Goldman Sneezed
More in BUSINESS NEWS
back-up- Top Firm Really On The Ropes Now
- Concerns Grow Over Big Bank Failures (One Or Two 'Whoppers' Likely)
- The Worst Financial Crisis Poll
- The 'Doughnut' Bonus Poll - The Results
- Bob Diamond's Acquisition Plans, Fortis, Hedge Fund Problems
- 40 Firms Now Joined Our DirectConnect Recruitment Community
- 12 Months Of The Credit Crunch - The Stories That Made The News
- Caption Competition
- Featured Recruiter - Finance Professionals City
- I Wanna Job - Can You Help Me ? (Updated)
- My Firm's Hiring Freeze Is Tip Of The Iceberg
- UBS Investment Bank - A True Dilemma
- Click Here To Register For Free News E-Mail Alerts
- Lehman Expected To Post Another Big Loss
- Pressure Grows On Goldman
- That Steve McLaren 'Double Dutch' Interview
- Life's Most Popular - July 2008
- Another Major Firm's Going Belly Up
- Top Firm Imposes Hiring Freeze
- UBS & 'The Smoking Gun'
- Q2 Profits / Losses Per Employee - League Table
- You Know You Work In The Financial Markets When...
- Barclays, Credit Suisse, Deutsche, KKR, Lehman, Merrill, RBS
- Confessions Of A Subprime Lender - An Insider's Tale
- Best Modern US President / British Prime Minister - The Results
- Auction-Rate Securities Debacle - How's Your Firm Faring ? (Updated)
- A Total Eclipse Of The Brand
- Capital Raised Per Firm Employee - League Table
- Goldman's Third-Quarter Could Be 'One Of Its Worst As A Public Company'
- Latest Other Market News In Brief
- Possibly The Most Suspicious Trades Of All Time
- Trader Gets $300m To Stay With Firm
- UBS Announces Q2 Loss, Will Separate Investment Bank
- JPMorgan Loses $1.5bn In Last Few Weeks
- The Best Of Our Readers' Stories
- Trader Fired Over His 'Saucy' Website
- The League Table Of Shame
- Top Firm May Still Sell Investment Banking Unit
- Dresdner Kleinwort - Uncertainty Comes With The Job Description
- Some Of This Year's Most-Read 'Funnies'
- Barclays, Citi, Refco, RBS, Schroders, SocGen, UBS
- $1bn Banker's Career In Tatters Over 'Indecent Proposal'
- Top Firm Client Told That 'Everyone' Is Leaving
- He Just Called To Say I'm Firing You
- The Greatest Trade Ever
- Q2 Profits - The Winners & The Losers (Updated)
- 'It's Important For Allianz To Get Rid Of Dresdner Kleinwort'
- Top Firm May Buy Back Up To $5bn In Auction-Rate Securities
- Goldman's Profit Outlook Slashed
- Discredited E-Mails Will Still Embarrass Top Firm
Related Content
- Good As Goldman ? (17/07/2008)
- Goldman Said To Be 'Obsessed' (29/07/2008)
- Goldman Admits It Got It Wrong (23/06/2008)
- Pressure Grows On Goldman (16/08/2008)
- Report - Goldman To Lay-Off Thousands (15/06/2008)
- Goldman - 'Unfortunately Some People Have Been Asked To Leave' (17/06/2008)
Reuters reports that Goldman analysts came out with a 'barrage of downbeat research notes' Thursday, and 'almost single-handedly pushed US blue chips to a whisker of a bear market'. The Dow Jones industrial average fell 358 points, its steepest decline for almost a month, and closing at its lowest level (11,453.42) since September 2006. June is shaping up to put in its worst performance as a month for US stocks since 1930.
Over in Europe, equity markets fell to their lowest levels in more than two years, and Asian stock also dropped, sending the region's benchmark index to its worst first-half performance since 1992.
In the meantime, The Financial Times reports that Merrill Lynch looks set to appoint a CEO, or President, for its European business, in a move set to emulate Goldman Sachs (no surprise there, Mr Thain).
Bloomberg reports that Mizuho Financial Group CEO Terunobu Maeda told shareholders at the bank's annual meeting this week that management failures were not to blame for the $6bn subprime lending-related writedowns his bank have posted. Maeda said that 'we couldn't foresee a total crash in the market'.
Reuters reports that Morgan Stanley is to turn up the heat on its under-performing asset management unit. The unit has posted two straight quarterly pre-tax losses totalling $338m. The news agency quotes Morgan Stanley co-President James Gorman, who said: 'We're going to turn the Bunsen burner up several degrees'.
The Wall Street Journal quotes SocGen rogue trader Jerome Kerviel telling psychologist Pierre Bouchard: 'During four months, there were tons of alerts that came from my desk, and therefore from me, indicating problems. There were e-mails sent to my bosses from controllers indicating fake transactions. To my mind, the fact that no one came to talk to me about it somewhat justified my position'.
Finally, the newspaper also reports that UBS has been sued by Massachusetts authorities which claim that the bank told investors that auction-rate securities 'were safe, liquid cash alternatives when UBS knew they were not'. Massachusetts regulator William Galvin said in a statement that 'the game was fixed; only customers were in the dark'.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
