Apr 16, 2010

Jim Cramer on Goldman Sachs as victim in Abacus fraud

I have information, that leads me to believe that Goldman, was an investor IN, not against, but IN Abacus, and I think that's a game-changer when it comes to what the case is and what we've heard all day. [...] If this were an open-and-shut case, believe me, this is the way it works: Goldman Sachs says, 'You know what? We're sorry we did this. We're gonna throw over this guy, he's a 31-year-old-guy, he didn't know what he was doing, he was poorly supervised, we're also going to take out his supervisor, we're gonna take him out and shoot him because we understand the way the law works.' They are not doing that. Why are they so confident? Because my understanding is they were an INVESTOR, NOT shooting against the client, and that's a very important piece of... that's a very important FACT.

~ Jim Cramer, stock-pumper and GS-apologist extraordinaire, CNBC Street Signs, April 16, 2010

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