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April 28th, 2010
10:05 AM ET

Dear President Obama #464: Let them eat derivatives!

Reporter's Note: The Senate held a hearing with the big wigs from Goldman Sachs, which went on forever and, like most hearings, concluded nothing. I, on the other hand, have penned another letter to the president, which goes on for about a page and concludes with my name.

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Tom Foreman | BIO
AC360° Correspondent

Dear Mr. President,

Did you watch any of the testimony by the Goldman Sachs crowd before that Senate committee? It was simultaneously so irritating and boring that it felt like a date with my college girlfriend in the waning days of the relationship. If I had to listen to this stuff every day, I’d spend my evenings looking for a high bridge.

I’ll say this though; those rich guys certainly gave your financial reform plans a solid push toward passage, even if they didn’t mean to. Talk about begging for a swift kick in the pants. Those guys were unbelievable.

In case you missed it, this was their testimony in a nutshell. “Yes, when we saw the housing market crashing, we started heaving our mortgage related investments overboard faster than teen vegans tossing the hamburgers when Mom unexpectedly comes home. Yes, we called clients and told them what sweet deals these were, even though we knew the values would drop faster than Buzz Aldrin on Dancing with the Stars. And yes, we made millions of dollars in bonuses while riding this rocket into the ground where it darn near blew up the entire U.S. economy. And we have no problem with that. Hey, it’s business.”

Admittedly, I’m taking some liberties with the paraphrasing. Their actual words were considerably less diplomatic. And, in all fairness, they did raise some good points. For example, several times they admitted that this whole business can be a little confusing. Nice work, Superheroes of the Understatement .

But back to my point. Even though they raised some legitimate arguments about the way business operates in this country, and at moments attempted to make everything they did look reasonable and above board; even thought they insist they did nothing wrong and will vigorously fight the SEC charges against their company; time and again, they appeared tone deaf to the situation…as if they have no idea how troubling it is to hear people sit around talking about how they see nothing questionable in a financial giant happily steering clients into a hurricane without mentioning that the guide is hopping on his Harley and heading the other way as fast as he can.

Ah well, maybe it’s hard to hear the grumbles of the masses, when you’re up to your ears in millions.

Call if you can. I can hear just fine and would like to chat this over more.

Regards,

Tom

Follow Tom on Twitter @tomforemancnn.

Find more of the Foreman Letters here.

soundoff (One Response)
  1. M.R. Rajeswara Rao

    Ever since the beginning of civilization and along with it the formation of Governments, people are living with politics of fraud and got thoroughly used to it by now.

    April 28, 2010 at 9:57 am |