Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (73301)	4/27/2010 2:03:37 PM
From: carranza2	1 Recommendation Read Replies (1) of 74559

You misunderstand, Mq. The antipathy to Golden Slacks is not because it took both sides of a trade. I looked at the offering documents, and think that they clearly warned their customers on that point. No, what they did not reveal, and what is the essence of their fraud, is that the entity that allegedly selected the securities to which the CDO referred was not independent, nor did it do its work with an eye structuring the CDO so that it was a viable investment for anyone interested in going long. Instead, a notorious short-seller picked the reference securities, then bought them short while GS was doing the same thing. I don't know about you, but I am not sufficiently contrarian to consider taking a long position on a security whose components were cherry-picked by one of Wall Street's best known short sellers. There was clearly lack of disclosure. Abacus is the lid to Pandora's Box. It has been lifted, all the goblins will now escape.

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