The Following NY Times Article Published On
Goldman Sachs attitude to making money, even if it means screwing your own clients. When Goldman Sachs has leverage in times they shall exploit it to generate income. Goldman Sachs does not have any nagging problem litigating for many years if it means they will make money. Why would they walk from WMILT litigation and settle away, unless they got a good deal. IMO, Goldman Sachs, and the Underwriters experienced leverage in the litigation. What the Underwriters strolled with via the Stipulated Settlement in March 28 away, 2013, was uncapped Class 19 claims of Class 18 claims instead, which is capped.
Goldman Sachs and the Underwriters had leverage plus they came away with a offer that benefits them the most! The Underwriters shall generate income, along with all the current retail traders that hold Class 19 WMI Escrow Markers. As the casing crisis installed in early 2007, Goldman Sachs was occupying offering risky, mortgage-related securities issued by its longtime customer, Washington Mutual, a major bank based in Seattle. Although Goldman had decided months previously that the mortgage market was going for a fall, it continued to sell the WaMu securities to investors.
While Goldman put its imprimatur on that offering, investors in the same Goldman unit were not so sanguine about WaMu’s prospects: these were betting that the value of WaMu’s stock and other securities would decrease. 10 million in income if WaMu collapsed, regarding documents released by Congress lately. 2.5 million, the documents show. WaMu eventually did collapse under …