Madam, – During the US Senate permanent subcommittee on investigation into practices at Goldman Sachs an extract from an e-mail sent by a Goldman Sachs salesperson, read by Senator Carl Levin, stated that the client, Allied Irish Bank, was “too smart to buy this junk”.
The “junk” in question referred to a synthetic security that Goldman Sachs was marketing and not the “junk” we now associate with AIB. Can it now be assumed that there was just not enough room at the junk yard? – Yours, etc,