Just how strong is the Securities and Exchange Commission’s lawsuit against Goldman Sachs and a 31-year-old vice president who nicknamed himself Fabulous Fab It depends on what the meaning of the word “selected” is.
The critical misrepresentation Goldman made to investors in a deal called Abacus 2007-AC1 was that the mortgage-bond portfolio to which Abacus was tied was “selected by ACA Management LLC,” the SEC said in its complaint. Those are the words as they appeared in Goldman’s 2007 pitch book for the transaction and other sales materials.
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