Posts tagged goldman sachs

shortformblog:

U.S. to sue banks over mortgages: This oughta be fun. The list includes a over a dozen names, such as Bank of America, Goldman Sachs and JPMorgan Chase. “The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors,” the article says, “failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.”

shortformblog:

U.S. to sue banks over mortgages: This oughta be fun. The list includes a over a dozen names, such as Bank of America, Goldman Sachs and JPMorgan Chase. “The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors,” the article says, “failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.”

Ex-Goldman director charged in insider case

msnbc:

A former Goldman Sachs Group Inc director has been charged by a U.S. regulator with leaking inside information to Galleon Group founder Raj Rajaratnam.

It’ll be interesting to see how this plays out. It’s big news.

Goldman Facebook Pitch Or Nigerian Email Scam? : Planet Money : NPR

life20:

Goldman Sachs recently emailed wealthy clients who might be interested in investing in Facebook. The WSJ’s Deal Journal got a peek at the email — and noticed a a striking resemblance to the language in a Nigerian email scam.

Goldman’s message begins:

When you have a chance I wanted to find a time to discuss a highly confidential and time sensitive investment opportunity in a private company …

For confidentiality reasons, I am unable to tell you the name of the company unless you agree not to use such information other than in connection with your evaluation of the investment opportunity and to keep all information that we reveal to you strictly confidential.

And, for comparison, here’s a Nigerian email quoted by Deal Journal:

FIRST, I MUST SOLICIT YOUR STRICTEST CONFIDENCE IN THIS TRANSACTION. THIS IS BY VIRTUE OF ITS NATURE AS BEING UTTERLY CONFIDENTIAL AND ‘TOP SECRET’. I AM SURE AND HAVE CONFIDENCE OF YOUR ABILITY AND RELIABILITY TO PROSECUTE A TRANSACTION OF THIS GREAT MAGNITUDE INVOLVING A PENDING TRANSACTION REQUIRING MAXIIMUM CONFIDENCE.

"In a rare move, Goldman is planning to create a “special purpose vehicle” to allow its high-net-worth clients to invest in Facebook, these people said. While the S.E.C. requires companies with more than 499 investors to disclose their financial results to the public, Goldman’s proposed special purpose vehicle may be able get around such a rule because it would be managed by Goldman and considered just one investor, even though it could conceivably be pooling investments from thousands of clients."

— DealBook: Goldman Invests in Facebook at $50 Billion Valuation

When anyone saws on about capital markets with words like “free” and “open,” I like to point out fuckery like this.