From the FT:
One of Goldman Sachs's flagship hedge funds, run by two of the Wall Street bank's most talented traders, has lost close to $1bn since its launch in January in further evidence of the crisis facing the industry.
Goldman Sachs Investment Partners, which was hailed in January as one of the biggest hedge fund launches, raising more than $6bn, has told investors that it had lost $989m by September. It said the fund was down about 13 per cent in the third quarter. Year-to-date performance fell about 15.5 per cent in the year to September.
The mighty are fallen.
But they don't admit it.
And they don't accept responsibility for it.
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Richard,
A somewhat similar article today in the Telegraph:
Regulators who oversaw the banking system before the recent financial crisis will be paid bonuses this year even though their boss admitted the watchdog had failed to foresee the risks ahead.
Yup, government. Will they admit? Will they accept their share of responsibility? Will they dutifully cash the cheque?
The answer to all is pretty clear….
Richard, if I might be so bold. Please forgive the familiarity.
Unless you know, or are familiar with the content, it is possible to include enough rubbish in these “Bonds” to choke an elephant. “Hedge”, funds. The word alone strikes caution into normal people. But if you are in a position to “chance” other peoples money, why worry.
Reading your Web-site I know you understand what has taken place. You understand how the price and the cost was manipulated and how the mortgage industry, plus the corrupted mortgage banking people have worked the system and made a fortune, at the expence of the High Street Banks.
Now, with the election in the USA. over and done with, the “fall out” will devastate much of the world. But are the people ready for this “Change”???
Kind Regards, ATFlynn, “Norfolk’s Mutineer”
Markets are nobody’s friends and can be misread by the migty as well! Poetically I would wish to say:
Mighty and haughty too
Would fall with a big din
For the market they knew
For profits it grants a few
In the end only a few win.
Kaliavijay
My comment is this petition, this great petition.
http://www.gopetition.com/petitions/pour-denis-robert-contre-la-crise.html