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By Greg Gordon and Chris Adams
McClatchy
April 26, 2010
WASHINGTON — Goldman Sachs reaped “billions and billions of dollars” by betting on a housing market crash in 2006 and 2007, but the secret wagers put the firm in conflict with the interests of clients who were still buying its risky mortgage securities, Senate investigators said Monday.
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via Senate probe: Goldman misled clients, nation — and made billions | McClatchy
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By Greg Gordon
McClatchy Newspapers
April 16, 2010
WASHINGTON — The Securities and Exchange Commission charged Goldman Sachs & Co. and one of its executives with fraud today in a risky offshore deal backed by subprime mortgages that cost investors more than a $1 billion.
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via SEC charges Goldman Sachs with civil fraud in subprime deal | McClatchy
Greg Gordon: There is nothing that can prohibit or stop the Wall St. firms from making secret bets
Goldman climbed into bed with New Century Financial Corp’s unreviewed and off shore deals
Goldman Sachs was among the last Wall Street giants to enter the lucrative world of subprime mortgages, but it didn’t take long before the elite investment house was cutting deals with firms whose reputations would soon be tarnished, at best — companies such as New Century Financial Corp.
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The Beckers fell months behind on their mortgage and finally found it was Goldman after their house
In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers that it also was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. Now, a five- month McClatchy investigation has found that Goldman’s failure to disclose those secret bets may have violated securities laws.
By Greg Gordon
McClatchy Newspapers
November 1, 2009
WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Goldman’s sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation’s premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.
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via How Goldman secretly bet on the U.S. housing crash | McClatchy
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Interview with Greg Gordon
How Goldman secretly bet on the U.S. housing crash
see
Part 2: Goldman taking away people’s homes
Goldman left investors holding its subprime bag (Part 3)
Housing Rebound? “Not so fast” By Mike Whitney
Bill Moyers Journal: James K. Galbraith + Richard Brookhiser
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