There are two key questions for me which draw the line between outrageous ruthlessness and wholesale, management endorsed fraud.
1. Did Tourre genuinely, whether explicitly or implicitly, tell ACA that Paulson would be long the equity in the structure.
2. Were the losses on the deal incurred by GS as a result of a good faith backing of their sponsorship of the vehicle or did they inconveniently run out of negligent idiots to sell the rest of the tranches to.
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