REPORT: How A Secret Goldman Team Violates The Volcker Rule
From The Daily Bail
January 16, 2013 - 2:49pm
Smells like JPMorgan's London Whale.
Neil Barofsky on Goldman's secret trading team.
Jan. 8 (Bloomberg) -- Neil Barofsky, former special inspector for the U.S. Treasury's Troubled Asset Relief Program, talks about a secretive Goldman Sachs unit called Multi-Strategy Investing that wagers about $1 billion of the firm’s own funds on the stocks and bonds of companies.
Here's the story. It's worth reading in full.
How Goldman Sachs Skirts The Volcker Rule
Sitting onstage in Washington’s Ronald Reagan Building in July, Lloyd C. Blankfein said Goldman Sachs Group Inc. (GS) had stopped using its own money to make bets on the bank’s behalf.
“We shut off that activity,” the chief executive officer told more than 400 people at a lunch organized by the Economic Club of Washington, D.C., slicing the air with his hand. The bank no longer ha...Continue reading this article »