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Banks Bundled Bad Debt, Bet Against It and Won

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IT AIN'T GAMBLIN' IF YOU KNOW THE OUTCOME
"Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm," the New York Times reported. "How these disastrously performing securities were devised is now the subject of scrutiny by investigators in Congress, at the Securities and Exchange Commission and at the Financial Industry Regulatory Authority, Wall Street’s self-regulatory organization, according to people briefed on the investigations."
SOURCE:   New York Times

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