高盛 — 經濟學人的困惑

高盛被美國証監告，大新聞。

記得幾年前讀過《經濟學人》( The Economist)解構高盛如何在華爾街一枝獨秀，又做買家，又做賣家，又做中間人，大食三方，好不風光。但《經濟學人》最後卻十分困惑，想知高盛怎樣解決利益衝突的問題。

據金融時報報導，高盛幫對沖基金大亨 John Paulson設立次級房貸証券，等John Paulson賭美國的次級房貸會爆煲。有買家自然要有賣家。高盛看來知道John Paulson 的本意，但沒有將此告知John Paulson的對家。最後次級房貸爆煲，John Paulson從中大賺10億美元，高盛做中間人亦大賺。John Paulson對家IKB(一家德國銀行)因此蝕10億美元，蘇格蘭皇家銀行亦因此要賠8億幾美元。

現在高盛被美國証監告，看來《經濟學人》的問題終於水落石出。天下烏鴉一樣黑。


 Financial Times 17 April 2010

Goldman accused of subprime fraud

US authorities on Friday accused Goldman Sachs of securities fraud that caused investor losses of more than $1bn, in the toughest regulatory crackdown so far on the excesses of the credit-bubble era.

News of the civil action by the Securities and Exchange Commission wiped more than $12bn off the market value of Wall Street’s most prestigious bank, cast doubt over the future of its leadership team and business model, and rocked other banks .

The SEC move came as President Barack Obama made a final push for financial reform in the Senate next week. “Wall Street titans still recklessly speculate with borrowed money,” he told supporters. “We cannot delay action any longer.”

In the first of a likely series of moves over banks’ action during the financial crisis, the SEC accused Goldman and one of its vice-presidents of failing to disclose that in 2007 the hedge fund Paulson & Co had a major role in creating a collaterised debt obligation, a security backed by subprime mortgages, so that it could bet against it.

Goldman denied the charges and vowed to “vigorously contest them and defend the firm and its reputation”. The bank said it had lost $75m on the deal and denied creating a CDO “designed to lose money”. But news of the SEC charges knocked its shares and intensified speculation over the position of Lloyd Blankfein, its chief executive. The SEC said Goldman’s “senior-level management” approved the CDO but did not name any executives.

Goldman shares closed nearly 13 per cent lower to $160.70.

The civil complaint alleges that Goldman and Fabrice Tourre, one of its vice-presidents, hid from investors the fact that Paulson & Co, which has not been charged, had a heavy hand in influencing the composition of loans that made up the CDO. Mr Tourre could not be reached for comment.

“The product was new and complex but the deception and conflicts are old and simple,” said Robert Khuzami, SEC enforcement director. “Goldman wrongly permitted a client that was betting against the mortgage market to heavily influence which mortgage securities to include in an investment portfolio.”

Within nine months of the creation of the CDO, 99 per cent of its loans had been downgraded, yielding Paulson & Co a profit of $1bn. Investors around the globe including IKB, the German bank which became the first casualty of the credit crisis in July 2007, lost $1bn, the complaint said.

Goldman was paid a $15m fee and received a further $841m from Royal Bank of Scotland, which had bought ABN Amro. Most of the RBS payment was passed on to Paulson & Co. ABN had taken on the risk associated with parts of the CDO.

RBS was on Friday night considering whether they could take legal action against Goldmanlegal action against Goldman. Paulson & Co said it had made no misrepresentations and was not the subject of any charges.