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Barry Ritholtz, chief executive of FusionIQ and author of the book “Bailout Nation”, talks with Bloomberg’s Deirdre Bolton and Keith McCullough, chief executive of Hedgeye Risk Management, about the outlook for the SEC’s fraud case against Goldman Sachs. Goldman Sachs chief executive Lloyd Blankfein and six current and former company employees are scheduled to testify before the Senate’s Permanent Subcommittee on Investigations from later today. Click here or on the image below to view the video.
Source: Bloomberg (via YouTube), April 26, 2010. More on this topic (What's this?) Could Goldman Sachs (NYSE: GS) Earnings Slip Send Investors Bailing on Stock? (Money Morning, 4/17/12) Warren Buffett Special Tomorrow on Bloomberg TV (Value Investing, 5/2/12) Blogger Prevails Against Goldman Sachs (The Value at Risk, 7/16/09)
The deal in which Goldman Sachs, according to the SEC, defrauded some of its investors made hedge-fund king John Paulson a billion dollars. It all pivoted on hundreds of thousands of ordinary homeowners defaulting on their mortgages. WSJ’s Anton Troianovski reports. Source: The Wall Street Journal, April 21, 2010. Although Paulson made a mighty $1 billion from Goldman’s 2007 Abacus deal, this deal’s profit was a drop in the bucket in comparison with the $15 billion his funds made in 2007 across a variety of smart trades according to Portfolio.com (via Clusterstock – Chart of the Day). “So his guru status should stand the test of time regardless of how Goldman may or may not have helped him out. That’s why his negative press right now is so unfortunate for him,” said Clusterstock – Chart of the Day.
Source: Clusterstock – Chart of the Day, April 21, 2010. More on this topic (What's this?) Could Goldman Sachs (NYSE: GS) Earnings Slip Send Investors Bailing on Stock? (Money Morning, 4/17/12) Billionaire John Paulson Says “Buy Gold” (Learn Mining News, 2/19/12) John Paulson Issues Response to Hartford Financial Services (Value Investing, 3/21/12) 
The testimony of a former Paulson & Co official, Paolo Pellegrini, could undercut the Securities and Exchange Commission’s fraud case against Goldman Sachs, CNBC has learned. Pellegrini, testified that he told ACA Management, the main investor in a Goldman mortgage-securities transaction, that Paulson intended to bet against – or short – the portfolio of mortgages ACA was assembling. “If true, the testimony would contradict the SEC’s claim that ACA did not know Paulson was hoping the mortgage securities would fail and weaken charges that Goldman misled investors by not informing ACA of Paulson’s position,” said the CNBC report. Importantly, neither Pellegrini nor Paulson & Co has been accused of wrongdoing. Source: CNBC, April 21, 2010. More on this topic (What's this?) Could Goldman Sachs (NYSE: GS) Earnings Slip Send Investors Bailing on Stock? (Money Morning, 4/17/12) Leaked Goldman Presentation on Abacus Trade (naked capitalism, 4/16/10) SEC May Not Have A Case Against GS? (EX-SKF, 4/21/10)
I yesterday published a great presentation by Paddy Hirsch of Marketplace on the Goldman Abacus deal (see Goldman charges made simple). Today, Clusterstock – Business Insider provides a diagram, mapping out the structure of the deal. This should keep a myriad of lawyers busy for a very long time!
Source: Clusterstock – Business Insider, April 20, 2010. More on this topic (What's this?) Could Goldman Sachs (NYSE: GS) Earnings Slip Send Investors Bailing on Stock? (Money Morning, 4/17/12) Blogger Prevails Against Goldman Sachs (The Value at Risk, 7/16/09) Goldman Sachs is in the Catbird Seat (Wealth Daily, 7/17/09)  By Prieur du Plessis, on April 20th, 2010 posted in: Goldman Sachs, Investment  2 people had their say - chime in!
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). More on this topic (What's this?) Could Goldman Sachs (NYSE: GS) Earnings Slip Send Investors Bailing on Stock? (Money Morning, 4/17/12) Blogger Prevails Against Goldman Sachs (The Value at Risk, 7/16/09) Goldman Sachs is in the Catbird Seat (Wealth Daily, 7/17/09)
William Black, a professor at the University of Missouri at Kansas City, talks with Bloomberg’s Lori Rothman about the impact of the SEC lawsuit against Goldman Sachs Group Inc. on legislation overhauling the financial regulatory system. Goldman created and sold CDOs tied to subprime mortgages in early 2007, as the U.S. housing market faltered, without disclosing that hedge fund Paulson & Co. helped pick the underlying securities and bet against them, the SEC said in a statement on Friday. Source: Bloomberg (via YouTube), April 18 2010 (hat tip: The Big Picture). More on this topic (What's this?) Could Goldman Sachs (NYSE: GS) Earnings Slip Send Investors Bailing on Stock? (Money Morning, 4/17/12) Blogger Prevails Against Goldman Sachs (The Value at Risk, 7/16/09) The Short of It – A Few Thoughts About the Developing Goldman Sachs Stolen Trade Secrets Scandal (the Underground Investor, 7/6/09) |
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