Goldman Denies Madoff Due Diligence

Goldman Sachs spokesman Lucas van Praag writes:

You have been misled and, as a result, have misled your readers. Goldman Sachs did not work for Mass Mutual/Oppenheimer[Funds] on the purchase of Tremont Advisors. We acted for a third party interested in bidding against Mass Mutual. Because we were not allowed to conduct any due diligence we advised our client against proceeding. Please withdraw your story and set the record straight as soon as possible.

NakedShorts is not in the business of misleading his readers and has removed the article ‘Goldman's D-e-e-e-e-p Look at Madoff’ published earlier today. Updates as and when. And, while it wasn’t asked for, apologies to Goldman Sachs for what seems to have been unjust finger-pointing.

Comments

[fatcat:]

Sorry I missed the article,Greg....they are all running for cover on this Madoff mess.Hold their feet to the fire,someone needs to!

2008 Dec 22 01:10 PM

[Jackson Cash:]

There, that settles it. Negative investor sentiment centric around lack of trust can rest easy.

In other words, according to Goldman, "It's always the other guy's fault".

2008 Dec 22 01:13 PM

[Kenneth J. ...:]

I'll note that as a very professional retraction, Greg. It gets very complicated when talking about the syndication of certain deals and where the "blame" lies, and it seems that the "story" most investors are interested in gets lost along the way. One can never do too much when it comes to preaching the importance of sound risk management strategies and due dilligence. Investors beware, the market is full of investment peddlers who are not your friends, and not so trustworthy as one might wish!

2008 Dec 23 11:42 AM

[monday1929:]

Well, at least they did not commit THIS crime.

2008 Dec 24 07:56 AM