“高盛欺诈事件”的反思——剖析高盛CDO交易

Critical Review of Goldman Sachs Event:A Thorough Analysis of Goldman Sachs’CDO Transaction

信用衍生品已经成为资本市场中的一个重要金融工具,并在信用风险转移中发挥着重要作用。本文以高盛事件为背景,讨论了合成式CDO交易的来龙去脉,分析了"算盘"交易的参与各方和业务流程,并从高盛公司、监管部门和投资者角度分析了该事件的影响和启示。

Credit derivatives have rapidly become a key financial tool in the capital markets, and many market participants use this tool to transfer credit risk. Based on the Goldman Sachs event, this article discusses the details of synthetic CDO transactions, analysis the participants and process of Abacus transaction, then states the impact and implication of event from Goldman Sachs, regulation department and investors points of view.