SEC charges GS with fraud

Speaking of childish responses, how about being an adult and getting your facts straight? I didn't call common dealer hedging practice a "conspiracy theory." I was referring to your implication that Goldman's position was offset yet still misrepresented as a total loss and covered up (as you put it) with "the slick GS PR hook, line & sinker." Do you have any proof? Do you really think Goldman would knowingly do that? This BS is not what the case is about anyway. Tell me how there was material misrepresentation when all participants were experienced institutional investors who knew exactly what was in the portfolio.
Quote from Syprik:

What a childish, zero weight response. The fact you call such a common dealer hedging practice "conspiracy theory" confirms how little you know about this space. Straight forward question: Do you actually think they held onto this particular 0-9% equity tranche (=$90MM, strung with Baa2) without offseting? Do you realize that desk was short biased lower tier RMBS already months prior to Apr 27 Abacus AC1 finalization? Yet would still go naked on that particular equity? Funny.
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i reiterated many times I dont work for GS. And you still remain factually wrong. GS paid back every single penny it borrowed. Bring forth evidence to support your claim or keep your pilehole shut, you save every one else time...



Quote from wmb:

unless you mean 425,000,000,000.00

otherwise half of what they owed was 220,900,000,000.00!!!!Its billions and billions is a frcikin lot! You and all the other GS employees should stop listening to your mamas tell you that your doing good stick in up for that crap ass company!
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so many people who hate GS. Interesting. All this despite the fact that you never did any business with them, never read their research, never acted on any of their calls, dude, you did not even know how to pronounce and spell their name a half year ago. Yet you seem to be the expert on this firm.

Quote from spinn:

Arent you supposed to commit suicide when you get caught stealing?
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I thought that is exactly you. At least you sound like you have never seen a sell side firm from the inside.

Quote from wmb:

"not joe schmo with an etrade account"
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Quote from MarketMasher:

If you think GS is getting off on the fraud charge, you can make some pocket change by betting against Ritholtz.

http://www.ritholtz.com/blog/2010/04/10-things-you-dont-know-gs-case/

"I have $1,000 against any and all comers that GS does not win — they settle or lose in court. Any takers? My money is already in escrow — waiting for yours to join it. Winnings go to the charity of the winners choice."
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I wouldn't be surprised if most of SEC cases against S&P500 firms get settled since they dont want the negative PR. He needs to lay odds
 
I just disagree with anyone who wants to say GS paid back their funds. I really think the Maiden Lane accounts should be looked at and examined. Gs was allowed to dump their bad mortgages, loans cds, whatever you want to call them; whatever they had in 2008 that was bring ing these companies down. They were given money to dump those bad debts into a tax free account with no strings attached. They have not paid any of this money back nor have they taken the debts back and if they even wanted to they would be in the same spot again because not much has changed with those deals.

No body is giving me any money to take my visa bill, or my house that is engulfing me into BK because I can't pay my bills. If someone were to do that and I got back on my feet and paid everyone I owed but the largest holder of my debt, and I was allowed to pay myself large extraordinary bonuses and still have my bad debts sit in an account killing my largest debt holder, I would be a lucky person. Simple analogy I know for you "sophisticated traders", none the less, GS is a lucky firm!Then only to discover the accusations of Fraud with regards to those debts is even more appaling. They should at least have some dignity and know that if the FED had not come in and take their crap holdings that they arranged with AIg/ paulsen whom everthey would have suffered the same fate as Lehman, BearStearns, and countless other companies.
 
Quote from nitro:

The pressure is mounting for GS to settle:

http://247wallst.com/2010/04/23/should-goldman-sachs-back-down/ [/QUOTE
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From your link nitro.

"Goldman may claim that the problems with its creation of mortgage debt derivatives were largely the work of one of its vice president Fabrice Tourre, but there is evidence that senior management at the bank was involved in structuring and trading the instruments."
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Ok, but look from the (beginning). That is not obvious they know this is junk?


"Before they bought pools of thousands of mortgages, Goldman and other Wall Street firms hired contractors to comb through sample batches of the loans to weed out unsound or fraudulent applications.

Not much weeding occurred, however, several of the contractors said, because the Wall Street firms had agreed to accept mortgage lenders' relaxed credit guidelines."

AND


"Toy said she concluded that the reviews were mostly "for appearances," because the Wall Street firms planned to repackage "bogus" loans swiftly and sell them as bonds, passing any future liabilities to the buyers. The investment banks and mortgage lenders each seemed to be playing "hot potato," trying to pass the risks "before they got burned," she said.

http://www.mcclatchydc.com/2009/11/01/77788/why-did-goldman-stop-scrutinizing.html
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Nitro, you think is just coincidence the ABX index is created after all this? January 2007? What is your opinion?
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