"Our Children and Grandchildren are not merely statistics towards which we can be indifferent" JFK

Thursday, January 14, 2010

FCIC Hearing…The Circus was in town

Some memorable quotes from the alleged brightest gangsters on Wall Street during yesterday’s testimony:

Lloyd Blankfein (Goldman Sachs):
When asked about selling securities with subprime mortgages and then shorting the same instruments, Blankfein responded: “Practice was improper and that we regret the consequence that people may have lost money”.
I can't stand here and tell you what would have happened . . . but we were going to bed every night with more risk than any responsible manager should want to have either for your business or for the system as a whole".

Jamie Dimon (JP Morgan):
“Somehow we just missed the fact that home prices don’t go up forever…”
“We did make mistakes and there were things we could have done better”.

Brian Moynihan (Bank of America):
“We understand the anger felt by many citizens; we are grateful for the taxpayer assistance we have received”. “The vast majority of our employees played no role I the economic crisis and do not deserve to be penalized with lower compensation”.

John Mack (Morgan Stanley):
“We did eat our own cooking and we choked on it”.

While viewing the hearings yesterday, I was left with a peculiar Déjà vu sensation.

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