http://online.wsj.com/article/SB10001424052748704471204575209822231959684.html?mod=WSJ_hpp_MIDDLETopStories
Lloyd doesn't think his clients care if they're sold crap. Damn people that's having entirely to much money, if what Lloyd believes is true.
It highlighted a mismatch in how Wall Street sees itself and how it is seen. Goldman's witnesses said a market maker—someone who matches buyers and sellers and can also hold securities and take a bet on them—has an obligation to describe accurately the product being traded, but needn't disclose its own position.
"I don't think our clients care or they should care," said Mr. Blankfein. "As far as whether something is a weak security or going bad, we are selling securities all the time that are weak or we in the market don't like."
"You are betting against the same security you're out selling," shot back the committee's chairman, Sen. Carl Levin (D., Mich.). "You've got a short bet against that security, you don't think the client would care?"
