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May 1, 2010, 12:01 a.m. EDT: 'BUY' means 'SELL' in GOLDMAN's world
Commentary:
DOUBLETALK on display during the testimony - By Howard GOLD
EXCERPT from HERE:
www.marketwatch.com/story/...sell-in-goldmans-world-2010-05-01
"NEW YORK (MarketWatch) -- Watching Goldman Sachs Group Inc. officials testify before a Senate subcommittee, I couldn't help thinking of George ORWELL. He, of course, was the great English writer of "Animal Farm" and "1984," which we all read in school.
ORWELL understood better than anyone the pernicious language of euphemism. You might remember the phrases "doublethink," "war is peace; freedom is slavery," and "Big Brother is watching you," which chillingly captured the obfuscations of totalitarian regimes in the early days of the Cold War.
But a less-well-known essay of his, "Politics and the English Language," kept running through my mind as I watched witnesses go before the cameras Tuesday. It was striking how few of the present and former traders and executives grilled by senators for more than ten hours could give direct answers to simple questions.
"The great enemy of clear language is insincerity," ORWELL wrote in that essay. "When there is a gap between one's real and one's declared aims, one turns as it were instinctively to long words and exhausted idioms, like a cuttlefish spurting out ink."
And there were buckets and buckets of black ink spurted out in the hearing room TUESDAY [April 20, 2010] as the Senate Permanent Subcommittee on Investigations interviewed GOLDMAN Chief Executive Lloyd BLANKFEIN; Chief Financial Officer David VINIAR, and several present and former denizens of Goldman's mortgage desk, ground ZERO of the controversy that has shaken the firm to its ROOTS"...
Zur VERGLEICHS-Lectüre empfohlen: "Our CLIENTS' interests always come FIRST"...
(Goldman Sachs in its IPO Prospectus back in 1999).
Commentary:
DOUBLETALK on display during the testimony - By Howard GOLD
EXCERPT from HERE:
www.marketwatch.com/story/...sell-in-goldmans-world-2010-05-01
"NEW YORK (MarketWatch) -- Watching Goldman Sachs Group Inc. officials testify before a Senate subcommittee, I couldn't help thinking of George ORWELL. He, of course, was the great English writer of "Animal Farm" and "1984," which we all read in school.
ORWELL understood better than anyone the pernicious language of euphemism. You might remember the phrases "doublethink," "war is peace; freedom is slavery," and "Big Brother is watching you," which chillingly captured the obfuscations of totalitarian regimes in the early days of the Cold War.
But a less-well-known essay of his, "Politics and the English Language," kept running through my mind as I watched witnesses go before the cameras Tuesday. It was striking how few of the present and former traders and executives grilled by senators for more than ten hours could give direct answers to simple questions.
"The great enemy of clear language is insincerity," ORWELL wrote in that essay. "When there is a gap between one's real and one's declared aims, one turns as it were instinctively to long words and exhausted idioms, like a cuttlefish spurting out ink."
And there were buckets and buckets of black ink spurted out in the hearing room TUESDAY [April 20, 2010] as the Senate Permanent Subcommittee on Investigations interviewed GOLDMAN Chief Executive Lloyd BLANKFEIN; Chief Financial Officer David VINIAR, and several present and former denizens of Goldman's mortgage desk, ground ZERO of the controversy that has shaken the firm to its ROOTS"...
Zur VERGLEICHS-Lectüre empfohlen: "Our CLIENTS' interests always come FIRST"...
(Goldman Sachs in its IPO Prospectus back in 1999).
Vorhang AUF, der Krimi geht weiter...
