Goldman sued for $1.07 bln over Timberwolf CDO

[PoliticAverse]

Source: Reuters

Oct 28 (Reuters) - Goldman Sachs Group Inc has been hit with a new $1.07 billion lawsuit for having allegedly sold risky debt that it expected would tumble in value to an Australian hedge fund, causing that fund to become insolvent.

The lawsuit by the Basis Yield Alpha Fund alleges fraud, breach of contract and negligence, and seeks to recoup $67 million of losses plus $1 billion of punitive damages.

It was filed on Thursday with a New York state court in Manhattan. Basis Yield was managed by Sydney-based Basis Capital Funds Management Ltd.

Read more: http://www.reuters.com/article/2011/10/28/goldmansachs-lawsuit-idUSN1E79R0RS20111028

[chollybocker]

1. 1%ers transferring money amongst themselves.

99% - not so amongst.

[valerief]

4. Exactly! nt

[McCamy Taylor]

2. Watch Goldman try to get US taxpayers to cover its debt to the rich.

I am surprised the Australians don't just take Uncle Sam to court for their bailout money.

[DeSwiss]

3. The rest will have to.....

...take a number and then take a seat.

- This is gonna be a while......

K&R

''My father told me, 'you are what you do, not what you say.' Well, what you do makes me cry at night. You
grownups say you love us. But I challenge you, please make your actions reflect your words.'' http://www.youtube.com/watch?feature=player_embedded&v=twU_Hf0GNuQ">~Severn Suzuki