Thursday, April 22, 2010

Goldman to vigorously contest but then quickly, silently settle

SHOOT: And you make it a non-disclosure settlement, meaning nobody can say nothing, and then it's business [cheating] as usual, once more.
clipped from
“If Tourre says, ‘Goldman’s board knew what we were  doing,’ you can imagine Goldman will want to portray him as  disgruntled,” or willing to lie to avoid punishment, the  professor said. That may not help the firm itself, he added.
“Under theories of vicarious liability, if you can find Tourre  liable, it’s going to be hard for Goldman to escape.”
Byron Georgiou, a member of a U.S. panel that’s  investigating the financial crisis, said he doubts Goldman Sachs  could make a convincing case that Tourre acted alone and without
the full support of his superiors.
“It’s hard to imagine that there wasn’t some supervision  of a 27-year-old, at that time, trader structuring a billion- dollar transaction on which Goldman made a $15 million fee,” Georgiou, who serves on the Financial Crisis Inquiry Commission, said in a Bloomberg Television interview.
Goldman Sachs, which vowed on April 16 that it would  “vigorously contest” the SEC’s suit, isn’t ruling out a potential settlement, Palm said.
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1 comment:

Research Paper said...

Many institutions limit access to their online information. Making this information available will be an asset to all.