Something a little different today. I was riveted by the Goldman Sachs questioning on Tuesday in Washington. Here are my (random) thoughts – not for any particular reason but just because everyone else has had a go. So, evil villains?
From Bill Ackman, Managing Partner of Pershing Square Capital Management, commenting on the SEC’s case against Goldman Sachs on CNBC:
“The Rating Agencies played a major role in this – if the Rating Agencies didn’t exist, this trade would not have taken place … The Basel Accords … meaningfully increased the demand for AAA assets … and the Rating Agencies, by putting inappropriately high ratings – AAA ratings – on this stuff, enabled the Investment Banks to manufacture product that could be purchased by these Institutions.” Bill Ackman
Good luck with your Emini trading this week.