Goldman Sachs 2010 - Chancen und Risiken

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07.05.10 16:49 #76 Lloyd's Selbstanalyse

May 7 (Reuters) - Goldman Sachs Group Inc: * CEO lloyd blankfein tells shareholders "we Need A Rigorous self-examination" -- annual meeting * To establish business standards committee that will report suggestions to management on standards, transparency ((New York Equities Desk; tel: +1 646 223 6000)) (For more news about Goldman Sachs Group Inc click here:) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

 
10.05.10 15:38 #77 nach Norden?
Hoffentlich endlich mal wieder aufwärts...

wird endlich Zeit!  
10.05.10 20:19 #78 Goldman Sachs fürchtet Klagewelle
war mal wieder nichts...

aber die Hoffnung stirbt zuletzt!

http://www.ftd.de/unternehmen/finanzdienstleister/...le/50112567.html  
11.05.10 14:54 #79 Goldman Sachs mit 100% Trefferquote im Eige.
http://www.godmode-trader.de/blog/weygand/2010/05/...e-im-eigenhandel
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"Kurzfristig helfen Schulden. Langfristig gehen wir alle tot"
John Maynard Keynes (Brit. Wirtschaftswissenschaftler, 1883-1946)
11.05.10 15:36 #80 *
dpa-AFX: *GOLDMAN SACHS -1,51% AUF 141,80 USD - AUSSAGEN ZUR GESCHÄFTSENTWICKLUNG
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   dpa-AFX Broker - die Trader News im dpa-AFX ProFeed
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"Kurzfristig helfen Schulden. Langfristig gehen wir alle tot"
John Maynard Keynes (Brit. Wirtschaftswissenschaftler, 1883-1946)
12.05.10 06:56 #81 GS-Traders sind nur Durchschnitt:
Der seit Jahren immer wieder bemühte MYTHOS, dass die Goldman-Sachs-Traders besser seien als der Durchschnitt ihrer Peers, hat erneut einen empfindlichen DÄMPFER erhalten:

Bloomberg:
May 11, 2010, 4:06 PM EDT
JPMorgan, BofA Traders Match Goldman on Daily Gains (Update1)
(Updates with Bank of America results in the second paragraph, analyst’s comment in third.)

By Dawn KOPECKI and David MILDENBERG:

"May 11 (Bloomberg) -- JPMorgan Chase & Co.’s and Bank of America Corp.’s traders matched those at Goldman Sachs Group Inc. in making money every day of the first quarter.

Daily trading revenue averaged $118 million on each of the 64 days in the first quarter, JPMorgan said in a regulatory filing yesterday with the U.S. Securities and Exchange Commission. Bank of America, the biggest U.S. bank, said daily trading topped $25 million on 95 percent of trading days, including 26 days of more than $100 million"...

SOURCE / QUELLE:
http://www.businessweek.com/news/2010-05-11/...ly-gains-update1-.html

Worin jedoch die Goldman-Sachse eindeutig BESSER sind als die Anderen, das ist ihre PROPAGANDA; wozu eben auch der Mythos von denen Qualitäten ihrer Traders gehört...
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Goldman Sachs in its IPO Prospectus back in 1999:
"Our CLIENTS' interests always come FIRST".
Vorhang AUF, der Krimi geht weiter...
17.05.10 13:48 #83 Clinton verteidigt Goldman - WELT Online
Clinton verteidigt Goldman
Von Florian Eder 17. Mai 2010, 04:00 Uhr Der ehemalige US-Präsident Bill Clinton hat sich hinter Goldman-Sachs-Chef Lloyd Blankfein gestellt: Er glaube nicht, dass die Bank oder ihr Vorstandschef etwas Illegales getan habe, sagte er in einer Fernsehtalkshow. "Es wird Zeit, sich rhetorisch zu mäßigen und auf die Fakten zu schauen", sagte der Demokrat - was durchaus als Kritik an seinem Nachfolger und Parteifreund Barack Obama zu verstehen war. Der Präsident versucht, die Finanzbranche an die Kandare zu legen. Die US-Börsenaufsicht SEC untersucht derzeit das Geschäftsgebaren mehrerer Großbanken und hat Goldman Sachs wegen Betrugsverdachts verklagt. Das Geldhaus soll Investoren Informationen vorenthalten und sie so übervorteilt haben - was Goldman bestreitet. fe  
17.05.10 13:50 #84 Former SEC chairman on Goldman's standards g.
By: The Associated Press | 14 May 2010 | 06:33 PM ET Text Size NEW YORK - The Goldman Sachs Group Inc. said Friday that its new business standards committee will include former Securities and Exchange Commission Chairman Arthur Levitt.

The committee, announced a week ago at Goldman's annual shareholders meeting, will review the company's business standards and make recommendations to the board and senior management.

"We recognize that there is a disconnect between how we view the firm and how the broader public perceives our roles and activities," CEO Lloyd C. Blankfein said in a statement.

The Securities and Exchange Commission charged Goldman Sachs with fraud over its packaging of mortgage securities. Goldman is facing a separate criminal investigation into the same securities. Goldman has denied the charges.

Goldman also is among eight banks New York Attorney General Andrew Cuomo is investigating to determine whether they misled ratings agencies about mortgage securities.

Leading the standards are E. Gerald Corrigan, chairman of Goldman Sachs Bank USA, and J. Michael Evans, vice chairman of Goldman Sachs and chairman of Goldman Sachs Asia.

In addition to Levitt, Corrigan and Evans, 12 other executives are on the committee. Jeffrey W. Schroeder, Goldman Sachs chief administrative officer, who will be its chief operating officer, and David J. Greenwald, Goldman Sachs International general counsel, will serve as its legal counsel.

The committee will have five working groups, including one to examine client relationships and another to focus on disclosure and transparency. The committee will seek input from outside experts, clients, regulators and others.

A final report that the committee will submit to the board of directors after its mid-December meeting will be made public.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  
17.05.10 15:32 #85 guter Artikel zur Lobbyarbeit von GS
For all of Goldman Sachs’ professed support for an overhaul of financial regulations, the megabank hasn’t exactly withdrawn its army of lobbyists. Far from wearing out its welcome, the firm is busier than ever safeguarding its interests while a Wall Street crackdown takes shape in Washington.

Goldman has an unrivaled and influential network of lobbyists, including about 50 people with close ties to Congress and past White Houses, a Huffington Post Investigative Fund analysis of lobbying and campaign records shows. The lobbyists are challenging reforms aimed at Goldman’s profit centers, including the trading of complex contracts known as derivatives. The Senate this week will continue debating proposed regulations of derivatives, which are blamed for fueling the financial crisis.

Perceptions of Goldman’s role in the crisis, along with a civil fraud case brought against the bank last month by the Securities and Exchange Commission, have already spurred predictions of a less dominant future. But all is not lost for Goldman, which still stands out as perhaps the most influential of the nation’s top six banks — a remarkable feat given a crowded field of well-connected institutions.

Goldman’s professional persuaders hail from 14 different lobbying firms, Senate lobbying records show. No other top bank — not JPMorgan Chase & Co., Bank of America, Morgan Stanley, Wells Fargo or Citigroup — has as many firms lobbying on its behalf. Goldman has hired nearly 40 lobbyists, all former government employees, to target financial reform alone, Senate disclosure records show.

These services have not come cheaply. Since the beginning of 2009, Goldman has spent nearly $6 million on lobbying, according to the nonpartisan Center for Responsive Politics. Only Citigroup and JPMorgan spent more.

So far this year, Goldman has revved up its lobbying even further. In the first three months of 2010, the bank spent $1.53 million lobbying, a 22 percent jump over the same period last year. Goldman also has increased its donations to political campaigns.

“It does show how a corporation will leave no stone unturned — creating a powerful and potentially influential lobbying force,” said Ellen Miller, co-founder and executive director of the Sunlight Foundation, a Washington-based nonprofit organization that advocates for greater disclosure of how Washington works and is influenced.

To be sure, Goldman isn’t the only investment bank with a sophisticated lobbying operation, and pro-financial reform groups have attacked them all. Last week, three liberal advocacy groups said they had tallied the amount of money big banks are spending to influence financial reform: An estimated $600 million on lobbying and political campaign contributions since the government bailed out Bear Stearns in March 2008, and a lobbying force of more than 240 former government officials and Capitol Hill staffers. (Labor groups today will take to the lobbying industry’s venerable K Street corridor in Washington to protest the prominent role lobbyists are playing in the financial reform debate.)

Most of Goldman’s lobbying is done through an internal firm, The Goldman Sachs Group.
Leading the group is Michael Paese, who was deputy staff director of the House Financial Services Committee until September 2008. Rep. Barney Frank (D-Mass.), chairman of the committee, has prohibited Paese from lobbying the committee for two years. He did so to prevent Paese from influencing the House’s Wall Street reform bill, which Frank largely crafted. Paese can still lobby other lawmakers, the White House and government agencies.

Paese and his group have indeed cast a wide net, lobbying the House, the Senate, the SEC and the Commodity Futures Trading Commission, records examined by the Investigative Fund show. Last year, in the wake of the financial crisis, the group zeroed in on Congress’ impending overhaul of Wall Street. They lobbied on financial reform issues each quarter, records show.  

A Goldman spokeswoman declined to comment for this story and several Goldman lobbyists did not return calls seeking comment. Without speaking to the lobbyists, it can be hard to tell exactly what they are arguing for or where they stand, because of the vagueness of lobbying disclosure reports.

Public statements suggest that, on the face of it, Goldman appears to support reform. “I think, on the whole, financial reform is absolutely essential,” Goldman’s Chief Executive Lloyd Blankfein told the Senate Permanent Subcommittee on Investigations last month. “America will be a big beneficiary” from reform, he predicted, though he added, “we will as well.”

But some congressional staffers note that big banks are vigorously opposed to reforming their profit-making ways.  

The legislation is “especially tough on Wall Street,” said Steve Adamske, a spokesman for the financial services committee. “They’ve all come to talk to us, and none of them like the bill.”

Financial reform legislation, in particular some proposed regulations of derivatives, could hit Goldman especially hard.

Derivatives protect companies from the risks of investing in stocks, commodities and mortgage-related securities, among other items. In the lead up to the 2008 financial collapse, Goldman would sometimes sell risky mortgage-related securities to investors, use derivatives to bet that the securities would fail and profit when they did.

At the hearing last month, Blankfein said he supported new derivatives rules, which for the first time would bring much of the $600 trillion private market onto regulated exchanges and clearinghouses.

“While derivatives are an important tool to help companies and financial institutions manage their risk, we need more transparency for the public and regulators as well as safeguards in the system for their use,” Blankfein said.

But Senate disclosure records show that Goldman's lobbyists have paid close attention to proposed derivatives regulations during the past year. After all, the bank could lose 41 percent of its profits if the new derivatives regulations pass, according to a new report by Bernstein Research.

One controversial provision in the bill would prohibit banks from trading derivatives altogether, which could cost Goldman billions of dollars in revenue. The plan would force banks to spin off their derivatives trading into separate entities. This idea came from Sen. Blanche Lincoln (D-Ark.), chairwoman of the Senate Agricultural Committee, which passed a derivatives reform bill last month.

Goldman executives and lobbyists met with Lincoln last month to voice their objection to her proposal, according to news reports. Goldman also planned to host a campaign fundraiser in New York for Lincoln, who is facing a fierce primary challenge Tuesday. After the SEC filed its fraud case against Goldman, Lincoln canceled the fundraiser and said she wouldn’t take any more cash from the bank. Goldman executives and the bank’s political action committee have given about $2.4 million to federal candidates during the last two years, according to the Center for Responsive Politics.

Meanwhile, Goldman’s arsenal of lobbyists — a collection of former White House staffers, government employees and congressional committee aides — has provided the bank with direct access to lawmakers.

Paese answers to Faryar Shirzad, head of global government affairs for the Goldman Sachs Group. Shirzad was a top economic and national security aide to President George W. Bush. The group also employs Ken Connolly, a former staff director for the Senate Environment and Public Works Committee; Joyce Brayboy, a former chief of staff for Rep. Melvin Watt (D-N.C.); and Joe Wall, a former deputy assistant for legislative affairs under former Vice President Dick Cheney.

Goldman also hired 13 outside lobbying firms, according to Senate lobbying disclosure forms. These lobbyists include former House Majority Leader Richard Gephardt; Stephen Elmendorf, Gephardt’s former adviser; Ken Duberstien, former chief of staff to President Ronald Reagan; and Janice O’Connell, former adviser to Sen. Chris Dodd (D-Conn.), chairman of the Senate Banking Committee. Goldman also has tapped Harold Ford Sr., a former Democratic congressman from Tennessee and Daniel Meyer, former chief of staff to then-Speaker of the House Newt Gingrich.

The bank, once nicknamed “Government Sachs,” has a long tradition of swapping employees with the federal government, including Treasury Secretaries Henry Paulson and Robert Rubin. Elena Kagan, the U.S. solicitor general and recent nominee to the Supreme Court, served on a Goldman advisory council from 2005 to 2008.

Goldman has also gained influence by hiring a series of Washington insiders who technically aren’t lobbyists. In April, Goldman hired communications specialist Mark Fabiani, known as the "Master of Disaster” for his handling of public relations crises. The bank also hired veteran New York Times reporter Stephen Labaton, who wrote about regulatory issues. Labaton, who also is a lawyer, serves as a full-time consultant and reports to Blankfein.

Although Goldman’s influence troops have largely focused on banking issues, the bank has also lobbied the House and Senate over transportation infrastructure legislation and renewable energy tax incentives for wind and solar power.

Goldman’s lobbyists last year also aimed to influence the Treasury Department as it decided whether to allow the bank to pay back $10 billion in bailout funds received in 2008. In April of last year, the bank paid back the money in order to shake off compensation and hiring restrictions imposed on banks that took government aid. The bank expressed its “disapproval” of these restrictions, according to last year’s lobbying records.

Goldman’s more immediate concern, meanwhile, is the SEC’s accusations of fraud and potential criminal charges that could ensue from that case.

In response to the commission’s accusations, Goldman is beefing up its legal team. The megabank is projected to hire Paul, Weiss, Rifkind, Wharton & Garrison, a prominent corporate law firm, according to a Financial Times report. An SEC spokesman said he could not comment if Goldman, after hearing about the civil fraud investigation, dispatched lobbyists to dissuade the commission from pursuing the case.

Staff Reporter Ben Protess contributed to this report

Related Topics: Goldman Sachs, financial reform, SEC

REPUBLISH THIS STORY FOR FREE: The Huffington Post Investigative Fund licenses its content through Creative Commons. We encourage you to republish our stories in full with proper attribution.  
17.05.10 19:27 #86 Einziger Karstadt-Bieter droht mit Rückzug
Triton reicht der vorübergehende Lohnverzicht der Mitarbeiter nicht aus. Die Gespräche mit Verdi sind daher ausgesetzt. Der mögliche Rückzug könnte Goldman Sachs auf den Plan rufen.


und hier der ganze Artikel:

http://www.ftd.de/unternehmen/...ter-droht-mit-rueckzug/50115405.html  
19.05.10 09:57 #87 geht's noch tiefer??
jetzt sind wir ja fast schon am 52 Wochen Tief von 133 USD

Könnte ja eigentlich mal wieder aufwärts gehen.

Gemittelte Kursprognose für GS: 200 USD


Analyst Firms Making Recommendations
BOFA MERRILL LYNCH  
HSBC GLOBAL RESEARCH  
JPMORGAN  
UBS (US)  

Einen schönen Tag allen!!

RJ  
19.05.10 10:48 #88 Rothschild-Chef Higgins
Der Vorstandschef der Investmentbank Rothschild, der Brite Nigel Higgins, tritt im Gespräch mit manager magazin dafür ein, Geschäfts- und Investmentbanken per Gesetz voneinander zu trennen.


Recht hat er wohl...
vielleicht aber besser erst, wenn ich ohne Verlust raus bin!

Hier der Artikel:
http://www.manager-magazin.de/unternehmen/artikel/...8,695541,00.html  
20.05.10 11:54 #89 Hedge Fund Eton Park Capital Buys GS
http://www.gurufocus.com/news.php?id=95154

kann mir als Investor nur recht sein.

Allen einen schönen Tag!!

RJ  
20.05.10 12:49 #90 Rückschlag für Obamas Finanzreform
Rückschlag für Obamas Finanzreform

   WASHINGTON (dpa-AFX) - Die von US-Präsident Barack Obama geplante Finanzreform zur stärkeren Kontrolle der Wall Street stößt auf unerwartet heftigen Widerstand. Oppositionellen US-Republikanern gelang es am Mittwoch (Ortszeit), eine rasche Verabschiedung im Senat zu blockieren. Dabei wurden sie von zwei Demokraten unterstützt.

http://www.ariva.de/news/Rueckschlag-fuer-Obamas-Finanzreform-3439487  
21.05.10 15:02 #91 Goldman Sachs And Legality Vs. Morality
Elliot ClarkBio | Email
Elliot Clark is the CEO and Chairman of Corporate Responsibility Magazine.

There is a lot of debate about whether Goldman Sachs is guilty of fraud and securities violations. Every legal expert I have read has said the SEC has a hard case to make, which may be why only three of the five SEC Commissioners voted for proceeding with the prosecution. The issues of the case are not clear. It revolves around whether Goldman Sachs properly disclosed information to both sides of trades on complex instruments (Collaterized Debt Obligations, or CDOs) that bundled mortgages.

Stepping back for a moment, I know that when I sell a stock, I am happy someone on the other end of the trade buys it. If no one buys my shares, I have a problem. I know Goldman Sachs is not supposed to reveal the identity of trading partners. I know Goldman Sachs was the only company that made money when the housing bubble burst, so they read the market properly. I know making money in a downturn made their clients happy. From that perspective, it seems clear. Goldman Sachs did nothing wrong.

Everything above makes sense until you read the self-congratulatory e-mails among the traders. The e-mails from Fabrice Tourre and others will leave you, at best, feeling uncomfortable.  At this point, “wrong” takes a left turn from black-letter law into the very subjective territory of morality. Was it immoral to profit from the misfortune of thousands of homeowners or was it smart business?

From a leadership perspective, morality and corporate ethics at Goldman Sachs (or any company) is a tricky business. SEC prosecutions or congressional hearings are not a solution. Even new legislation fails, because law is a weak bulwark against immorality. Bad people find a way to break laws. All the current controls did not stop Bernie Madoff or Richard Stanford.

Morality is a cultural issue. Who will own it in the corporate setting? Will it fall to the Human Resources function or Corporate Responsibility function? We all know the so-called “tone at the top” from the C-suite counts, but which group will manage the message throughout the company?

People in long black robes will decide if what Goldman Sachs did was illegal. You need to decide if you personally feel it was immoral. Did Goldman Sachs aspire to the culture we see in these e-mails, or was this the work of a single bad actor? In Goldman and other companies, who will own the responsibility for the moral and ethical spirit of the organization is an important issue in business leadership.

Tags: collateralized debt obligations, goldman sachs, SEC  
21.05.10 16:04 #92 *
dpa-AFX: *GOLDMAN SACHS +2,58% AUF 139,59 USD - HÄNDLER: GERÜCHT UM EINIGUNG MIT SEC
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"Kurzfristig helfen Schulden. Langfristig gehen wir alle tot"
John Maynard Keynes (Brit. Wirtschaftswissenschaftler, 1883-1946)

Bewertung:
1

21.05.10 18:30 #93 Goldman soll angeblich 1 Mrd $ bezahlen
Lt. Bloomberg soll Goldman eine Strafe von 1 Mrd in Form einer gütlichen Einigung bezahlen. Das Gerichtsverfahren kratzt am guten Ruf und man kann sich auch nicht sicher sein, ob eine Strafe höher ausfallen würde. Die Aussicht auf eine Einigung wurde von der Börse bereits positiv aufgenommen.  
21.05.10 19:24 #94 @Pichel und @Dahinterschauer
Recht habt ihr, aber bis jetzt handelt es sich halt nur um ein Gerücht.
Wer weiß was nächste Woche ist...

Goldman Sachs shares rise on settlement rumor

(Reuters) - Goldman Sachs Group Inc shares rose as much as 4.5 percent on Friday morning on rumors of a possible settlement with U.S. regulators and a feeling that the stock could be oversold.

Hot Stocks

The shares were up 4.4 percent at $142.09 in late morning on the New York Stock Exchange, off an earlier high at $142.25. Goldman's share rise came as bank stocks reversed losses and rose shortly after the open.

Goldman's perennial rival Morgan Stanley was also up, gaining 5 percent.

The shares were further helped by a broader rally that sent the KBW Banks index up 3.67 percent.

Analysts said the jump in Goldman shares -- following Thursday's slump in U.S. stocks -- was based on rumors that the bank might be close to a settlement with the U.S. Securities and Exchange Commission and because the stock is oversold.

"We are seeing some signs that we may be close to a settlement. I think that the key here is conciliatory comments that we've been hearing from the CEO of Goldman, Lloyd Blankfein, where he's taken a far more apologetic tone to what has happened," said David Dietze, President and Chief Investment Strategist at Point View Financial Services in Summit, New Jersey.

Blankfein told India's Economic Times on Friday that he regrets participating in transactions that "brought too much leverage into the world."

"He's basically admitting that they didn't do some things as well as they could have and that is suggesting that there is some posturing to be able to come to an accord with the SEC," Dietze said.

Goldman Sachs and the SEC declined to comment.

Salem, Massachusetts-based Cabot Money Management fixed income manager William Larkin, who owns Goldman bonds, said Goldman stock has been oversold.

"Goldman has been oversold, and the bonds have been widening pretty substantially the last couple days," he said.

(Reporting by Clare Baldwin, Jonathan Spicer, Rachelle Younglai, Joe Rauch and Edward Krudy, editing by Matthew Lewis)

Schöne Pfingsten allen die es Gut mit GS meinen und den anderen auch ;-)

RJ  
21.05.10 19:40 #95 SEC/Goldman Sachs (GS) Settlement Rumor Di.
so schnell kann es gehen...

hoffe trotzdem auf eine weitere Kurserholung!

May 21, 2010 1:15 PM EDT

In response to earlier rumors, sources told Reuters that the SEC and Goldman Sachs (NYSE: GS) have not reached a deal on a settlement over civil fraud charges related to the Abacus CDO.

Shares of Goldman Sachs are up 4.4% currently, only backing off slightly since the Reuters report.

Quelle: StreetInsider.com

Goldman Sachs has seen its stock drop 24% since the SEC fraud charges were announced on April 16th. The SEC said Goldman defrauded clients by not disclosing to them that John Paulson's hedge fund was short and helped create the CDOs that Goldman sold.

In addition to the settlement rumors, some investors that were selling into the passage of the financial reform bill are now buying after it was passed in the Senate. This is the "sell the rumor, buy the news" trade.  
21.05.10 20:53 #96 Mit 1 Mrd käme Goldman billig weg
Ein Schuldspruch würde nicht nur eine Strafzahlung nach sich ziehen, sondern einen Rattenschwanz von Klagen betroffener Käufer der Schrottpapiere wie z. B. die IKB, die dann gute Karten hätten und auf den Ausgang eines Verfahrens lauern. Ich glaube, daß auch die SEC ein Einsehen mit Goldman haben dürfte und diese vor den dann drohenden Milliarden-Schadensersatzansprüchen bewahren möchte.  
21.05.10 21:07 #97 @Dahinterschauer
Dein Wort in Gottes Gehörgang!

Gruß

RJ  
26.05.10 17:39 #98 Interessanter Artikel zu Goldman Sachs
INSIGHT-Spotlight on Goldman making wealth unit uneasyBy: AFX | 26 May 2010 | 10:37 AM ET Text Size * No signs of attrition, but brokers making inquiries * Goldman executives scramble to reassure clients * Adding new clients tougher amid fraud accusations By Joseph Giannone and Joe Rauch NEW YORK. May 26 (Reuters) - The public spotlight on Goldman Sachs is making things uncomfortable for the secretive bank's wealth managers and may crack open the door for rivals looking to lure business away. The bank with the Midas touch has seen its reputation tarnished after regulators accused it of fraud in connection with the design and marketing of a subprime mortgage security in which investors lost about $1 billion. Lawmakers questioned its business practices and portrayed Goldman as a firm that favors its own interests over those of its clients. So far, Goldman's Private Wealth Management advisers have largely stayed put. Still, the episode has given wealthy clients pause and made some of the firm's roughly 350 U.S. advisers more open to considering a move, recruiters and industry rivals said. "We are talking to a lot of their advisers. They are all saying that their relationships are strong but that every client is asking about the accusations of conflicts (of interest) . It's a little draining," said Mindy Diamond, whose recruiting firm, Diamond Consultants, has worked with Goldman advisers. Goldman formed its private wealth business to help retain some of the windfalls reaped by investment bank clients. The unit's 25,000 accounts also generate business for Goldman's trading desks and invest in its buyout, real estate and hedge funds. Yet these clients -- individuals with at least $10 million of assets as well as some family offices and foundations -- are sensitive to conflicts of interest. Goldman has scrambled to reassure customers that it is committed to their interests. Chief Executive Lloyd Blankfein recently spoke to private wealth clients in a rare conference call, promising the firm would "analyze what we did and how we got ourselves into this place." Goldman spokeswoman Melissa Daly declined to comment. LONG SHADOW Goldman has denied the fraud charges. Still, competitors are using the Securities and Exchange Commission allegations and the broader scrutiny of the bank's ethics to lure away some of Goldman's deep-pocketed clients. "This case definitely casts a long shadow with clients," said a senior executive at a national high-net-worth adviser. "It makes clients wonder about the differences in objectivity." Some Goldman clients are making inquiries about moving parts of their holdings out of Goldman, said an executive who runs a high-net-worth firm in the U.S. Southeast. "The door's more open now because (Goldman's) image is somewhat tarnished. It's creating a tough market obstacle for them to overcome," the executive said. Attracting new clients and assets has become difficult in this environment, according to Goldman rivals and recruiters. The bank pushes advisers to constantly bring in clients, and conducts weekly meetings where advisers must report their efforts to bring in new assets, a former Goldman broker said. Boutique advisory firms contend Goldman's business model stresses the sale of investment products, many of which are manufactured by Goldman. That is hardly unique among Wall Street brokers, but clients sometimes can suffer. "They made money. I didn't," said one financial industry executive who was a former Goldman client. That said, it is not easy to lure Goldman brokers away. Historically, the bank has kept a strong hold on its brokers, recruiters said, since many clients were loyal to the firm rather than the individual adviser. Clients also find it difficult to move accounts that hold Goldman investments that cannot be quickly sold or moved. CHAGRINED Tight-lipped Goldman is especially secretive about its wealth management unit. The bank does not disclose the unit's performance and makes no mention of it in quarterly filings. In its latest 10-K filing, Goldman said it managed $231 billion for individuals at the end of 2009, up more than 7 percent from a year earlier. The Standard & Poor's 500 index rose 23 percent last year, and hedge funds rose 20 percent. Goldman's asset management division, which includes private wealth management, had $39 billion of first-quarter outflows as it grappled with a spate of money-losing funds. For now, there has been little movement among advisers. "Goldman people are a little chagrined by all the visibility, to put it mildly, but so far advisers are staying put," said recruiter Courtney Raymond of Houston-based Courtney Raymond Consultants. There have been a few departures this year. Credit Suisse Group's U.S.

private bank in February poached seven Goldman advisers in Atlanta. Citigroup's Citi Private Bank a few weeks ago hired Goldman's Rudolf Hitsch in China. The former Goldman broker estimates more than 10 teams have left the bank over the past two years. Still, many recruiters said Goldman's public relations disaster will have to persist for quite a bit longer, and hit brokers in their wallets, before the industry sees major defections. "I don't see advisers going out the door at this point. It's wait and see," said Michael King of Michael King Associates. "I do think that this puts a chink in their armor." (Reporting by Joseph A. Giannone and Joe Rauch; editing by John Wallace) Keywords: GOLDMAN/WEALTH (joseph.giannone@thomsonreuters.com; +1 646 242 6184; Reuters Messaging: joseph.giannone.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.  
27.05.10 13:28 #99 Gute Nachrichten für GS
White House Cool to Swap-Trade Spinoff Plan

Hier der link zum Artikel:

http://www.cnbc.com/id/37365203//

RJ  
27.05.10 16:37 #100 Goldman Could Pay $621M To Settle SEC Ch.
sehr interessant, wenn es denn so stimmt sicherlich traumhaft für GS!

Hier der Artikel:

By Joe Bel Bruno    Of DOW JONES NEWSWIRES  NEW YORK (Dow Jones)--Goldman Sachs Group Inc. (GS) could wind up paying about $621 million to reach a settlement that would end the fraud lawsuit against the investment bank and trader Fabrice Tourre, an analyst said on Thursday.

Brad Hintz, the former Lehman Brothers chief financial officer who is now a banking analyst for Bernstein Research, believes the Securities and Exchange Commission would agree to a $250 million fine based on previous settlements between the government and Wall Street. Further, he said Goldman will likely be made to redeem $371 million from investors who had money in the securities that are at the root of the investigation.

The amount could trim earnings by $1.05 per share, an amount that Hintz said would be "painful to Goldman" but "allow both Goldman Sachs and the SEC to walk away declaring victory." Analysts project that the investment bank will report a profit of $19.53 per share during 2010, according to Thomson Reuters.

"Certainly Goldman wants this case settled," Hintz said in the report. "Its management has stated that it wants a 'normal' relationship with its regulators."

He noted in the report that Goldman's shares have been volatile on concerns about what the SEC investigation would do to the investment bank's business. He said Goldman "is in the center of a political cyclone" that could cause client defections and the departure of top talent.

Goldman shares have bounced back in recent days, but are still down about 23% from when the SEC unveiled the charges in April. The stock was up $2.51 to $142.44 in early trading on the New York Stock Exchange.

The agency accused Goldman in a suit filed April 16 in U.S. District Court in New York of selling a collateralized debt obligation called Abacus 2007-AC1 without disclosing that hedge-fund firm Paulson & Co. helped to pick some of the underlying mortgage securities and was betting on the financial instrument's decline.

People familiar with the matter said last week that no agreement has been reached or is imminent. Goldman Sachs declined to comment.

Preliminary settlement discussions held May 4 didn't include any specific terms, such as the amount of a fine or agreements Goldman could make with the SEC, according to a previous report by The Wall Street Journal. It has also been reported that the Justice Department is exploring the possibility of bringing a criminal action against Goldman, though Hintz believes it would be unlikely the government would be able to prove such a case beyond a reasonable doubt.

-By Joe Bel Bruno, Dow Jones Newswires; 212-416-2469; joe.belbruno@dowjones.com  
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