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December 12, 2008

UPDATE 1: Goldman Markets Munis, Sachs Issues Credit Default Swaps.

   This is an update to a post that appeared here on Insurance Claims And Issues on November 12, 2008.

     Previously, it was reported that Goldman Sachs had caused a furor in California by recommending credit-default swaps on municipal bonds in California because Goldman was also the managing underwriter of municipal bonds in California.

    It is now reported that Goldman Sachs has recommended credit-default swaps to its customers in at least 11 States to one degree or another:  Florida, Connecticut, Hawaii, Illinois, Massachusetts, Michigan, Nevada, New Jersey, Ohio,.and Wisconsin in addition to California.

    Goldman Sachs reportedly "has acted as lead managing underwriter [of municipal bonds] in all the states it recommended betting against, except Hawaii."  Joe Mysak, "Goldman Draws Ire For Advising Default Swaps Against New Jersey" (Bloomberg.com, Wed., December 10, 2008).

A related post appears on Insurance Claims Bad Faith at www.insuranceclaimsbadfaith.typepad.com.

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Posted by on December 12, 2008 at 06:32 AM in Market Performance |

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