Tuesday, June 08, 2010

All that glitters...

Goldman Sachs is being strongly criticised at home and abroad. An article in the China Youth Daily last week asserted, "Many people believe Goldman, which goes around the Chinese market slurping gold and sucking silver, may have, using all kinds of deals, created even bigger losses for Chinese companies and investors than it did with its fraudulent actions in the US." It was referring to oil hedging contracts which GS sold to Chinese state companies which went on to cause huge losses.

Yesterday the US Financial Crisis Inquiry Commission issued a subpoena to compel Goldmans to provide critical documents which could not be found within the 2.5bn (I assume, American billions) pages of evidence submitted by the bank. "We did not ask them to pull up a dump truck to our offices and dump a load of rubbish," said Phil Angelides, Chairman of the Commission.


Blogger Angus said...

What a marvellous phrase 'slurping gold and sucking silver'. Sounds almost biblical.

2.5 bn pages of evidence. Sounds like a typical daily inbox of anyone in a bulge bracket .

9:06 am  
Blogger Eurodog said...

Good luck to them; that's all there is to say.

6:58 am  
Blogger Winchester whisperer said...

Yes, Angus!

Oui, ED - bonne chance to the scoundrels!

7:53 am  

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