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Goldman Loan to Ex-Trader Cader Is Backed by 15,000 Wines

From bloomberg.com

Talk about liquid assets. Goldman Sachs Group Inc. (GS) accepted almost 15,000 bottles of fine wine as loan collateral from a former high-ranking executive, according to a regulatory filing last month. Andrew Cader, a former senior director at Goldman Sachs’s specialist-trading unit, pledged a secured interest in the wines, which are primarily from the Burgundy and Bordeaux regions of France, the filing showed. Goldman Sachs’s move stands out because private banks that lend money to wealthy clients against assets such as artwork and real estate have been less willing to extend loans backed by fine wines, said four ... (full story)

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