It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Help ATS via PayPal:
learn more

Banks Bundled Bad Debt, Bet Against It and Won

page: 1
3

log in

join
share:

posted on Dec, 26 2009 @ 02:29 PM
link   
Source




Mr. Egol, a Princeton graduate, had risen to prominence inside the bank by creating mortgage-related securities, named Abacus, that were at first intended to protect Goldman from investment losses if the housing market collapsed. As the market soured, Goldman created even more of these securities, enabling it to pocket huge profits.

Goldman’s own clients who bought them, however, were less fortunate.

Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm.



The only thing that changes is the years on the calendar.

Same old story, new day.

[edit on 26-12-2009 by mosesgunner]




 
3

log in

join