'Too Big To Fail, But Not Too Big To Go To Jail'


Tuesday was a long day for the Goldman staff and executives (and lawmakers) who featured in those Senate hearings. Here's a selection of some of the best sound bites from the hours of testimony.

'The thing customers are buying is exposure. The thing they're buying gives them the risk they want. They're not coming to us because of what our views are'.

Goldman CEO Lloyd Blankfein

'The idea that Wall Street came out of this thing just fine thank you, is just something that just grates on people.....(and) they think you didn't just come out fine because it was luck. They think you guys just really gamed this thing real well'.

Senator Edward Kaufman Jr

'Goldman says that these bets were just a reasonable hedge. But internal documents show that it was more than a reasonable hedge - it was what one top executive described as 'the big short'.

Senator Carl Levin

'In Las Vegas, most people know that the odds are stacked against them. On Wall Street, they manipulate the odds while you're playing the game'.

Senator John Ensign

'You are the bookie, you are the house. You had less oversight than a pit boss in Las Vegas!'.

Senator Claire McCaskill

'I have heard nothing today that makes me think anything went wrong'.

Lloyd Blankfein

'Regret to me means something you feel you did wrong - I don't have that'.

Daniel Sparks, Goldman's former head of mortgages

'We did not cause the financial crisis. I do not think that we did anything wrong'.

Michael Swanson, MD Goldman's mortgage department

'You have no regrets ? You ought to have plenty of regrets!'.

Senator Levin

'Too big to fail, but not too big to go to jail'


Sources - Bloomberg, The Guardian, The New York Times, The Times, The Wall Street Journal

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