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But judged by Levy's dictum, and the principles of John Whitehead, another Goldman senior partner (“We are dedicated to complying fully with the letter and spirit of the laws, rules and ethical principles that govern us. Our continued success depends on unswerving adherence to this standard”), Abacus was a tawdry episode.
None of the deal documents made clear that Paulson had called the tune and Goldman had initially acted on its behalf. Goldman has been reduced to brandishing the letter of the law and insisting that it adhered to “market practice”, which is not the same as ethical principle.
Goldman gave 8m documents to the SEC, but did not include the overarching philosophy that brought it to Abacus, the strategy laid out by Lloyd Blankfein, its chairman and chief executive, in 2005.
As Charles Ellis's The Partnership records, Mr Blankfein feared that if Goldman stuck to its traditional separation of agency and principal businesses – keeping its client advisory and asset management work isolated from risk-taking with its own capital – it would be overtaken by commercial banks.
“Its complex variety of many businesses was sure to have lots of conflicts,” Ellis writes. “Goldman Sachs, Blankfein said, should embrace the challenge of those conflicts.” It definitely embraced them with Abacus, keeping IKB in the dark both about Paulson and its own view of mortgage CDOs.
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