On Thursday (1st Aug) there was a decision in the US where a Goldman Sachs trader was convicted. This is being touted as a victory for the regulator, SEC.
This again asks the question – did he do it for his personal benefit or for the benefit of GS? Did his bosses know what he was doing? Is there any proof that he was acting in his individual capacity?
When Gautam Doshi of Reliance Communications was hauled up, was there any doubt that he was acting for Anil D Ambani?
Reminds me of a big bank which did fantastic trades during the 1990-92 debt market boom. One bright kid THOUGHT of the product and took it to his bosses. His bosses loved the product and endorsed it. Lovely profits, clients ripped off, regulator fooled and bank was laughing all the way to the bank!!
Scam broke out.
Bank decided to throw the bakra to the wolves and disown him.
Fortunately for that kid one of the persons in the FIRST meeting when the kid had explained the product had a soft corner for him.
So the minutes of the first meeting was sent to the REGULATOR. Incognito. Kid saved, bank paid price.
Did you know that under the Motor vehicles act YOU are held liable if YOU give the keys to a person who does not have a license?
If this kid Fabrice Tourre is guilty, you can rest assured that the top team in GS is guilty as hell.
Just goes to prove that it is the proverbial goat that is blamed and sacrificed. Not the elephant, bison, tiger, rhino, lion – not the big 5 or big 6, just the small kid.
Not to say Fabrice is not guilty, but his bosses cannot be allowed to get away.
Not feeling sad for him, but feeling sad for the system which is celebrating catching the hitman and not the real murderer despite the fact that they are sitting there.
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