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my guess is -- and this is just a guess, based on having worked at law firms that advise outfits like Goldman -- they were very very careful to make disclosure about the content of the instruments and the deals, and also disclosed that they trade for their own account, that their trades may at any particular time be allied with or opposite the customer, that they are acting for other customers as well who may be taking different positions, that each investor should make its own decisions about what investments to make and when to make them based on the investor's own particular needs and circumstances.
It's stuff like that that enables some of these law firms to make big bucks. Nice work if you can get it, eh? It all happens to be true, but it's also not very useful. However it is wonderfully ass-covering, isn't it?
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