成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開
How Goldman exploited the information gap

How Goldman exploited the information gap

Richard Field 2010年04月29日

????There is a serious problem with the way data on structured finance securities is provided to investors. These securities should have the clarity of a clear plastic bag. Instead, they're about as see-through as a brown paper bag. In fact, Goldman Sachs' (GS, Fortune 500) exact alleged fraud was to misstate and omit key facts about a structured finance security (called ABACUS 2007-AC1) whose return was driven by the performance of several subprime mortgage backed securities.

????The way Goldman and John Paulson profited handsomely on their Abacus trades was to exploit the fact that they could see into the bag, but others, including Goldman's customers, could not.

????If investors had transparency, they wouldn't be stuck trying to determine the contents of a brown paper bag, and wouldn't be at a major disadvantage to firms saying the investments were sound, while filling them with subprime junk and only allowing themselves and savvy hedge funders like Paulson to know the truth.

????Goldman, like many financial firms, enjoys an information advantage because it gets loan-level performance data on a daily basis. However, standard practice for other market participants -- investors and customers -- is to have to wait for the accumulation of daily data to arrive in a once-per-month or less frequent report. Not only does the data come in a brown paper bag, it's weeks old, too. Using old data to figure out what's in the bag today is a guessing game at best.

????Goldman is currently claiming its customers are sophisticated investors and should have understood the risks they were taking. But should even sophisticated investors be allowed to buy, sight unseen, the contents of a brown paper bag, as if they were contestants on a game show? Further, the two main indicators of risk available to investors -- credit ratings and the role of the collateral manager -- were both misleading in this investment, and in many others.

????Providing loan-level performance data on a daily basis to all parties would give investors the clear plastic bag view of what they are buying, making the question of purchasing the hidden contents of a brown paper bag, as in the Abacus CDO created for Goldman, and bet against by John Paulson, irrelevant. In short, better information would make crimes like the one Goldman is accused of impossible to commit.

Seeing vs. pretending to see inside the bag

????To overcome their inability to see into the bag, structured finance investors relied on third parties, namely credit ratings agencies, who told them they could determine and value the bag's contents.

????The Goldman lawsuit shows that the ratings agency system actually drives investors away from doing their own homework in the first place. The rating agencies have long held their access to confidential data sets them apart from other analysts.

????Investors incorrectly thought this meant ratings agencies had more timely data than they did. They thought the agencies were looking inside the brown paper bag. They were not. The agencies did not tell the market that they could not see inside the brown paper bag either, as they were not privy to loan-level performance data on a daily basis.

????If the data gap didn't exist, investors would have been able to see for themselves, rather than rely on ratings agencies, that the underlying securities weren't properly valued and that a bet they would retain their current price was a sure loser. They would have steered well clear of buying the Goldman product.

????Not only did Goldman know what securities were going into the ill-fated Abacus CDO, it had its own window into the subprime mortgage world, with direct involvement in originating, billing and collecting other subprime mortgages: Goldman helped start and later solely owned a subprime mortgage originator and servicer named Senderra.

掃碼打開財富Plus App
久久精品成人免费国产片午夜| 久久精品网站免费观看| 在线精品观看一区欧美国产精品不卡在线观看| 欧美性群另类交| 精品99久久一A毛免费观看| 97精品国产97久久久久久免费| 成为直播人的视频软件| 国产精品黄网站免费进入| 精品久久久无码人妻字幂不卡| 人人妻人人妻人人片色AV| 无码国模国产在线观看| 99久久人妻无码精品系列蜜桃| 国产一级片内射视频播放| 久久国语露脸国产精品电影| 精品久久久久久无码中文字幕漫画| 国语对白嫖老妇胖老太| 制服丝祙女教师在线播放| 视频一区二区三区日韩在线| 蜜臀AⅤ永久无码精品| 欧美日韩一区在线观看| 亚洲AV中文无码字幕色三| 欧美日韩免费一区二区三区播放| 一级特黄aaa大片在线观看成人一级片在线观看| 午夜天堂av天堂久久久| 欧洲熟妇一区二区三区| 亚洲欧美日韩久久一区| 国产一级毛片高清视频完整版| 亚洲欧美日韩国产精品影院| 国产日韩欧美一区二区三区在线| 亚洲精品TV久久久久久久久久| 99久久国产宗和精品1上映| 国产人成视频在线免费观看| 久久99久久精品免观看吃奶| 欧美性XXXX禁忌| 玖玖成人无码大片一区二区| 久久综合给综合给久久| 国产在线午夜不卡精品影| 亚洲国产精品丝袜国产自在线福利视频| 精品福利一区二区三区精品| 国产一区二区在线视频| 国产乱子伦农村xxxx|