Former NYSE director: Goldman has no reason to make apologies to anyone

What about the taxpayers who bailed them out? Or do they not count because they’re just the “little people” in their mind? Let’s run through this once more since obnoxious asses like Kenneth Langone someone missed a few accounting issues. Besides the direct TARP money, Goldman also benefited from billions of TARP money that went to AIG to cover their bad deals. And then there was the trillions of dollars of Fed lending that went to Goldman and others on Wall Street who were struggling. Today, the QE2 buying is also all about propping up Goldman Sachs and Wall Street. There’s no other reason why the Federal Reserve would throw money their way since they could easily cut out the middleman.

They’re not geniuses with managing risk at Goldman. They’re geniuses at owning Washington. People like Langone are why Americans outside of Wall Street hate Wall Street. Langone and his type are all about selling the big lie.

Although Goldman Sachs is completing a report that will shed light on the financial firm’s business standards and ethics, Kenneth Langone, a venture capitalist and investment banker of more than 30 years, says the firm doesn’t have anything to worry about.

“I think Goldman doesn’t need to make apologies,” said Langone, who’s been both a client and competitor of the financial giant. “When you’re their client, they do their very best and when you’re their competitor, they also do their very best.”

Langone, who was once a director of the New York Stock Exchange, dismissed criticism that under CEO Lloyd Blankfein, Goldman shifted its focus from banking to more of a trading culture. All of the firms on Wall Street did that, he said, only Goldman was better able to manage their risks.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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