Yesterday I was watching the live grilling of Goldman Sachs by the Senat committee and it was as sad as it was amusing. The Senators were asking silly question while playing out their political agenda and the executives answered in the most hones and most ambiguous way that would only tangentially touch on the subject and keep them legally clean in the matter. It was fun to watch, especially when Senator McCahan asked Mr. Blankfein about the financial crisis. Actually, he didn’t ask as much as ranted for a few minutes.

“A lot of this stuff is comlicated and a lot of amaricans don’t understand, but they do understand they are hurt and they believe your handling of these transactions was a direct contributor to the meltdown … America did shitty, you [GS] have done pretty well, so they don’t like you. They have a different vision and don’t think this is how the country should function.” ~ McCahan.

Gotta love politics – everyone loved GS while they were making tons of money for the country, and now everyone is blaming them for being bad guys for continuing to be making money. It’s also interesting that GS is being blamed for making life miserable for the american public, but in reality a responsibility of each corporation is to their shareholders, and the corporation did pretty well, making 13bln in profits last year, making their shareholders quite happy I bet.

Besides the legalities, McCahan’s comment (above) really amused me, showing just how uneducated most people are. Stocks aren’t an easy subject to wrap one’s head around, but it is still possible to get the basics out Wikipedia to figure out what everyone’s talking about. The fact that most Americans don’t understand shows just how little people actually care. Furthermore, a couple Senators kept making analogies between stock trading and football betting, and that’s just hilarious, once again, pointing out how educated the nation is.

G’nite everyone.

p.s. CNN Reference, why not?