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Analytical Paper: The Legal Perspective - Essay Example

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Name Professor Course 6/18/2013 Analytical Paper: The Legal Perspective Movie: Inside Job Word Count: 575 Words In the movie, Inside Job, Goldman-Sachs took advantage of poor insurance policy to sell over $3 billion valued Collateralized Debt Obligations (CDOs) before the end of the first half of the year 2006…
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Analytical Paper: The Legal Perspective

Download file to see previous pages... This is a situation that was also accelerated by the three prominent rating companies; Fitch, Moody’s and Standard & Poors. The practice performed by Goldman-Sachs of betting against the low-value CDOs while lying to investors that the CDOs were highly valued is considered as an undue influence which constitutes wrongful persuasion. The firm was fully aware that the CDOs were of low value and still went ahead to convince unknowing investors to buy them using billions of dollars. This was an illegal persuasion that should not have been carried out by the firm. The actions of Goldman-Sachs violated the fiduciary relationship between Goldman-Sachs and the investors which is an element that prevents undue influence. Fiduciary is basically a legal relationship between different parties and involve trust. Usually, a fiduciary is expected to prudently cater for another body’s money. This implies that one party for instance a corporate financial organization can act to a fiduciary capacity to another institution, providing them with financial information that concerns investment. Goldman-Sachs, American multinational and full-service investment banking and financial securities firm was expected by the investors to act in good faith and in a transparent manner but turned out to be fraudulent and concealed financial investment information from the investors with the intention of deceiving them and making money from them. A fiduciary is expected to satisfy the interests and benefits of its trustee which was never the case with Goldman-Sachs. Investors considered the position and status of the firm and invested their money which was later lost and led to the onset of the Great Recession. Among the rules of law, undue influence is taken into account when a wrongful persuasion is, by no doubt, evident. This is considered when a person or relevant institution that can be regarded to be in a fiduciary position or generally in a position of authority concerning a sensitive issue misuses the power or trust so as to unfairly induce or assure a party to enter into a specific contract. It is further considered when a party takes advantage of the power endorsed on it to gain advantage over the other party. Goldman-Sachs violated the law governing undue influence as discussed above. The investment firm took advantage of the trust accorded to it by the investors and convinced them that the CDOs were of high-quality. Because of the trust that the investors had on the firm, they invested billions of their money which was later to be lost and a beginning of the infamous recession realized. Considering these facts, it can comfortably be concluded that Goldman-Sachs was on the wrong when it bet against the low-value CDOs which to investors, at that time, were high-quality. A presentation of this case in a court of law would fall to the advantage of the victims as Goldman-Sachs was undoubtedly acting against the rule of law and exercising undue ...Download file to see next pagesRead More
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