Guess who just got back today?
Them wild-eyed boys that had been away
Haven’t changed, haven’t much to say
But man, I still think them cats are crazy
They were asking if you were around
How you was, where you could be found
Told them you were living downtown
Driving all the old men crazy
The boys are back in town
SEC Charges Goldman Sachs With Fraud in Structuring and Marketing of CDO Tied to Subprime Mortgages
FOR IMMEDIATE RELEASE
Washington, D.C., April 16, 2010 — The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter.
“This is a relationship built on mutual trust and confidence. Time and again, our Goldman Sachs colleagues have shown that they have the best interests of Allstate at heart.” Ed Liddy.
The Allstate Corporation
Edward M. Liddy, Chairman, President and Chief Executive Officer:
“Goldman Sachs and Allstate have a very close relationship and our work over the years bears that out. The firm lead managed our 20 percent IPO in 1993 for $2.4 billion and subsequently helped us become an independent company by distributing to shareholders the remaining 80 percent of stock in our company held by Sears. Since then, Goldman Sachs has helped us focus on the businesses we should be in—where we can have substantial wins and where it makes sense to exit. Through a series of divestitures, we are now focused on personal financial services in the property-casualty and life-savings industries. We’re expanding the core and building on our strong position in these fields. In 1999, we acquired American Heritage Life Investment Corporation and the personal lines business of CNA Financial Corporation. We have benefited at every point from having access to top-quality people throughout Goldman Sachs who have the breadth of financial expertise to help us think through the options and execute our strategies. This is a relationship built on mutual trust and confidence. Time and again, our Goldman Sachs colleagues have shown that they have the best interests of Allstate at heart.”
Goldman Sachs was lead manager for Allstate’s $2.4 billion IPO in 1993.
In 1995, the firm was financial advisor for Allstate’s $10.7 billion spin-off from Sears and lead manager for its $1.2 billion divestiture through an IPO of PMI Group.
Goldman Sachs was the exclusive financial advisor for Allstate’s 1996 divestiture of Northbrook Holdings.
In 1999, the firm was the exclusive financial advisor for Allstate’s $1.1 billion acquisition of American Heritage Life Investment Corporation and its $1.2 billion acquisition of the personal lines business of CNA Financial Corporation.
On tap, The Big Short. Thanks Mr CLS.
One thought on “He’s backkkkkkkkkkk Steve shuts down Yahoo! ALL plus Monday Music”
Liddy should be indicted.
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