you don't read any of the stuff he writes about on CNBC. They're as bad as Fox news. Fair and balanced. more like misleading and cheerleading.
TPC Reply:
April 14th, 2009 at 6:12 PM
I think CNBC catches a fair amount of undue criticism. Their reporters are amateurs. Liesman, their "chief economist" has no business background and graduated with a degree in journalism. Anyone that expects them to understand or coherently explain what is going on is expecting far too much from them.
The only person who deserves a good amount of criticism is Cramer. The man constantly misleads investors into thinking that any Joe Schmo can outperform the market by picking individual stocks. It's not that easy and his show causes small investors a great deal of pain. He should know better…..
It's kind of ridiculous. There was almost no mention of the 34% increase in FICC that resulted in more than HALF of their revenues. The fixed income trading alone should raise a huge red flag for anyone who is invested in GS. You just can't expect to get the real scoop from CNBC. The reporters aren't all that sophisticated and 90% of their guests have been entirely wrong about this market for the last two years. Dick Bove was on this morning….That guy called the banks a generational buy over 65% higher than they are today….
Wingobyte Reply:
April 14th, 2009 at 7:48 PM
Yeah when I was trading for my hedge fund, I used to see this guy on TV so much the past couple of years touting bank stocks all the way down, dont know why he gets so much air time for making so many wrong calls….though he was right on this rally back up since march but after being wrong for so long, he was bound to be right sometime.
TPC Reply:
April 14th, 2009 at 2:00 PM
Test
nice catch. I had totally forgotten about that offering in Sep
Is the CNBC crew still cheerleading the goldman “blowout” quarter? As PT Barnum once said….
TPC has been calling this market correctly for months, but you don't read any of the stuff he writes about on CNBC. They're as bad as Fox news. Fair and balanced. more like misleading and cheerleading.
In the morning, I caught Maria B explaining how GS earnings were about them turning the ship around authoritatively… No mention of the change in accounting months for the 1st quarter, new share offering, etc. I guess we are out of trouble if CNBC says so.
I think Santelli, Cashin, and Pisani add value…other than that it is a circus with guys like Dennis Kneale and Donny Deutche on the air.
Pisani is another pumper…Santelli and Cashin makes sense.
Gotta agree with that. Pisani couldn't trade his way out of a wet paper bag.
It's kind of ridiculous. There was almost no mention of the 34% increase in FICC that resulted in more than HALF of their revenues. The fixed income trading alone should raise a huge red flag for anyone who is invested in GS. You just can't expect to get the real scoop from CNBC. The reporters aren't all that sophisticated and 90% of their guests have been entirely wrong about this market for the last two years. Dick Bove was on this morning….That guy called the banks a generational buy over 65% higher than they are today….
I think Santelli, Cashin, and Pisani add value…other than that it is a circus with guys like Dennis Kneale and Donny Deutche on the air.
Yeah when I was trading for my hedge fund, I used to see this guy on TV so much the past couple of years touting bank stocks all the way down, dont know why he gets so much air time for making so many wrong calls….though he was right on this rally back up since march but after being wrong for so long, he was bound to be right sometime.
Pisani is another pumper…Santelli and Cashin makes sense.
TPC Reply:
April 14th, 2009 at 7:41 PM
Gotta agree with that. Pisani couldn't trade his way out of a wet paper bag.
In the morning, I caught Maria B explaining how GS earnings were about them turning the ship around authoritatively… No mention of the change in accounting months for the 1st quarter, new share offering, etc. I guess we are out of trouble if CNBC says so.
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