One Shitty Deal

[Klaus]

I watched some of the hearings yesterday as I was at my desk. Boring and pretty much a dog and pony show. But this clip was funny:

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[Kyrillian]

This politicians are all such retards. If the deal was "shitty" on June 22nd, it's already baked into the price, and anyone investing after that is investing because it's depressed and they are trying to catch it on the upside.

I love watching these hearings about finance shit, none of these politicians know anything about it. They come with pre-written questions probably written by someone with some knowledge of finance then they really show when they add their own follow up questions.

I'd like to give these douchebags a quiz on options and derivatives and see if any of them can even get over half right.

[Klaus]

I agree that the congressman that questioned the GS people didn't know WTF they were talking about.... but as someone in the industry Kyr don't you think it was a bit shady to sell a "shitty" stock and talk it up to customers but short it on the back end? Personally, I think it was probably just a few rogue brokers but still it was shitty.

[Kurise]

Lol, are they allowed to say "shit" on live tv? I feel like I'm watching a south park episode :P

[Sylvester]

http://www.dilbert.com/dyn/tiny/File/Dogbert%20Sachs%20testimony%201.jpg

[Chadwick]

I would agree as with most things the people doing the investigation (inquisition) on capitol hill dont know shit about what they are looking into but try to sound all indignant and righteous.

That said, O&A had a brilliant caller with an analogy. It's like your mechanic selling you faulty brakes and then taking a life insurance policy out on you.

[Jomama]

Lol, are they allowed to say "shit" on live tv? Its on Cable, so yes, its just that most of them self censor. FX and Comedy Central (late at night) are the only ones I can think of that let the language fly..

[Kyrillian]

Whether or not the deal was shitty or not it would have already been baked into the price of the investment. They act like Goldman was twisting their mustache and selling these pieces of crap to like senior citizens and bilking their retirement funds. The people buying these were "intelligent" investors.

Not enough facts are out to make a clear judgment but if could be possible these investors were buying into this in order to make a value play. Buying something that has depreciated and has a chance of rebounding. If you bought Citigroup today one person might call it a "shitty" investment while another might call it a "value" investment.

[Klaus]

Now this one is on network TV....

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