Refco/Goldman: Conflict for Goldman

It’s almost never a hard decision for a corporate board to hire Goldman Sachs. It’s a firm that rarely, if ever, needs to present its credentials. But there are times when it might be more prudent for a board to look elsewhere. That is what Refco should have done. Despite Goldman’s enviable reputation as an advisor, it was also one of the lead underwriters on the derivatives broker’s IPO two months ago. With Refco now in a full-blown liquidity crisis, Goldman and the other underwriters will inev...