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’Goldman’s Tourre says show me the inexperience!
Fabulous Fabs is back, and this time he has a subpoena.
The Goldman Sachs trader is still fighting SEC litigation alleging he failed to tell investors in the Abacus CDO that hedge fund Paulson &
[Abacus] Fisking Goldman’s latest rebuttal
Goldman doth protest too much, we think, in the statement it issued on Sunday on the SEC’s complaint against it and its trader Fabrice Tourre. We note that Goldman is already on its third rebuttal since Friday.
[Abacus] ACA’s rather disastrous CDO forays
In addition to being your run-of-the-mill (disastrous) monoline insurer and at the heart of the SEC complaint against Goldman Sachs’ alleged fraud — ACA was something else: a very unsuccessful CDO manager.
[Abacus] ‘Goldman Sachs is disappointed…’
There’s got to be a sick squid joke in here somewhere.
Goldman Sachs, late on Friday, issued a fresh statement on the SEC/Paulson CDO pumping affair.
Highlights:
- Goldman Sachs lost $90m on this transaction
- IKB and ACA Capital Management “were among the most sophisticated mortgage investors in the world.”
ACA Capital in forbearance extension shock
NEW YORK–(BUSINESS WIRE)–July 15, 2008–ACA Capital Holdings, Inc. (OTC BB: ACAH.PK) today announced that it has entered into a sixth forbearance agreement with its Structured Credit and other similarly situated counterparties.
ACA’s downgrade: billions heading to banks’ balance sheets
Is this story getting the credit it deserves?
ACA may not be the largest bond insurer in the world, but its dramatic downgrade by Standard & Poor’s late on Wednesday (from A to CCC) is going to have a serious impact.
Monolines “thrown to the wolves”
More monoline woes on Thursday, with CIFG facing a bailout and ACA Capital looking like it will be the first to fall.
The WSJ reports that CIFG services is to receive a $1.5bn cash injection from its joint owners to prop up its AAA rating – making it the first bond insurer to be bailed out in a big way.
ACA hits trouble – squared
More bad news from the world of structured finance. Lancer Funding II – a $1bn CDO squared – has entered an “event of default”, making it the first CDO squared to hit the wall.
CDO squared are, like the name suggests,