name 4 consequences consequences on the Goldman Sachs Abacus

name 4 consequences consequences on the Goldman Sachs Abacus 2007AC-1

Solution

In terms of consequences post the ABACUS scandal, the immediate afternmath included:-
1. Goldman Sachs having to pay half a billion to settle case and prevent further damage to its reputation.

2. As part of the settlement, Goldman being obliged to ensure that its employees are more trained in dealing with marketing of derivative products.

3. Goldman also re-examining its business standards post the scandal to ensure its standards are aligned to the general standards of business ethics and fulfills the fiduciary duties it has towards investors.

4. Goldman\'s reputation being tarnished and even makers of complex financial products being taken to task if the basic ethos of honesty and fiduciary duty are violated.