BUT WAIT, THERE'S MORE: Head Of Allegedly Swindled Goldman Buyer ACA Is Married To Goldman's Deputy General Counsel

Vicky WardVicky Ward, Vanity Fair

Vanity Fair’s Vicky Ward jumps on another new fun fact around the alleged Goldman fraud…The former head of the ill-fated portfolio selection agent (and CDO buyer) ACA is married to (or at least co-habitating with) Goldman’s Deputy General Counsel:

Alan S. Rosenman [Roseman] took over ACA Capital as president and CEO in 2004 – because — wait for it — his predecessor Michael Satz had “personal income tax issues” — (how murky is this story going to get you must be asking?)

According to a Business Week article dated April 3 by David Henry and Matthew Goldstein, Rosenman “immediately began to push ACA into CDO insurance, an area his predecessor, Satz, had only begun to explore.”

Rosenman’s wife, or at least partner — they are listed as sharing a house together for which they paid $6.1 million in 2005 in New York — is Frances “Fran” R. Bermazohn, who is managing director and deputy general counsel at … Goldman Sachs.


I called Mr. Rosenman who gave me the illuminating statement: “I am not offering any comment at this time.”

Important?  Who knows.  Vicky thinks this makes ACA’s claim that it didn’t know that Paulson & Co. planned to bet against the securities in the Abacus CDO less plausible (because Rosenmann and Bermanzohn would have been whispering all the sweet nothings to each other). 

We’re not persuaded by that.  But it’s certainly another interesting sub-plot.

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