On Thursday Overstock, a company for which I work by day (and most evenings and weekends, too) issued the following press release:
“Overstock Adding Racketeering Allegations to Ongoing Lawsuit vs. Goldman Sachs and Bank of America Subsidiary Merrill Lynch: Company Files Motion to Amend its Lawsuit to Add Claims of Civil RICO“
Numerous stories quickly appeared in Reuters (“Overstock accuses Goldman. Merrill of racketeering; Overstock says RICO charges apply in case“) and Associated Press (“Overstock adds RICO claim to short-sale suit“).
At first Goldman punted its reply (“A Goldman Sachs spokesman said the bank opposes the motion, but did not elaborate”, read the early version of the Reuters story), but, after having an hour to think of it, managed this witticism:
“‘The motion is the latest attempt by Overstock to shift the blame for its poor share price performance,’ a Goldman Sachs spokesman said.”
Coming from an institution that recently (Bloomberg, December 1, 2010: “Fed Names Recipients of $3.3 Trillion in Crisis Aid“) fastened itself to the public sugar teat for tens of billions in indirect bailouts and $24 billion of direct capital support lest it go the way of the wild buffalo and vaudeville, that statement is funny.