The $550 million typo

by Russ Roberts on July 15, 2010

in Financial Markets

Goldman has settled the Abacus suit with the SEC, and will pay a $550 million fine:

Settlement papers filed in a New York court contained the following statement from Goldman. “It was a mistake for the Goldman marketing materials to state that the reference portfolio was ‘selected by’ ACA Management LLC without disclosing the role of Paulson & Co. Inc. in the portfolio selection process and that Paulson’s economic interests were adverse to CDO investors. Goldman regrets that the marketing materials did not contain that disclosure.”

Barry Ritholtz was right back in April.


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