Goldman defense hinges on "buyer beware"

04/21/2010 | Bloomberg

Goldman Sachs Group will defend itself against Securities and Exchange Commission charges over its subprime lending by building a defense around the concept of caveat emptor -- Latin for buyer beware. Bank of America's Merrill Lynch unit and UBS AG have had success in using the defense when those companies faced similar charges. Goldman Sachs is arguing that the average buyer of this product isn't some "credit union that didn't know what it was doing," said David Irwin, a former federal prosecutor now in private practice.

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