GS statement from congressional hearing set for 4/27/2010 (lawyers, accuse, financial)

[pghquest]

Some interesting comments from the statement to be made to Congress by Lloyd Blankfein, Chairman and Chief Executive of GS

He states that GS
1) lost $1.2B dealing with the residential mortgage crisis
2) Managed government investments for eight month, repaying the money to the taxpayers with an annual return of 23%
3) Supports the financial regulatory reform proposed
4) Did not normally bet against housing, nor did they hold a massive short as they were accused of doing

[thecoalman]

Originally Posted by pghquest

3) Supports the financial regulatory reform proposed

This would not surprise me at all, more regulation equals less competition. GS will have a gazillion lawyers going over this finding out where the loopholes are and how they can take advantage of it. You'll have a further burden on the little guys wiping them out....

I can think of two similar examples right now, the new toy regulations that can't be met by homemade toy makers and mining regulations that have put hundreds of small mines out of business in this area that were also some of the safest.