The whole brouhaha over Goldman Sachs and the SEC today stems from just one CDO deal: ABACUS 2007-AC1.
Goldman Sachs prepared a 66-page presentation on the deal back on February 26th of 2007 to show to parties involved in the deal, such as Paulson & Co., ACA Capital, and RBS.
There’s a lot of financial alchemy going on in the presentation and a boatload of technical terms, but overall, it gives you a pretty clear picture of how the deal is supposed to work.
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