Just a quick note on the oracle that is Goldman Sachs. I see that in their marketing material for the ill-fated Hudson Mezzanine they stated "Goldman Sachs has aligned incentives with the Hudson program". You just have to respect the chutzpah of these guys.
The statement is absolutely correct, although completely misleading! The assumption of the investor- and it would appear that investor, Australian hedge fund Basis Capital made a lot of assumptions which doesn't bode well for their investors-is that Goldman's interests were the same as Basis's.
That turned out to be very costly assumption. Goldman's incentives were certainly aligned with the program, although unfortunately in an inverse manner.
I can only once again suggest to all investors to listen very closely to what they are told by their advisers and make no assumptions!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment