Would we be so lucky. We should pay for these knowledge workers to learn Chinese. Within 24 months of their decamping to China, China will surrender.
This is rich. LB, Goldman Sachs (GSG) CEO admits GSG's 2008 10-K is wrong! GSG is mentioned in my 30 November 2008 post, link: http://skepticaltexascpa.blogspot.com/2008/11/more-good-news.html. GSG has 14 Business Principles. So? Hedged? Did these fools learn nothing from 1987's crash and portfolio insurance? Risks are not insurable to the system as a whole. Someone must bear them. LB wants GSG to transfer it to the public. SIVs? Like those Citigroup created? Will anyone go to prison over Citigroup's SIV accounting? If GSG's "risk and control functions" were not independent, did PWC, which got $56 million in 2008 scream about it? Page 130 of GSG's 2008 10-K has PWC's 22 January 2009 opinion. I saw nothing unusual in it. Page 129 has GSG's Managment Report on Internal Control. Nothing unusual there either. Why did LB and David Vinar sign the SEC certifications on 26 January 2009, exhibit 31.1 to GSG's 2008 10-K? Protecting who from the "100-year storm" LB? GSG or the public? If GSG internalized its risks and was adequately capitalized, with say 15% equity, would LB be begging? GSG's business principle 3, "Our goal is to provide superior returns to our shareholders. Profitability is critical to achieving superior returns, building our capital and attracting and keeping our best people. Significant employee stock ownership aligns the interests of our employees and our shareholders". Really? Or is GSG's goal to pay out every dime it can in compensation and have the public bear its losses? See also my 23 November 2008 post: http://skepticaltexascpa.blogspot.com/2008/11/bank-accounting.html.