DN! Goldman Sachs (2) Sold Off Billions Anticipating Housing Collapse
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Uploaded by StartLoving2 on Nov 4, 2009
Low Road to High Finance: McClatchy Expose Reveals How Goldman Sachs Sold Off Billions in Mortgage Securities After Anticipating Housing Collapse
A five-month investigation by McClatchy Newspapers has revealed that Goldman Sachs made secret bets against the housing market while simultaneously selling off billions in soon-to-be worthless securities. In 2006 and 2007, the bank reportedly peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in US housing prices would send the value of those securities plummeting. We speak to McClatchy reporter Greg Gordon.
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