Goldman charged over CDO role
The US Securities and Exchange Commission filed a lawsuit against Goldman Sachs in April, alleging the firm misled clients. Some observers suggest the action may not be successful, but criticise Goldman’s behaviour. By Mark Pengelly and Duncan Wood
Goldman Sachs has been sharply criticised for arranging a synthetic collateralised debt obligation (CDO) at the centre of a lawsuit filed by the US Securities and Exchange Commission (SEC) on April 16. The bank's executives endured a public flogging by US senators on April 27 and, as Risk went to press, reports claimed Goldman was considering settling the SEC case, in a bid to avoid further negative publicity.
The case revolves around disclosure. A former senior official at ACA Capital, parent
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