In a coup for press release clearing house PRNewswire, Paulson & Co. issued them the following written statement regarding its being mentioned prominently in the SEC’s bombshell civil fraud case against Goldman Sachs, packagers of CDOs that were apparently custom made specifically with short sellers in mind.
Paulson & Co. Inc. Responds to SEC Complaint Against Goldman Sachs
NEW YORK, April 16 /PRNewswire/â€”Paulson & Co. Inc. has the following statement in response to the SEC’s complaint against Goldman Sachs & Co. announced today:
As the SEC said at its press conference, Paulson is not the subject of this complaint, made no misrepresentations and is not the subject of any charges.
While Paulson purchased credit protection from Goldman Sachs on securities issued under the ABACUS ABS CDO program, we were not involved in the marketing of any ABACUS products to any third parties.
ACA as collateral manager had sole authority over the selection of all collateral in the CDO, securities of which were subsequently rated AAA by both S&P and Moody’s.
Paulson did not sponsor or initiate Goldman’s ABACUS program, which involved at least 20 transactions other than that described in the SEC’s complaint.
SOURCE Paulson & Co. Inc.