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Banks Bundled Bad Debt, Bet Against It and Won
Mr. Egol, a Princeton graduate, had risen to prominence inside the bank by creating mortgage-related securities, named Abacus, that were at first intended to protect Goldman from investment losses if the housing market collapsed. As the market soured, Goldman created even more of these securities, enabling it to pocket huge profits.

Goldman’s own clients who bought them, however, were less fortunate.

Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm.

... this is what I always said ...
... deregulations, insurance abuse and lack of ethics of US banks ...
... has produced the largest fraud in human history ...
... the size is 15 times the GP of the entire planet ...
... this set banks to practically own world governments ...
... (as it is already in the US) ...
... if the governments are not able to eliminate private central banking ...
... at this point we don't only have a finance problem, but a sovereignty issue ...