Posted: April 8th, 2015

The Division of Responsibility for Maritime Cargo

The Division of Responsibility for Maritime Cargo

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Business Law Today: The Essentials
Uri-oiled b the Federal Reserve Board. Without
-For a sample answer to Problem 21-5, go to Appendix H 121$: details oryeven verifying whether the program a»: 5:;
at [he end Of this [eXt’ Montana and Knight, with Lyttle’s help, began to sell
7.? Disclosure under SEC Rule lOb-5. Dodona l, LLC, invested in the program to investors. For a Inmémutm Inges
fist million in two securities offerings from Goldman, Sachs 8r Sachs 8r $1 million million, the investors were Promlseh exlrggr
t}, lhc imestments were in collateralized debt obligations of return-from lO percent to as mUC as per ‘1‘
utilitlsl. Theirvaluedepcnded on residentialmortgage-backed week-without risk. They were also told ghatkthe é
so urtties (RMBSl, whose value in turn depended on the per- would “utilize banks that can ensure full tan integrity?
iormancc ofsubprime residential mortgages. Before marketing The Transaction whose undertakinglsl are 1n complete
the CDo5. Goldman had noticed several “red flags” relating [0 mony with international banklng WIES and pTOtOCOl and “r
investments in the subprime market, in which it had invested [sic] guarantee maximum security of a Funders Cap}
heavily. To limit its risk, Goldman began betting against sub- placement Amount,” Nothing was required but the invest:
prime mortgages RMBS, and CDOs, including the CDOs funds and their silence-the program was to be kept seems
it had sold to Dodona. ln an internal e-mail, one Goldman Over a four-month period, Montana raised nearly $23
official commented that the company had managed to “make lion from twenty-two investors. The promised gains did
some lemonade from some big old lemons.” Nevertheless, accrue, however. Instead, Montana, Lyme, and Kni 1,…
Goldmans marketing materials provided only boilerplate state- depleted [he investors’ funds in high-I‘lSk [fades oT Spent

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