“Market Maker”–I Don’t Think That Word Means What You Think It Means

By: Sunday May 2, 2010 12:30 pm

Goldman Sachs does not appear to have acted as a “market maker” as Lloyd Blankfien keeps claiming, but rather as an underwriter. Underwriters are subject to liability under the Securities Act of 1933 for “material misstatements” , fraud or deceit in the offering of securities for public sale. Uh oh.

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