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A Message to Wall Street's Fabulous Fabs
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Business Week's Michael Lewis has some serious questions and a message for investment bank Goldman. His questions- ACA was incompetent which is why it was chosen as CDO (collaterized debt obligation) manager. ACA was chosen by Goldman precisely because it did not know what it was doing and lost $900 million in the process. So too IKB, the dull witted German bank which lost $150 million. Goldman did not lose $100 million on the Abacus deal because Goldman was shorting the subprime market by March 2007 the time of the Abacus deal. Knowing this requires transparency of all dealings of Goldman's proprietary trading desk to understand real losses. Fab Tourre, the 27 year old Frenchman, is just a kid in this game. The real name behind this is Jonathan Egol. Who is this guy who clearly knew the subprime market was doomed in 2006 in remarks he made at the time.
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