In the wake of SEC/Goldman, the must-read Appendix
Date: 2010-04-20T03:21:35.723
Author: Rolfe Winkler
Editor note: Goldman not only knew about Paulson’s CDS position, it sold it to him. It then misled ACA into believing that Paulson’s interests were aligned with its own and. By extension, it misled IKB into believing that ACA was an “independent collateral manager” when in fact Paulson gave ACA the bonds to put into the deal. Remember, Paulson as the perceived equity investor basically had the power to determine which bonds were included. Yet its undisclosed CDS position meant it wanted the most toxic bonds
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View original artilce: http://blogs.reuters.com/rolfe-winkler/2010/04/19/in-the-wake-of-secgoldman-the-must-read-appendix/
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