Goldman’s Disinformation Campaign: Drilling Down Into The Documents
By David Fiderer

In his latest Bloomberg column on Goldman Sachs, William Cohan makes an important point:

“Goldman hasn’t made its internal analysis public, nor does it intend to, but it has showed the documents around town (including to me).”

In other words, the answer shall remain secret. Only those deemed worthy by Goldman may see its data, which purportedly refutes the Levin report . The rest of us are kept in the dark. We cannot challenge Goldman’s claims, because we cannot see what they see. They know what they are talking about; we do not. Instead, we must rely on Andrew Ross Sorkin , Holman Jenkins , Dick Bove , and others to reveal the truth.

Except you don’t need to read these secret documents to figure out what’s going on. You need simply read the publicly disclosed documents to see how Goldman’s defense is built on sand. Consider Goldman’s accusation, dutifully reported by The Wall Street Journal, that Levin’s subcommittee used “sloppy math and incomplete analysis” too determine Goldman’s net short positions. That’s not really true. Senate staffers used no math and performed no analysis. They simply copied Goldman’s numbers.

Read more.

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Ex-Villain Goldman Is Reborn as Today’s Victim: William D. Cohan
By William D. Cohan – Jun 14, 2011

You didn’t really think Goldman Sachs Group Inc. (GS) would go down without a fight now did you? Of course not. So it should come as little surprise that recently Goldman has started to push back hard against its nemesis, Senator Carl Levin, Democrat of Michigan, and his narrative that the firm is the lead villain of the financial crisis.

In its new mission, Goldman has been very careful not to take on Levin directly — after all he remains a very powerful figure in Congress and incurring his further wrath would be plain silly. Instead, the firm has taken its case to the court of public opinion, through a series of orchestrated presentations with members of the mainstream business press and to at least one Wall Street research analyst.

Aside from pointing out that Levin’s Permanent Subcommittee on Investigations got a number of facts wrong in its 650-page report about the financial crisis — a legitimate point — the gist of Goldman’s argument has been that, unlike every other Wall Street firm, before, during and after the financial meltdown, Goldman was nothing more than a simple market-maker that happened to corral a few extra bucks in 2007 by being a prudent manager of risks.

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