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Goldman Sachs And The 2008 Financial Crisis

422 Words2 Pages
The Wall Street firm Goldman Sachs was one of the biggest investment banking firms in the world, but was blamed for the 2008 financial crisis. Goldman Sachs claimed that their most important assets were their people, clients and their reputation, however they were accused of betting against the securities that they were selling. John Paulson, an American hedge fund manager with an opposite economic interest, lured the clients into deals worth billions of dollars, knowing that the probability of them going bust was very high. This exotic deal was called ABACUS, and Goldman Sachs was charged by the Securities and Exchange Commission (SEC) for their unacceptable behaviour of not providing complete information about ABACUS to the investors. The
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