Goldman is doomed in its current form. They won't be allowed to securitize an SBA loan after this.
SEC charges GS with fraud
- Thread starter nitro
- Start date
We're not THAT much different from the guys on wall st.
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This doesn't change the fact that Goldman has always been a money making...well more like money printing machine. This is a loss of 12% to market share, not revenue. Unless the SEC shuts them down for good, GS will be back up and running full steam ahead in no time.
Story ran in December. Gloating.
http://www.nytimes.com/2009/12/24/business/24trading.html?pagewanted=all
http://www.nytimes.com/2009/12/24/business/24trading.html?pagewanted=all
Speed dial conference call from GS to Hank and Timmy:
WTF, I thought we had this covered? Do we need to unlock the "secret files"? Get your act together boys or we go down together.
WTF, I thought we had this covered? Do we need to unlock the "secret files"? Get your act together boys or we go down together.
Wow is that so? So who the fuck is lying the SEC or GS.
The company issued a terse response to the complaint, saying the charges are "completely unfounded in law and fact" and vowing to "vigorously defend the firm and its reputation."
Here is some of the email Im sure all of you read.
Fabrice Tourre, age 31, is a registered representative with GS&Co. Tourre was the GS&Co employee principally responsible for the structuring and marketing of ABACUS 2007-AC1.
For example, portions of an email in French and English sent by Tourre to a friend on January 23, 2007 stated, in English translation where applicable: âMore and more leverage in the system, The whole building is about to collapse anytime nowâ¦Only potential survivor, the fabulous Fab[rice Tourre]â¦standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!â Similarly, an email on February 11, 2007 to Tourre from the head of the GS&Co structured product correlation trading desk stated in part, âthe cdo biz is dead we donât have a lot of time left.â
The company issued a terse response to the complaint, saying the charges are "completely unfounded in law and fact" and vowing to "vigorously defend the firm and its reputation."
Here is some of the email Im sure all of you read.
Fabrice Tourre, age 31, is a registered representative with GS&Co. Tourre was the GS&Co employee principally responsible for the structuring and marketing of ABACUS 2007-AC1.
For example, portions of an email in French and English sent by Tourre to a friend on January 23, 2007 stated, in English translation where applicable: âMore and more leverage in the system, The whole building is about to collapse anytime nowâ¦Only potential survivor, the fabulous Fab[rice Tourre]â¦standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!â Similarly, an email on February 11, 2007 to Tourre from the head of the GS&Co structured product correlation trading desk stated in part, âthe cdo biz is dead we donât have a lot of time left.â
haha frenchman came to take revenge on AMerika.
