McBambi vs. Taibbzilla (Updated)
Word on the street (by which I mean, an email I received) is that innumerate elf McMegan appeared on Your Money with Matt Taibbi, where she took up the cause of poor downtrodden Goldman Sachs.
As you can imagine, hilarity ensued.
Will post the video when I find the damn thing.
In the meantime, you can read the Taibbi’s latest on the vampire squid here.
(Ahhh). Roll tape:
Needs more. Will search.
(Update) myshadow has graciously provided us with the transcript in comments.
This is the fun stuff:
MCARDLE: What we have to do is disclose. It’s perfectly legal for a dealership to sell me a car I’m not going to like or that’s too expensive for me. It’s not legal for them to sell me a car that’s not what they represented it as.
And we set certain legal minimum standards and that’s what happened here. At least, John Losera and all the devils who are here argues that he actually has gone through these documents and says that a lot of these things were disclosed. That in fact Goldman laid out in very lengthy detail all of the ways in which this could go wrong. I haven’t read the disclosure documents personally.
TAIBBI: I have.
MCARDLE: There are two competing versions of the story.
VELSHI: Matt, you’ve read them?
TAIBBI: Well, I’ve read all the documents in this report and I’ve also talked to some of the principals in this entire story. I definitely know some of the client that is Goldman was talking about were completely blindsided by the fact that, for instance.
They were buying assets out of Goldman’s own book when they were told that Goldman was buying these assets off the street. They definitely did not make key disclosures that they were legally obligated to make.
VELSHI: Megan, I think Matt wants to see somebody from Goldman arrested or charged with something. What do you think has to happen?
Because clearly whether or not you think Goldman broke any laws, any of us who followed this got the impression that they were perhaps not dealing in the best interests of some of their clients.
MCARDLE: I think they probably aren’t, just like most vendors aren’t always — look to their own interests before the interests of their clients.
But here’s the thing. I think there is a real desire to have a sense of closure on this, a desire to track down a villain, figure out who did this to us.
And I think that really underweight the power of human stupidity and poor system design. It can produce terrible results even without anyone doing –
TAIBBI: You’re not ashamed to do the job that you do. How you were not ashamed to apologize for these billionaires who ripped off ordinary people. I can’t believe that –
MCARDLE: There weren’t ordinary people. A hedge fund is not an ordinary –
TAIBBI: How about this? They ripped off a billion dollar from Morgan Stanley, which then in turn took a $10 billion bailout from the taxpayer ergo they ripped us off. How do you answer that?
MCARDLE: How do I answer that? I think that, you know, in fact, they do deals with big banks. There are questions about how we should have done those bailouts.
But the fact is it’s not Goldman Sachs’ responsibility to make sure that Morgan Stanley makes money. More than it’s the Atlantic’s responsibility to make sure that Rolling Stone makes money.
VELSHI: It’s a good point, yes. I think I’ll just leave it right there.
Wow. It’s rare to hear that kind of shameless bullshit outside of just about any Betsy McCaughey television appearance. Well played, Megan. I’m sure there will be a little extra something in next weeks paycheck.