Over the long term, there are no such thing as secrets. Over the long term, everything is transparent. And today, The New York Times provided a few clues about why Goldman lost $75 million, when it knew mortgages were turning bad.
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Tag archive for ‘Lloyd Blankfein’
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Goldman Sachs and the Tourre de Toxic—Stage 2
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Goldman Sachs and the Tourre de Toxic
Who hasn’t seen the news? The SEC accused Goldman Sachs of fraud, alleging it misrepresented an Abacus CDO. Banks lost $1 billion on the trade. And John Paulson, one of the gods of Greenwich, pocketed $1 billion.
Here are three things I don’t get:
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Book Review: The Big Short
Michael Lewis has done it again. The Big Short is a must read, even if you don’t know anything about finance. With his trademark ability to identify unlikely heroes, he chronicles the lives of people who bet against subprime mortgages. The prose is lucid. The explanations make sense. And Lewis explains what happened behind the scenes leading up to Wall Street’s 2008 debacle.
