US FINANCIAL INDUSTRY: From the Goldman statement: net mortgage
revenue was "significantly higher, despite continued deterioration in
the market environment. Significant losses on non-prime loans and
securities were more than offset by gains on short mortgage positions."
Now if I am understand this correctly, Goldman forcasted problems in this market and shorted their mortgage position whille limiting their losses in the subprime market. Overall INCREASING their revenue.
Ive never heard of shorting a mortgage position nor studied it.
If my understanding is correct - this is criminal behaviour ie they had insider knowledge the mortgage industry was collapsing from loose lending practices that was occuring and profiteered from it by shorting the mortgage markets. To me that trading on insider information!!!! and its just been released publicy.
But please correct me if my understanding of it is misguided.
friggin criminals
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