IT'S NOT A LIE IF THOSE WHO DEFINE "TRUTH" ARE DOING THE LYING
(Of course, they conveniently decided to change from their usual December through February reporting period, instead implementing one that encompassed January through March.)
And what happened to December, a month where the bank decided to write-down lots of really big losses. Well . . . they just ignored it. And the financial press lapped up their overwhelmingly big, and dishonest, numbers.
Jesse has a solid take on this latest move from our Masters. Read the whole post -- which is very short -- but this paragraph sums it up nicely:
Goldman did nothing illegal in their management of their earnings, both in the way in which they parsed the losses into a 'stub month' which was ignored, or in their decision to time an early announcement of 'exceptional profits' with a stock offering. But the financial press handled this badly, and considering the huge debt and forebearance Goldman owes to the government and the public it was not befitting a major institution with strong ties to the Obama administration.It's the Insiders' country. We only live in it. Unless a sea change comes.