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Originally Posted by Tully Mars
Plus, Sach's lost money on this? How? Sach's is the house. The house gets a cut win or lose. In fact it appears Paulson paid Sach's a fee of 15M to put the fund together-
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I have been reading a lot on this issue, here is one source:
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Goldman issued a second statement after the market closed saying that the firm had lost money on the deal in the S.E.C. case and that it provided investors with extensive disclosure on the deal. The firm said the losses in the deal came from the overall collapse of the mortgage market, not from the way the deal was structured.
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S.E.C. Sues Goldman Over Housing Market Deal - NYTimes.com
Here is the statement from Goldman cited in the article:
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• Goldman Sachs Lost Money On The Transaction. Goldman Sachs, itself, lost more than $90 million. Our fee was $15 million. We were subject to losses and we did not structure a portfolio that was designed to lose money.
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Goldman Sachs | Media - Goldman Sachs Makes Further Comments on SEC Complaint
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