SEC Was Colluding With Banks On CDO Prosecutions

By: Monday April 14, 2014 12:05 pm

A story by The American Lawyer seems to provide serious evidence that the SEC essentially planned to ensure that Wall Street firms would never be held fully accountable for their crimes. That there was collusion between the banksters and the SEC that CDO prosecutions would be limited in number and impact.

 

NYT: Goldman Senior Execs Oversaw the Mortgage-Based CDOs After Choosing Policy to Short Market

By: Monday April 19, 2010 6:03 am

The New York Times has a potentially explosive story today indicating Goldman Sach’s top executives personally oversaw the mortgage-securities trading unit that created the Abacaus deals and had decided to go short the market. But what did it tell shareholders?

Goldman Sachs: Killing Their Own Brand?

By: Sunday April 18, 2010 1:15 pm

I don’t understand it. Why would they do it? Oh, I know that Goldman Sachs made a lot of money working both sides of the deal selling short on a synthetic CDO that it created with direct input of the customer who wanted to take the short position (bet against the CDO).

The SEC Begs to Differ with Lloyd Blankfein’s Explanation

By: Sunday April 18, 2010 10:30 am

Lloyd Blankfein says that Goldman Sachs was just a market maker, trying to accommodate its customers. The SEC says it tried to accommodate some more than others.

Goldman Sachs Explains Itself: We Weren’t Betting Against Customers, Just Betting Differently

By: Sunday April 11, 2010 10:30 am

Goldman Sachs says it didn’t bet against its customers in subprime mortgages. I guess it depends on what they mean by customer, and what they mean by market maker. It says it acted properly in its dealings with AIG. I guess it depends on what they mean by “properly”.

Brooksley Born Raises an Important Question, But Answers are Weak

By: Friday April 9, 2010 3:15 pm

Brooksley Born wants to know the effect of credit default swaps on the housing bubble and the Great Crash. Citibank representatives don’t think there was an effect. Yves Smith disagrees.

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