Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times Wall Street Business columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued.
Documents under seal in a decade-long lawsuit concerning eToys.com's IPO but obtained by New York Times Wall Street Business columnist Joe Nocera alleged that IPOs managed by Goldman Sachs and other investment bankers involved asking for kickbacks from their institutional clients who made large profits flipping IPOs which Goldman had intentionally undervalued.
According to New York Times business journalist Joe Nocera, synthetic expanded the impact of non-prime mortgage defaults.
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Investors "weren't so much buying a security" as they "were buying a triple-A rating," according to business journalists Bethany McLean and Joe Nocera.