"How much of that shitty deal did you sell to your clients?" Goldman Sachs Hearing

now before you sold all that stuff that we just described in 166 600 million dollars of Timberwolf securities is what you sold before you sold them this is what your sales team were telling to each other got it 105 yes mr. chairman look what your sales team was saying about timber wolf boy that timber wolf was one shitty deal as they sold that mr. chairman you this email was from the head of the division not the sales force whatever was it was it's an eternal it's an internal goldman document this was an email to me in late june right and you build a timber will action no no you sold Timberwolf after as well we did trades after that yeah okay and the trades after some yuan tax yeah might be helpful that context let me tell you that context is mighty clear June 22 is the date of this email boy that timber wolf was one shitty deal how much of that shitty deal did you sell to your clients after June 22 2007 mr. chairman I'd I don't know the answer to that but the price would have reflected levels that they wanted to invest of course they don't know what so you didn't tell him you thought it was a shitty deal well I I didn't say that no who did your people internally you knew it was a shitty deal and that's what you're in our nail show I think the context the message that I took from the email from mr. Montag was that my performance on that deal wasn't good and I think the the fact that we had lost money related to that wasn't how about the fact that you sold hundreds of millions of that deal after your people knew it was a shitty deal does that bother you at all you sold a customer's something I don't recall selling hundreds of millions of that deal after that all right let's take a look exhibit 166 series of emails first is June 26 oh that's after June 22 July 1 2007 tell us the sales force the top priorities Timberwolf your top priority to sell is that shitty deal mr. GaN icon was I didn't recall the sales look you got it at once trying to sell okay you're trying to sell a shitty deal and it's your top priority come on mr. sparks well mr. Judd Goldman Sachs be trying to sell and by the way it's sold it a lot of it after that date should Goldman Sachs he trying to sell a shitty deal well can you answer that one yes or no there are prices in the market that people want to invest in things I didn't use that term with respect to this deal now what's your sale who did use that term who's Tom Manta who's Daniel Sparks ah that's me and whose time I know it is who's Tom Montague Tom Montague was the head of the division at the time and he was telling you on June 22 boy that timber wolf was one shitty deal and then you got exhibit 166 series of emails pushing the Goldman sales force to sell timber wolf securities first is June 26 2007 email from GS syndicate that's your sales force the sales force is told and 166 please focus on the CDO axis below one of which is timber wolf the next email take a look July 107 tells the sales force the top priority is timber wolf the next email is July 24th 2007 timber wolf is again listed as one of the top priorities next is an email July third still after a shitty deal assessment and one in which one of GS sales team leaders Matthew Biber writes that with regard to timber wolf I'm all over these guys the last email August 22 again highlighting Timberwolf is a top priority so if you can't give a clear answer to that one mr. sparks I don't think we're gonna get too many clear answers from you but I've taken much more than my time and we're going to come back to you and to the others on my second round has to turn to Senator Collins

Channel: Attention101

Views: 2,867,266

Rating: 4.8833389 out of 5

Keywords: Goldman, Sachs, Hearing, Shitty, Deal, Daniel, Sparks, Carl, Levin, Mortgages, Department, Timberwolf, CSPAN

Id: whlzFWwVv98

Length: 4min 48sec (288 seconds)

Published: Tue Apr 27 2010

Reddit Comments

[u/Mauiiwows]

https://www.investopedia.com/articles/analyst/030102.asp

[u/Double-Flatworm4834]

the government is the biggest problem ... they allow the rich to take away from the poor.. just look at these politicians net worth.. they dont match their annual income