Armagedon

Fisking Ben Stein on Goldman's 'Wrongdoing'

First let's start by saying that Chinese walls are a joke. Secondly, you are right Felix; this is not breach of fiduciary duty, legally it is called misrepresentation. Caveat Emptor applies to you not actually having to tell a client if there is a problem. Actively marketing a product you know to be flawed (as proven by shorting it) is nothing short of lying. And yes, there it is a crime, it is called misrepresentation. Pardon Ben Stein, he just misused the correct legal argument for what is essentially a plain cut moral question.

I guess Goldman's 14 Principles are just another of the things it keeps for show. While we are add it. Let's get serious. Goldman has $40 Billion in level three assets and no significant losses... Are their problems really that serious that they refuse to even open the box?

Best,