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The GSAMP slide
Sunday, October 28, 2007
This graphic showing the rapidly decaying value, by tranche, of a Goldman Sachs' RMBS (Residential Mortgage Backed Security) appeared in John Mauldin's weekly e-letter, extracted from a Forbes article earlier in the month by Allan Sloan.
One thing is sure, there are an ever growing list of amusing acronyms (EGLAA) resulting from the subprime debacle.
GSAMP stands for Goldman Sachs Alternative Mortgage Product - investors are probably thinking, "Some alternative".ooo
This week's cartoon from The Economist:
3 comments:
This is exactly what makes Goldman so delightful - pocketing fees for selling this sludge to its "valued clients" while simultaneously betting against the MBS market. Lovely folks.
Isn't the performance significantly worse than that shown in the graph since, for example, the value of a BBB security declined significantly over the period graphed?
Could be - the chart was made more than a month ago.
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