On Mon, Jan 25, 2010 at 3:21 PM, c b <[email protected]> wrote: > But the second one is even more of an insult to the intelligence, that > proprietary trades and customer trades exist in neat, tidy boxes and a > trade with a customer is therefore a pure act of mere passive order > taking. When Goldman went net short subprime, was that not a > proprietary position? And who do you think was on the other side of > that trade? Hint: for the most part, not other dealers. > > ^^^^^ > CB: Yeah , who was on the other side of that trade ?
Assorted small-time suckers. Municipal governments, small pension funds (who bought into the Abacus deals that Goldman Sachs specifically put together to fail quickly). And one big-time sucker: AIG (who sold CDS protection on those Abacus deals). http://www.nytimes.com/2009/12/24/business/24trading.html -raghu. -- "I don't care who you are, Fatso. Get the reindeer off my roof!" _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
