&gt; They absolutely need to take blame for not atleast advising James Baker to put in a collar<p>It would seem they actually did. [1] Goldman certainly didn&#x27;t provide the best service here, but I don&#x27;t think what they did were illegal.<p>The blame for going through with this transaction falls on the clients who refused to hire an accountant when Goldman recommended it and pushed for an accelerated schedule. Heck, they agreed to an all-stock deal without even having their bankers present. (Of course, the ultimate blame lies with L&amp;H who committed criminal fraud.)<p>[1] <a href="http:&#x2F;&#x2F;dealbook.nytimes.com&#x2F;2013&#x2F;01&#x2F;29&#x2F;lessons-for-entrepreneurs-in-rubble-of-a-collapsed-deal&#x2F;" rel="nofollow">http:&#x2F;&#x2F;dealbook.nytimes.com&#x2F;2013&#x2F;01&#x2F;29&#x2F;lessons-for-entrepren...</a>