A Good Day To Bury Goldman Sachs
U.S. Securities and Exchange Commission Chairman, Christopher Cox, last seen trying, and failing, to explain to Congress just how the US financial institutions could be so comprehensively f*cked without him noticing anything amiss, has issued another defence of his regime coupled with a clarion call for improved regulation.
In the darkest reaches of the Washington Post.
On Election Day.
Meanwhile Goldman Sachs, mightiest of the mighty US ex-investment banks, has conceded that it has lost almost $1billion on the $6 billion hedge fund it started in January.
In the Financial Times.
In London, England.
On Election day.
I think I see a pattern here…
- Chenier
Posted: 4th, November 2008 | In: Money Comments (3) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
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November 15th, 2008 at 2:39 am
Chenier says/:
‘That has turned out to be something of an illusion; it really depends on what
Goldman Sachs is sitting on.’
………………………………………………………………….
I reckon it’s loads and loads of barrels of piss!
Barrels of piss that they had to hide for all this time - Held over ever since Enron.
Barrels of piss that they insured with companies like AIG.
But they are not aluminium barrels of piss - so Mandy Mandelson won’t be able to do a spin on this one.
These are oak barrels. Oak!
So we need a Clintonian supporter to come in and sort this one out - Now why did Annie Oakley.not learn to play the banjo properly?
November 4th, 2008 at 10:31 pm
Hedge funds are supposed to be able to make money whether the markets are going up, or down, or staying right where they are.
That has turned out to be something of an illusion; it really depends on what Goldman Sachs is sitting on.
Private equity pools were also supposed to be able to make massive returns regardless of what other people were doing; that too has turned out to be an illusion.
And to give you some idea of just how bad the outlook is, ten days ago Credit Suisse admitted that its traders had lost half a billion dollars, and five days ago Deutsche Bank admitted that its traders had lost 386 million euros.
JPMorgan Chase & Co, the largest US bank by market value, is sacking some of its own traders; these are the people who, according to their accounts, have made billions for them.
And when that news leaked the shares in JP Morgan Chase & Co went up…
November 4th, 2008 at 10:10 pm
Wonder what the final minus figure will be? and announced next Jan after Bush departs for good?