"...Goldman co-general counsel Greg Palm gave the company's most detailed rebuttal to date of the SEC charges. After an opening statement that mirrored the bank's previous comments, Palm took questions for nearly an hour in an exchange dominated by analyst' interest in the fraud charges.
Palm was asked why Goldman Sachs did not disclose to shareholders that it had been served with a Wells notice about the SEC's investigation of a transaction involving collateralized debt obligations, or CDOs. A Wells notice is a letter describing potential charges against a company and requesting a response.
Palm said the company does not report to shareholders every time it receives a Wells notice. "We just disclose it if we consider it to be material."
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