At last we have come to the point. The behaviour outlined in the US Securities and Exchange Commission's devastating complaint against Goldman Sachs neatly encapsulates the most important and damning of the charges that have circulated in the past two years against investment banks in general and Goldman in particular. Sales of structured products backed by subprime securities triggered the credit crisis. The question is whether this was down to deliberate deception, incompetence or bad luck. Now the SEC will attempt to make a charge of deliberate deception stick.
終於有人說到了點子上。美國證交會(SEC)針對高盛(Goldman Sachs)的具有摧毀力的訴狀所概述的行爲,精闢概括了過去兩年來坊間流傳的針對投行(尤其是高盛)的最重要、最切中要害的指控。銷售由次貸證券支持的結構化產品,引發了信貸危機。問題在於,這應當歸因於蓄意欺騙、無能還是黴運?現在,美國證交會將設法證明,有關蓄意欺騙的指控是站得住腳的。