TITLE

The Case Against Goldman Sachs

AUTHOR(S)
Gandel, Stephen; Altman, Alex
PUB. DATE
May 2010
SOURCE
Time International (Atlantic Edition);5/3/2010, Vol. 175 Issue 17, p20
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article discusses the civil fraud case filed against the financial firm Goldman Sachs by the U.S. Securities and Exchange Commission. It is said to focus on a business arrangement called Abacus 2007-ac1. Hedge fund expert John Paulson is noted as the beneficiary of profits derived from the steep drop in home values that was at the root of the economic crisis. Evidence of such dealings is said to have been disguised in synthetic collateralized debt obligations (CDO). Aspects of CDOs are discussed including the private nature of associated transactions, the financial firms who underwrote CDOs, and the quantitative impact of losses realized.
ACCESSION #
50034430

 

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