Tags: bove | ackman | goldman | fraud

Experts: Goldman Didn't Commit Fraud, Shares May Hit $200

Thursday, 29 Apr 2010 11:35 AM

Goldman Sachs did not mislead the buyers of its securities, says Bill Ackman, founder and CEO of hedge fund Pershing Square Capital Management.

And the investment bank should see its stock rise now that its hearings with the Senate are over, Rochdale Securities banking analyst Richard Bove says.

Ackman says that the insurance company which purchased the product sold by Goldman Sachs should have been well aware of the potential downside.

“I don’t believe that Goldman committed fraud. (ACA Management) took their own risks. They’re sophisticated investors. I don’t think the (Securities and Exchange Commission) has a good case,” Ackman told CNBC.

Goldman Sachs is not getting a fair shake in this investigation, he said.

“Having been the subject of investigation in the past … I don’t feel sorry for Goldman Sachs, but they’re not being treated fairly,” Ackman said.

Investors have information to conduct their own research and need to be held responsible for the decisions they make, he said.

“Imagine that (George) Soros and (Warren) Buffett were on the two sides of this transaction. We wouldn’t even be talking about this now” Ackman said,

Bove says Goldman Sachs should see its stock rise now that its hearings with the Senate are over.

“I think the SEC suit will be thrown out of court, I think Goldman's reputation will improve,” he told CNBC.

Goldman’s stock is valuable and the bank has always generated good earnings, Bove said.

"I think it's a $200 stock. I think the company's earnings are very good, I think you should own it, I think it's a tremendous opportunity," he said.

Goldman is not losing business or customers from the accusation, Bove said.

© 2015 Moneynews. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Democrats, Angry at Netanyahu Invite, May Delay Sanctions Vote

Thursday, 29 Jan 2015 08:02 AM

The Republican invitation for Israeli Prime Minister Benjamin Netanyahu to address Congress over the threat of Iran may  . . .

John McCain: Would Michael Moore Prefer 'Hand-to-Hand Combat?'

Thursday, 29 Jan 2015 07:31 AM

Filmmaker Michael Moore's comments on military snipers earlier this month were "idiotic" and "insulting," Sen. John McCa . . .

Chinese Cybersecurity Rules Put Squeeze on US Tech Companies

Thursday, 29 Jan 2015 06:53 AM

American companies are protesting intrusive new rules requiring them to turn over proprietary data, including computer s . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved