Quite possibly the most bizarre segment on CNBC since Jeff Macke saw car people [May 20, 2009: Holy Jeff Macke] just occurred.  As predicted (I tweeted it about 4 hours ago) Jim Cramer, after consulting with the right people in Goldman Sachs (GS) has spent the better part of the afternoon outlining defense after defense of the firm on CNBC.  Almost all of which falls under the headline of we're all adults here and people knew what they were getting into. 

Out of the blue in the last hour comes Mr. Sylvain Raynes - never heard of him.   According to his Linkedin page - he is owner of R&R Consulting, and formerly an analyst at Moody's.  A quick google search shows this story on the backdoor bailout of firms like Golman via AIG in March 2009 (NYT) in which he is quoted:

The system was undermined by asking the American people, under the veil of secrecy, to bail out one company when in fact they wanted to bail out someone else,” said Sylvain R. Raynes, an authority in structured finance and a founder of R & R Consulting, a firm that helps investors gauge debt risks. “The prospectus for the bailout was not delivered to the people. And it was not delivered because if it had been, the deal would not have gone through.

I already like him.

He also appears to be an author of a book titled  The Analysis of Structured Securities: Precise Risk Measurement and Capital Allocation.  

One of my all time favorite reads, and I am sure yours too. (ahem) 


Anyhow, he starts his segment (in which Jim Cramer was in another box) with (I'm paraphrasing) ... thanks for allowing me to speak since I am not a Goldman Sachs PR person.

And that was just the beginning.  He next proceeded to correct Mr. Cramer on his pronunciation of abacus.  And it went downhill from there. Fast.

Needless to say head principal moderator Erin Burnett was having none of it, and cut the segment short with a hurried commercial break, admonishing to viewers that We'll return shortly... without Sylvain Raynes.

I will seek the video out... my guess is CNBC will not be posting it on it's website, but if they do - you'll be the first to know.


Aside from that I am wondering if I dare hold S&P puts over the weekend with Goldman Mondays just around the corner.