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Big Money: Debunking the myth of the Â'sophisticated investor' Washington Post

01.05.10

So buyers, beware -- this is just how the big boys roll. It's a high-stakes game for experienced players; they all know the real rules; the public shouldn't care. Don't fret over the higher workings of the princes of finance, because it's not as though Mom and Pop lost money in their deals. Goldman's Fabrice Tourre told the Senate on Monday: "I was an intermediary between highly sophisticated professional investors -- all of which were institutions. None of my clients were individual, retail investors."

Wall Street loves the "sophisticated investors" argument, and little wonder: It could generate infinite financial fees if only the populace could be convinced that it's okay to fool some of the people all of the time. The problem is that even when only some of the people get fooled, all of us are paying all of the time.

Let's examine what happened with Goldman and Paulson. Goldman Sachs stands accused, in part, of giving favored financial treatment to Paulson's firm, allowing him to advise on the creation of a security, Abacus , that he wanted to fail; Goldman later sold it to investors who wanted the security to succeed, but it didn't tell them Paulson had played a role in creating the thing and shorted it to bet it would fail. To sell the deal, Goldman apparently withheld information about Paulson's involvement from the buyers, including Royal Bank of Scotland and Germany's IKB Deutsche Industriebank. The buyers lost about $1 billion on the deal, according to the Securities and Exchange Commission.

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