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Goldman Wasn't Big Kahuna of CDO Deals

Goldman Sachs may be stealing the headlines over a derivatives transaction in 2007, but other banks were much more active in structuring the fancy investment vehicles back in their heyday.



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Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

may be stealing the headlines over a questionable derivatives transaction in 2007, but other banks were much more active in structuring the fancy investment vehicles back in their heyday.

The combined

Bank of America-Merrill Lynch

(BAC) - Get Bank of America Corp Report

franchise was the top bookrunner for collateralized debt obligations at the height of the CDO market in 2006 and 2007, according to

Thomson Reuters

. The two banks, which merged at the start of 2009, acted as bookrunner on 299 deals with total proceeds of $146 billion in those two years, garnering 17% of global market share in 2006 and 15% in 2007.

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. Report

was second in the league tables, involved in 241 deals over the two-year period with proceeds totaling nearly $95 billion. Its numbers include the activities of Bear Stearns, a major player in the CDO space as well, which JPMorgan acquired in 2008.

JPMorgan was followed by

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(C) - Get Citigroup Inc. Report

, which acted as bookrunner on 157 deals with proceeds of more than $90 billion. Among other big players who were more active than Goldman in the heady days of subprime and structured investment vehicles were foreign counterparts

Deutsche Bank

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(BCS) - Get Barclays Plc Report


Credit Suisse

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. Barclays figures include Lehman Brothers, the failed investment bank whose assets Barclays acquired.

Goldman ranked No. 11 in 2006, with $22.4 billion in bookrunning proceeds on 40 deals, representing 4.7% of the market. It caught up a bit in 2007, ranking No. 6, with $25.4 billion in proceeds on 49 deals, and 5.7% market share.

Though none of the other banks have been accused of any wrongdoing, investors have become jittery since the

Securities and Exchange Commission

filed civil fraud charges against Goldman on Friday. The SEC accuses the firm of

misrepresenting a CDO deal to long investors, by not disclosing that a short investor on the other side of the trade had a hand in structuring the deal. The SEC says this was material information that should've been disclosed to investors.

Goldman has denied any impropriety, adding that any discussions with the short investor,

Paulson & Co.

, were "entirely typical of these types of transactions."

In announcing the charges, the SEC also pledged to further investigate the matter, indicating that Goldman may not be the only bank to face charges. As a result, bank stocks have

come under pressure in recent days -- despite positive quarterly reports from

JPMorgan Chase,

Bank of America and

Citigroup -- amid fears of legal wrangling, reputational damage and investor lawsuits.

-- Written by Lauren Tara LaCapra in New York