Sorry!! The article you are trying to read is not available now.

It's Not Just Goldman, It's the Clients

Print comment Post Comments
Heidi Moore argues that the Goldman Sachs fraud is another egregious example of how far Wall Street is willing to go for its top clients. And she includes this doozy of irony: Bear Stearns declined this deal from Paulson on ethical grounds. "Readers of Gregory Zuckerman's immaculately reported book, The Greatest Trade Ever, won't be surprised: on page 179, Zuckerman describes Paulson's extensive meetings with banks including Goldman, Bear Stearns and Deutsche Bank to "ask if they could create CDOs that Paulson & Co. could essentially bet against. Ironically, it was Bear Stearns that rejected the offer: "[Bear Stearns trader Scott Eichel] worried that Paulson would want especially ugly mortgages for the CDOs, like a bettor asking a football owner to bench a star quarterback to improve the odds of his wager against the team...he felt it would be improper." Eichel told Zuckerman, "It didn't pass our ethics standards; it was a reputation issue, and it didn't pass our moral compass."
SOURCE:   The Big Money