Goldman Sachs says it is ‘blameless’ in Stirling Cooke collapse, describes its governance as ‘textbook’

Despite taking Bermuda-based broker AlphaStar Insurance Group public in a $50 million IPO and being its biggest shareholder during an astonishing crime spree that caused losses estimated at more than $1 billion to the world insurance markets, Goldman Sachs is not accepting any responsibility for what happened.In fact, the actions of its two directors on AlphaStar’s board, Reuben Jeffery III and Jean de Pourtales, were “a textbook illustration” of how to govern a company, according to Goldman’s motion to dismiss the action on September 15, 2006.