The ‘suits’ on Wall Street, as a result of Goldman Sachs testimony today, confirmed a perception, long believed, that they are no more than bookies, creating phony products, in fact selling ‘shity’ products, to clients and then betting against them and making money.

Wall Street came off as nothing more than a gambling casino and the odds of winning were projected as being better in Las Vegas.  The reason being you know the odds are with the House and the House in LV is not changing the rules while you are playing the game with your money.

Testimony showed that Goldman manipulates the odds, while playing the game with other people’s money, then bets against the products they sell by selling them short and makes money for the firm by doing so.

It’s called risk management by Goldman.

The CEO, Lloyd Blankfein in his own memo instructed staffers to get rid of inventory he called ‘cats and dogs.’

His salesmen sold the ‘cat’s and dogs’ to clients long, then they Goldman sold them short, without disclosing it to the client, and made billions.

While the housing market was crashing and the economy tanking, Blankfein took a $9 million bonus.

Goldman took a bailout from taxpayers, although it has since been payed back with 23% interest.

It was a public relations debacle for Goldman, although the legals might have been pleased from a judicial perspective, understanding that the SEC has filed charges against the company for failing to disclose what allegedly should have been disclosed – the very point of the Senate hearing.

From the top down Goldman was betting against the very product it was selling and denying there was any form of conflict in this unethical process.

Goldman, a prestigious Wall Street firm around for some 140 years, tried to portray themselves as market makers that take positions outside of the market they were selling while in fact were betting on the game they created and playing in it without disclosing it.

At one point CEO Blankfein said, “We are sometimes invisible – but not today.”

You got that right.  The camel’s head is in the tent and regulation is to come for the Wall Street casinos.