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I used to work at Goldman's. This story doesn't surprise me at all. This is what all good bankers do. I think the story hasn't gotten attention because it is

by tpatke 15y ago

I used to work at Goldman's. This story doesn't surprise me at all. This is what all good bankers do. I think the story hasn't gotten attention because it is not a story. It is just how things work.

deleted 15y ago
[deleted]
lawnchair_larry 15y ago
This comment is...amazing. Much like Paul, most actual people are genuinely shocked about this. It is one hell of a story. The general population does not understand how markets work. Billions are hungry. The streets are full of protesters worldwide. Retirement funds are gone. Markets are failing. Countries are failing. These are humans, who just want to eat. And for what? To turn $100 million into $200 million? This is not "how things work". This is not "what good bankers do". This is what greedy sociopaths do. It is reprehensible and disgusting. These people are malicious and should be in prison.
- tpatke 15y ago
  First of all - I wasn't making a value judgement. Personally, I agree with you - it is reprehensible and disgusting. That is part of the reason I don't work at Goldman's anymore. I always found it a bit embarrassing to be associated with them. By "good" bankers - I ment the one's making all the money. Not those who are morally good. Second - it is how things work. Not just in commodities, but in everything Goldman's does. There is always an angle which greatly reduces risk. That angle might be insider trading, advanced statistics, or just a rigged market. Goldman's is doing nothing illegal that I am aware of or anyone can prove. ...it is just how things work.
  - Andrew_Quentin 15y ago
    Maybe it should be illegal.
    - Symmetry 15y ago
      Well, it is illegal with Onions, but the prices of those tend to be even more volatile than the ones that people speculate in.
  - Cushman 15y ago
    Does it surprise you how many of us are surprised? Even pg? We don't know how bad it's gotten. If you really think it's reprehensible, it's well past time you (and other insiders, not to single you out) spoke up.
- bubbleRefuge 15y ago
  You don't know the half of it! Huge pension funds such as CALPERs, the california public pension fund, invest large sums (go long) passive commodity instruments such as oil and agriculture. These pension funds are insured by the federal government. So the federal government is indirectly subsidizing this activity.
MrMan 15y ago
I am not entirely sure but no one has ever called it "Goldman's" in my limited experience.

by tpatke 15y ago

I used to work at Goldman's. This story doesn't surprise me at all. This is what all good bankers do. I think the story hasn't gotten attention because it is not a story. It is just how things work.

deleted 15y ago

[deleted]

lawnchair_larry 15y ago

This comment is...amazing. Much like Paul, most actual people are genuinely shocked about this. It is one hell of a story. The general population does not understand how markets work. Billions are hungry. The streets are full of protesters worldwide. Retirement funds are gone. Markets are failing. Countries are failing. These are humans, who just want to eat. And for what? To turn $100 million into $200 million? This is not "how things work". This is not "what good bankers do". This is what greedy sociopaths do. It is reprehensible and disgusting. These people are malicious and should be in prison.

tpatke 15y ago
First of all - I wasn't making a value judgement. Personally, I agree with you - it is reprehensible and disgusting. That is part of the reason I don't work at Goldman's anymore. I always found it a bit embarrassing to be associated with them. By "good" bankers - I ment the one's making all the money. Not those who are morally good. Second - it is how things work. Not just in commodities, but in everything Goldman's does. There is always an angle which greatly reduces risk. That angle might be insider trading, advanced statistics, or just a rigged market. Goldman's is doing nothing illegal that I am aware of or anyone can prove. ...it is just how things work.
- Andrew_Quentin 15y ago
  Maybe it should be illegal.
  - Symmetry 15y ago
    Well, it is illegal with Onions, but the prices of those tend to be even more volatile than the ones that people speculate in.
- Cushman 15y ago
  Does it surprise you how many of us are surprised? Even pg? We don't know how bad it's gotten. If you really think it's reprehensible, it's well past time you (and other insiders, not to single you out) spoke up.
bubbleRefuge 15y ago
You don't know the half of it! Huge pension funds such as CALPERs, the california public pension fund, invest large sums (go long) passive commodity instruments such as oil and agriculture. These pension funds are insured by the federal government. So the federal government is indirectly subsidizing this activity.

MrMan 15y ago

I am not entirely sure but no one has ever called it "Goldman's" in my limited experience.