WSJ: Goldman Sachs may post $2 billion loss

I spent a day on their floor in NY with the fixed income guys in March; they seemed to be very optimistic about the future, even the guys who had the task of selling CDOs... I hope Goldman come through OK, I've always liked them as a company and the guys in NY looked after me very well. About a billion times better than the guys at Bear did anyway... then again I did go there the day after their losses were revealed to the world...
 
Oh la-la I bet that was some day to go drop by !!!

It was one of the single most awkward days of my life - they placed me in an office by myself, and I watched through the glass as everyone either ran around like headless chickens, or slumped in their seats staring into nothing. The VP who I was visiting had just let go of 2/3 his team that very morning, and would pop in occasionally for 5 minutes to chat with me before some nervous-looking analyst came knocking on the door and off he ran again.... The Goldman guys were like a frat house, albeit an incredibly intelligent, hard-working frat house... everyone I spoke to went to MIT it seemed. It was by far the most stupid I have ever felt :sleep:, but they were all very friendly and took time to explain what they were doing, and why.

You definitely need a scarf to cover your face on Wall Street though - the wind coming off the water is the coldest thing I have ever felt, I got in the building and my lips nearly dropped off...!

SL
 
The Beginning of the end

This could be the beginning of the end. Notice this announcement came out 1 day after they confirmed their paperwork to become a bank. The FDIC is much stricter than the SEC with regulations. I know they needed to become a bank to get the cash, but this could be the beginning of the end for some investment brokerages. Their first loss since coming public - wow.

Michael

 
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