Disclaimer

Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

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Monday, October 22, 2012

Goldman's to face lawsuit


WALL Street titan Goldman Sachs will have to defend claims that it deliberately sold toxic subprime mortgages to an Australian hedge fund in 2007 as the US housing market began to unravel.

The New York Supreme Court has denied Goldman Sachs' bid to dismiss the $1.07 billion class action,


Read more here.


I dunno whether Goldman Sachs called clients "muppets", and sold paper to clients while shorting it in house, as other Wall Street banks did.  That's a matter for the court to decide.  If they did, they will deserve exemplary damages.  The Augean stables must be cleaned.

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