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News Link • Economy - Economics USA

Goldman Sachs’ Busted Trades; Busted Confidence in Fixing Wall Street By Pam Martens

Certainly no slouch, Goldman Sachs is holding up its end in the busting of public confidence in U.S. financial markets. One of its former salesmen, Fabrice Tourre, was found guilty earlier this month of six counts of securities fraud, including one count of aiding and abetting Goldman Sachs in the fraud. That matter is known as ABACUS and involved the hedge fund titan, John Paulson, plotting with Goldman Sachs to create a bundled pool of assets designed to fail so that he could make $1 billion betting against it. The SEC allowed Goldman Sachs to avoid trial by paying $550 million to settle charges. Paulson was not charged.

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