[lbo-talk] more drips and drabs re Goldman Sachs

Hein Marais hein at marais.as
Thu Apr 14 07:03:07 PDT 2011

http://www.bbc.co.uk/news/business-13077509 << On Wednesday, the Senate subcommittee said it had found "a variety of troubling and sometimes abusive practices" by banks in 2007 as the credit crisis began.

The report said that Goldman marketed four sets of complex mortgage securities to banks and other investors, but failed to tell them the investments were very risky.

In addition, the report said the bank did not mention that it was itself betting that the investments' value would fall, indicating it sold products to clients it did not believe in backing itself. >>

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