JOHN HINDERAKER: Demonizing Goldman Sachs. “Questioning by the Senators was, as usual, ineffective. Mostly, they tried to cross-examine the Goldman employees based on emails that the government has obtained via subpoena. The process was painful due to the Senators’ lack of skill. . . . The Senators, seemingly without exception, are embarrassingly ignorant of modern risk management techniques. They really don’t seem to understand how and why firms like Goldman Sachs hedge their exposure to various economic trends. . . . While not a single Senator distinguished himself, the most embarrassing was Carl Levin. He repeatedly misread emails and failed to understand the economics of Goldman’s transactions. . . . It didn’t appear that a single Senator understands what is involved in making a market in a security.”
InstaPundit is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.