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GS: Predatory Lender?

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Try this on for size: Goldman Sachs fed the asset bubble by offering "market terms" for hedge fund margin accounts. Then, as the environment softens, they "pull the rug out," and demand collateral from their clients. Immediately after this, they create special vehicles to buy "illiquid assets" from these same clients, which now they may sell at a profit.
Predatory lending, or clever, opportunistic use of excess liquidity when liquidity became worth its weight in gold?
HT: The Mailbag.