Goldman charges made simple

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Lots of people are puzzling through the SEC’s fraud allegations against Goldman Sachs, trying to work out how it allegedly committed fraud. The way Paddy Hirsch of Marketplace sees it, it’s a bit like a bookie and gambler teaming up to fix a horse race.

This is a brilliantl explanation – make sure to watch the clip.

Source: Marketplace (via YouTube), 19 April 2010 (hat tip: Market Oracle).

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2 comments to Goldman charges made simple

  • jim

    paddy leaves out the fact that Goldman actually went “long” on the CDO’s. inspite of all they knew they still bet against Paulson. they lost more than the fee they got for arranging the synth CDO.

    the idea that knowing all the “advisors” and all the shortholders is a replacement for due diligence and judgement accumen in these sophisticated institutional deals is not logical.

  • barry

    Goldman might have loss money in the CDOs but I wonder if they bought any CDSs to bat against the housing market like Paulson did. I hope someone, SEC or otherwise, will look into the whole thing and give an objective opinion.

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