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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8935
Posted: Feb 22, 2010 5:00
Comments: 8935
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
by not disclosing... we have a scapegoat-culprit and we'll hang him higher.
Blankfein's voicemail to employees...
This is Lloyd on Sunday in New York. Following my message to you on Friday, I wanted to update all of you and let you know that we have been taking all appropriate steps to defend the firm and its reputation. As we prepare for the opening of markets around the world, I want to remind all of you of the fundamental values that have served Goldman Sachs throughout our history: teamwork, excellence, and service to our clients. The extensive media coverage on the SECs complaint is certainly uncomfortable, but given the anger directed at financial services, not completely surprising. Still, it is important to put the SECs action in context. The core of the SECs case is the allegation that one employee misled two professional investors by failing to disclose the role of another market participant in a transaction. Importantly, we had assumed risk in the deal and we lost money, just like the other two long investors. I will repeat what you have heard me say many times in the past: Goldman Sachs has never cond
oned and would never condone inappropriate activity by any of our people.
On the contrary, we would be the first to condemn it and take immediate and appropriate action. Our responsibility as a financial intermediary requires it and our commitment to integrity and the firms business principles demand it. We will continue to keep you posted with information about this matter. Tonight we will be sending you a summary that you may share with your clients. In the meantime, be assured that our global team, including the Board of Directors and the Management Committee, is working diligently to address the complaint with the facts. To that end, in the next few weeks, Goldman Sachs will have the opportunity to appear before Congress and discuss our role and participation in the mortgage market more broadly. We look forward to discussing our strong record of prudent risk management. As you return to work on Monday morning, I ask that you maintain the level of focus on our clients that is at the heart of Goldman Sachs success over the past 140 years. We have faced challenges before an d our people have always responded through their skills, talent and focus on our clients. We will do that now, and in the process, re-affirm everything that defines Goldman Sachs. Thank you. (Politico)
Asad
It has been trading sub-83 for majority of the day!
The funniest nit was when last night, I was STUCK in the May rollover :S and I couldn't buy or sell...I was short...I was making good money (like a sitting duck)...and at the same time the gap b/w May & Jun was widening (contango)...and I was like ooops...OMG...now how do I get out of THIS?!
It worked out well at the end... *heheh*
Asad
Your reply made me smile. Forget options, did you find the relationship between GUNjack and SMOKY eye amusing? :p
Asad
Look I posted here a few days back that if we break and CLOSE below 83.17, then I am going short too. IMO were back to the 78-83 range again
For your smoky eyes only...
"Open interest in June $50 and $60 puts to sell at those levels exceeded 129,000 contracts on April 15, dwarfing the 49,000 bets on $100 a barrel. Puts account for about 55 percent of all June options contracts compared with 51 percent a year earlier." (Bloomberg)
We're talking about options btw...
Asad
WHAT a time for you to return! Take this as a vacation after the vacation (anyway, you expenses for the trip have MORE than just being covered. :p
Oil IS firmly on its way down (look up)... ;)
Asad