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As an Adviser, Goldman Guaranteed Its Payday

"Goldman’s brazenness in this deal is nothing short of breathtaking. It is just another example of why Goldman’s reputation has been dented as questions have circled about the firm’s loyalty to its clients over itself. Other firms have conflicts, but rarely do you hear about them being so incestuous. A Morgan Stanley banker involved in the deal wrote in an e-mail at the time: 'This is GS at its most shameless.'”

"What’s even more surprising about Goldman’s role working for El Paso is that it came just six months after the firm issued a new set of guidelines by its 'business standards committee.' The firm had just agreed to a $550 million settlement with the Securities and Exchange Commission over allegations that it knowingly sold its clients financial instruments meant to fail. In the guidelines, the firm pledged that its most important principle is that 'our clients’ interests always come first.'”

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