If nothing else comes out of this, it should be a big fat signal to anyone considering doing business with GS — don’t. Before the Basis sales, on June 1, 2007, Goldman Sachs had sold $36 million in Timberwolf securities to a Korean life insurance company, … The trader responsible for Timberwolf said that the day it was issued was “a day that will live in infamy”. It was collateralised debt obligation (CDO), often made of complicated structured mortgage deals, that was sold by Goldman Sachs… Goldman has been tussling behind the scenes with lawyers from the firm, called the Basis Yield Alpha Fund, over a $100 million slice of the Goldman-sponsored Timberwolf CDO … An Australian hedge fund is suing Goldman Sachs Group Inc over an investment in a subprime mortgage-linked security that hastened the fund's demise in 2007, a lawyer for the fund said. Timberwolf was cited in a scathing 2011 U.S. Senate panel report that faulted Goldman and other banks for pushing debt they expected to perform poorly. A senior Goldman executive said, “Boy that timeberwof (sic) was one shitty (sic) deal,” referring to a $1 billion CDO Goldman Sachs sold named Timberwolf. It had been the holder of the Timberwolf collateralised debt obligations — the infamous “one shitty deal”, as Goldman Sachs insiders called them. Goldman aggressively sold Timberwolf I without explaining its pricing methodology. It is a witless, useless waste of time to babble on about going after Goldman Sachs in some criminal prosecution. Read Next Wall Street and the Financial Crisis: Anatomy of a Financial Collapse is a report on the financial crisis of 2007–2008 issued on April 13, 2011 by the United States Senate Permanent Subcommittee on Investigations.The 639-page report was issued under the chairmanship of Senators Carl Levin and Tom Coburn, and is colloquially known as the Levin-Coburn Report. The Australian hedge fund, in its complaint, claimed that Goldman falsely claimed that the market for CDO investments had become stable even though it knew that was not the case. (Harrer/Bloomberg) MARIAN WILKINSON: Goldman Sachs unleashed Timberwolf in early 2007 urging its global network to sell it quickly. I'll tell you why. What is Timberwolf and why the controversy? Motion Sequence Numbers 001, 002, and 003 are consolidated for disposition. Plaintiffs allege that Goldman knew it was selling poorly quality assets at inflated prices, and profited from its short position. In a statement, Goldman said it believed the Basis case was "without merit" and emphasised it had lost "several hundred million" dollars on its holdings during the Timberwolf transactions. And GS knew it. ..... 10 2. A representative from Goldman Sachs (GS, Fortune 500) declined comment on the reported government investigation, but issued a sharp rebuke to the Timberwolf suit, calling it … 652996/2011 Lewis Baach PLLC for the plaintiff. In the Timberwolf deal, Goldman kept an Australian hedge fund called Basis Capital in the dark about its counter bets. The US$1 billion Timberwolf CDO and the aggressive tactics Goldman employed to sell the deal were a focal point of an April hearing by the Senate Permanent Subcommittee on Investigations. Goldman Sachs’ Conduct in ABACUS Did Not Reflect Intentional Before moving to Goldman in 1998, Raazi was an ad salesman for "Rolling Stone" magazine and other Wenner Media publications, according to Reuters. Shirley Werner Kornreich, J. Senator Carl Levin blasted Goldman Sachs at Senate hearings over an internal email describing Timberwolf as 'one sh***y deal'. The Timberwolf CDO was issued in March 2007, following a Goldman Sachs quarter that ended February 2007 in which one department of the bank shifted from $6 billion of bets that mortgage bonds would perform to $10 billion they would default, according to … Posts Tagged ‘Matthew Bieber Goldman CDO trader on Timberwolf transaction’ Questions from Sense on Cents for Goldman Sachs. (The Timberwolf investment was named in the 2011 U.S. Senate report that found that Goldman misled clients about mortgage-backed securities.) The federal prosecutors investigating Goldman Sachs are focusing on Timberwolf, the infamous "shitty deal" repeatedly cited in a tense Senate hearing last month, according to people who have been contacted by the Manhattan U.S. Attorney's office. He referenced an e-mail sent to Sparks from his superior on a deal called Timberwolf. Goldman Sachs is Wall Street's investment banking giant, with 33,000 employees, $28.8 billion in annual revenue and $4.4 billion in profit in 2011. The Timberwolf CDO was a financial time bomb, not an investment product. A. Goldman Sachs’ Conduct in Structuring the Four CDOs Did Not Render the Challenged General, Aspirational Statements False. Levin was questioning Daniel Sparks on whether Goldman Sachs was pushing investments it knew were bad for clients. Goldman Sachs Disclosed Its Short Position to Investors in Hudson, Anderson and Timberwolf and Did Not Design These CDOs to Fail. The SEC's complaint charges Goldman Sachs and Tourre with violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange … ... Why a Criminal Case Against Goldman Sachs Matters and Why Charges Could Stick. Giving substance to the claims is the assertion Goldman moved aggressively to offload Timberwolf securities by offering incentives in the form of huge sales credits to sales people. Boise, Schiller & Flexner LLP for the defendants. Interestingly, Thomas Montag, the former Goldman Sachs' executive whose description of the Timberwolf product as "one shitty deal" became public thanks to a … Here's more evidence of his awesome-ness. The Timberwolf deal, infamously tagged a "shitty deal" during the Goldman Sachs Senate hearings, is now at the center of a criminal investigation around the firm, according to the Huffington Post. ..... 10 1. NEW YORK: Australian hedge fund manager Basis Capital has filed a lawsuit seeking more than $1 billion in damages from Goldman Sachs, accusing the firm of fraudulently selling it a "now notorious" financial instrument called Timberwolf, says a media report. In Sydney, the local office of Goldman Sachs JBWere got the message. (Id.¶ 255.) On Wall Street, directives issued from above are called “axes,” and Goldman’s upper management spent a great deal of the spring of 2007 “axing” Timberwolf. The deal was called “Timberwolf,” but at Goldman Sachs, it got labeled with an obscenity – one Sen. Carl Levin invoked repeatedly during his nationally televised hearing. It is unclear how the information about Timberwolf figured into the SEC's investigation of Goldman's mortgage dealings. (Id.¶¶ ... Goldman Sachs Group, Inc., --- F.Supp.2d ---- (2012) Goldman Sachs Group, Inc., GOLDMAN SACHS & CO., GOLDMAN SACHS INTERNATIONAL, and GOLDMAN SACHS & PARTNERS AUSTRALIA PTY, LTD., Defendants. On whether Goldman Sachs Disclosed its short position to Investors in Hudson, Anderson and Timberwolf and Did Not These. Sydney, the local office of Goldman Sachs Matters and Why Charges Could Stick to it. Timberwolf figured into the SEC 's investigation of Goldman Sachs Disclosed its position... 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