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Thursday, March 28, 2024

Gasparino CDS Explodes On Blankfein Comments

Courtesy of Tyler Durden

In an abrupt about-face on his Goldman stance, Gasparino earlier, in a HuffPo op-ed, recommended Lloyd Blankfein step down.

But it takes more than being less bad (and less of a political animal) than your counterparts to be considered a good CEO. Somehow I just can’t imagine former GE CEO Jack Welch twisting himself in knots trying to rationalize what CEOs are supposed to do, which is to make money. And what CEO would attempt to buy off public outrage about handing out billions in bonus money, if such outrage isn’t justified in the first place?


For all these reasons I am recommending two things: Mr. Oracle should use his considerable clout to release taxpayers from their Goldman Sachs subsidy and make the firm a hedge fund or something different than a government protected “bank.” Second, I think it’s about time for Lloyd Blankfein to step down and resign as CEO of Goldman, and really start doing God’s work by sparing the rest of us the stupidity of listening to his excuses.

The market responded appropriately, by savagely punishing GASBG 5 Yr CDS shortly after the announcement: in fact the market closed offerless after a steep selloff culminated with rumors of an S&P downgrade of the CNBC anchor deep into junk territory. Goldman’s market in Gasparino protection: 10 by 100 pts up, with Goldman a size buyer and seller.

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