Goldman Sachs settlement not a victory for them

I defer to Ritholtz on this.

Now that Goldman Sachs has lost their will to fight and settled the case for a record breaking amount, the same media fools who told you a) this was a weak case and b) GS was going to win are now spinning this massive Goldman Sachs defeat as some sort of a Goldman victory.

Don’t believe them. This is a painful loss for Goldman Sachs, with expensive repercussions likely to last far into the future.

Among his points, what Goldman was forced to admit to opens the door for massive litigation against them from pissed-off deep pocket investors. Further, it will change the way the entire industry does disclosure.

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