Goldman Claimed ‘Duty’ To Paulson In CDO Case

Apr 20 2010 | 6:54pm ET

Warned last fall that it was likely to face a civil lawsuit over its marketing of a collateralized debt obligation, Goldman Sachs said that it couldn’t tell investors that hedge fund Paulson & Co. was shorting the CDO.

In response to a Wells notice it received in July, Goldman told the Securities and Exchange Commission that “as a broker-dealer acting as an intermediary on behalf of a client, Goldman Sachs had a duty to keep information concerning its client’s trades, positions and trading strategy confidential.”


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