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« Fresh From Goldman Success, SEC Looks For New Wall Street Targets (ProPublica) | Main | Zakaria Interviews Geithner, Discusses Goldman Sachs & Financial Reform With Spitzer, Sorkin, & Martin Wolf »
Tuesday
Apr272010

WATCH LIVE (Embedded Video): Goldman Sachs' Day Of Reckoning -- Testimony From Blankfein, Fabulous Tourre, David Viniar

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UPDATE:  The testimony continues (it's currently 7 pm EST)...Blankfein remains in the hot seat.

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Video:  Watch the Goldman Flogging LIVE...

Boy, Fabrice's got a helluva mug.  The guy just radiates arrogance -- or perhaps, his face mimicks his tightly puckered arse.  So grab some popcorn and your gun. 

Attention federal prosecutors: that was a joke.

Will be adding links all day for this story.  For now we have Bess Levin's live blog, the showdown clip from Kingpin (Bill Murray, Woody Harrleson) and a new-look photo from the ladies at Code Pink who are in attendance and protesting.  It's not quite prison orange, but it works.

Testimony schedule and prepared statements are now linked inside.

 

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From this morning:

AWESOME: Levin Gets Testy With Goldman Executive -- "Boy That Timberwolf Was One Shitty Deal" (VIDEO)

Goldman Sachs Links  -- Everything you ever wanted to know about the SEC case and more -- 22 hand-picked stories so far

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Lloyd Blankfein -- Prepared Statement

Prepared Statements from Tourre, Viniar, Josh Birnbaum, (and others)

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Dealbreaker and Bess Levin are running an amusing live-blog of the spectacle.  Here's a taste of Bess' innate insanity:

* 9:45: Fifteen minutes to go.  Disappointingly, His Fantabulousness and Lloyd Blankfein are on separate panels, meaning no opportunity for potential backhands to the face.  No matter.  There’s gonna be a showdown.  So while we wait:

[I have it on good authority that Lloyd and Lucas have rehearsed the above moves and will be performing them at intermission.]

* 9:57: The Pink Ladies have traded in their standard uniforms for prison garb.

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* 10:03: Carl Levin (NO RELATION) is telling us why we’re here. Goldman Sachs took advantage of its clients, yada, yada, yada.

* 10:04: That’s right, cameraman, focus on The Fab (who’s grown his hair a little longer and is looking kind of hot).

* 10:09: Carl: “Goldman Sachs treats clients like objects (of profit).” Jackie Treehorn, a former prop trader, was the first to pioneer this model at the firm.

* 10:16: Goldman made money off its shorts. Dun Dun Dun.

* 10:26: Apparently Goldman didn’t just hurt its clients, it hurt everyone in the world. Take a moment right now to show us on the doll where Goldman touched you.

* 10:28: Going to interrupt Carl for a moment to announce that Melissa Francis gave birth last night to her second son (with husband Wray). The kid’s name is Greyson Alexander Thorn. May he grow up to be a Goldman banker.

* 10:32: Senator Susan Collins: I’m very discreet…but I will haunt your dreams.

* 10:38: According to Suzy, we’re not here to celebrate the fact that Goldman Sachs made some money during the crisis. Which means I’ve made a terrible mistake. Reader poll: cancel the stripper cake, even though she’s already inside? Or just say fuck it? Why should this lady get to say what’s what?

* 10:40: Senator Claire McCaskill is just going to throw words out there, arrange them in any way you like, does: bets, odds, bookies, tranches, waterfalls, golden showers, clown-facing, pit bosses, Las Vegas, street gamblers, KGB.

* 10:44: SENATOR MARK PRYOR: “I MAY NOT UNDERSTAND EVERYTHING ABOUT EVERYTHING ON WALL STREET.”

* 10:47: Daniel Sparks, former mortgages department head and PMD: He only meant to stay at Goldman for two years. But he couldn’t let it go. There was something about Goldman he couldn’t shake. Something…special.

* 10:51: Josh Birnbaum, Former Managing Director, Structured Products Group Trading: Wharton grad. That is all.

* 10:56: Michael “Swenny” Swenson, Managing Director, Structured Products Group Trading: [guy behind left shoulder is just gonna play dead until the Model 5000 GS employee is finished]

* 11:02: Fabrice “Fab” Tourre: FINALLY. The only reason we’re here today. Reading of this statement. Unlike the Toyota hearings, no translator necessary. Won’t get good until he’s performing off the cuff but so far, I sense a ‘tude, and I like it. If he wants to make us really happy he’ll whip out a cigarette when he’s done and light up.

* 11:12: Before Carl finishes this little speech, is someone going to tell him that Sparks hasn’t found the email in the 938,918 binder he was supposed to be looking for yet?

* 11:13: WHOEVER CAME UP WITH THIS PLAN FOR SPARKS TO JUST NEVER FIND THE RIGHT PAGE IS A GENIUS. LOOKIN’ AT YOU LUCAS.

* 11:16: Sparks: Senator Levin, I literally have no idea what you’re talking about. No joke, no offense, I straight up have no idea what you’re saying.

* 11:17: Senator Levin: IF I POINT AND SAY THE PHRASE ‘HOW DO YOU GUYS GET COMFORTABLE WITH’ OVER AND OVER AGAIN MAYBE AT SOME POINT IT WILL MAKE SENSE [aid whispering in Levin's ear: "Sir, things are unraveling, it's getting away from us." Levin: "Shut it bitch."] HOW DO YOU GUYS GET COMFORTABLE [FINGER POINTS] GET COMFORTABLE [FINGER POINTS] GUYS [FINGER POINTS] COMFORTABLE?!?

* 11:24: This is how it’s going to be. Every five to six minutes, Carl’s going to pick a new phrase to shout over and over, in the form of a question that people will have no idea how to answer. First phrase was “how do you guys get comfortable with,” next up, “crap pools.” Crap pools. Crap pools. Crap pools.

Sparks: I don’t…

CL: Crap pools.

Sparks: Sir?

CL: Crap pools.

Sparks: Um…

CL: Crap pools.

Sparks : All I’m saying…

CL: Crap pools?

Sparks: Mr. Chairman I’m just…

CL: Crap pools?

Sparks: Sir?

CL: Crap pools!

Sparks: We…

CL: Crap pools!

Sparks: I’m sorry?

CL: Crap pools! Knock, knock.

Sparks: Who’s there?

CL: CRAP POOLS!

Sparks: Look…

CL: Crap pools! Let me tell you a little story about a man named Crap pools! Crap pools! Even before you start. That was a preemptive Crap pools. Just know I have a whole bag of ‘Crap pools’ with your name on it.

11:30: Phrase # 3: “Shitty deals”

11:33: Carl: Who’s Tom Montag? Who’s Dan Sparks? Who’s Lloyd Blankfein? Who’s Carl Levin? WHERE AM I?

Continue reading at Dealbreaker  >>

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Reader Comments (17)

is anyone watching the spectacle...?
Apr 27, 2010 at 1:03 PM | Registered CommenterDailyBail
http://www.businessinsider.com/goldman-sachs-long-beach-mortgage-2010-4

Senate Releases "Damning" Goldman Evidence, But Inadvertently Vindicates Firm
Apr 27, 2010 at 1:04 PM | Registered CommenterDailyBail
Coburn just asked Blankfein ("one last question") why Goldman released Fab Tourre's emails -- because apparently it was Goldman, NOT congress, who released the emails. "Was this a defensive ploy? A political ploy?" Blankfein is literally stuttering like a school child. Interesting.
Apr 27, 2010 at 6:48 PM | Unregistered CommenterJames H
i stopped watching an hour ago or so...missed that...nice catch...it's a good question...something i've wondered...is tourre being used as a sacrificial lamb by goldman mgmt...?...it's hard to know exactly their strategy...
Apr 27, 2010 at 6:59 PM | Registered CommenterDailyBail
Nice! Levin just asked LB if he had "any conversations" with Treasury about the AIG payments to GS or about any secondary CDS Goldman had on an AIG default with some other (unnamed) counter-party.

Lloyd says No. But then I think he said Yeah. Classic hedge LOL.
Apr 27, 2010 at 8:00 PM | Unregistered CommenterJames H
i caught that...i'm watching again...levin should continue with this line of questioning...the AIG line...
Apr 27, 2010 at 8:05 PM | Registered CommenterDailyBail
http://www.huffingtonpost.com/2010/04/27/goldman-sachs-hearings-li_n_553318.html

live-blog summary from the huffington post...good info there...
Apr 27, 2010 at 8:26 PM | Registered CommenterDailyBail
Loved Bess's commentary!
Apr 28, 2010 at 1:31 AM | Unregistered Commentermark mchugh
yes...bess had her 'A' game today...too bad she hates the Bail...
Apr 28, 2010 at 1:53 AM | Registered CommenterDailyBail
Wha? Wadda ya mean "she hates the Bail"?
Apr 28, 2010 at 2:03 AM | Unregistered CommenterJames H
i honestly don't know why...and i doubt she hates the site but she showed up here in comments in the first month telling me NOT to start this site...that it would fail...that it was a stupid site...she thinks we're mindless populists and was trying to squash us...also there's the competitiion factor...who knows...but her comments to me were that my writing sucks and that the site was boring...granted this was in our first month of existence...january 2009...
Apr 28, 2010 at 2:22 AM | Registered CommenterDailyBail
I found this:

@ bess
... our audience is diff. from yours. you aim for the london, chicago, san fran. and manhattan IPs. the only audience that even gives a flying fuck about your mostly boring content is quickly dying off. no one else is interested. you waste too many inches on complete bullshit. that's fine. you can implode along with the hedge funds you stalk.

the audience for dailybail is everywhere except cities mentioned above. our readers don't care about hedge fund soap operas. they are pissed off at the government and rightfully so. they want to see the bailout rant.(more than 50,000 in 4 days have showed up) they want blood, basically. and so do i, so it works out.
---------------------------------------

Those were dark days. Most of us probably still want some blood, but maybe we can work things out differently. We'll see. To be honest, I think her stuff is boring. She's nothing compared to The Bail at its best. Her commenters are sometimes funny. Her? Not so much.
Apr 28, 2010 at 2:52 AM | Unregistered CommenterJames H
wow...nice find...yes she and i had a feud for a few days...so what you found is something i wrote once...can't remember if i posted it on dealbreaker or here...

the best moment is when our traffic was spiking last summer with the grayson-coleman video and i went to dealbreaker and in comments I reminded her that she told me the Bail was a waste of time...

then i provided a link showing that our traffic was more than 3X Dealbreaker's traffic (sadly, we no longer beat them), and i told her thanks for the advice...but we were doing just fine kicking dealbreaker's ass...all with 1 writer and no support (whereas they are owned by a media company who has put a few million into their site -- and they had 4 paid writers at the time)...

the comments stayed up over there for 2 hours until she read it and then deleted it...it was a nice moment of revenge...
Apr 28, 2010 at 3:13 AM | Registered CommenterDailyBail
and by the way, the bailout rant i mentioned in the comment to bess....was none other than the first clip from WalStreetPro...

it was that video that got the site its first bit of traction...

i couldn't resist...here comes tim geithner, the worthless piece of maggot shit...

http://dailybail.com/home/there-are-no-words-to-describe-the-following.html

look out...
Apr 28, 2010 at 3:35 AM | Registered CommenterDailyBail
That's too funny. I saw it on the sidebar last night and watched it to just calm down and feel better. I don't know what happened to the Pro. He signs in to his youtube account all the time, but he hasn't posted anything in forever.
Apr 28, 2010 at 9:16 AM | Unregistered CommenterJames H
i've wondered the same...my guess is he got a legitimate job and he can't be seen making these clips anymore...
Apr 28, 2010 at 12:51 PM | Registered CommenterDailyBail
Barry Soetoro...Show us your papers!!!!!!
Apr 28, 2010 at 1:46 PM | Unregistered CommenterZarathustra

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