By John Tamny, Forbes
The story about the alleged Goldman Sachs scandal is that there’s no story. With no client base ever monolithic, it’s apparent that Goldman served clients with bullish and bearish views in creating ABACUS. That John Paulson was involved is only relevant in hindsight because back in 2007 he wasn’t taken seriously. If GS did in fact obscure his involvement, its only mistake was a marketing one whereby it didn’t highlight the involvement of a hedge fund manager viewed with disdain by mortgage bulls, and who would have perhaps put even more money into the fund if Paulson’s role had been known given his low reputation. As for Fabrice Tourre’s e-mail, grandiose statements are commplace among investment types, and are most notable for how very wrong they frequently are.
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