Friday, April 25, 2008

Goldman Sachs's mortgage head quits

HousingWire picks up a story from the WSJ:
The head of Goldman Sachs mortgage department, Dan Sparks, unexpectedly quit on Friday, according to a report in the Wall Street Journal. Along with two key traders, Sparks helped Goldman bet against subprime MBS before the market for subprime paper literally imploded.

The mortgage department of GS, staffed with the real Masters of the Universe, managed to avoid the subprime debacle by selling toxic loans and at the same time shorting them on their own books. Maybe SEC vultures are circling and somebody is getting nervous.

source: Goldman Sachs Mortgage Chief Quits

source: The Long and Short of It at Goldman Sachs

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