A Goldman source tell us: “This will shake the market to the core. Here comes the double dip,” Dow is already down over 100 points and Goldman shares are off 12 percent. “They’ve charged a know-nothing VP, but this goes all the way to the top and they know it.”
Now, Goldman Sachs may have to deal with another lawsuit from a bunch of blokes at an Australian hedge fund. Goldman has been tussling behind the scenes with lawyers from the firm, called the Basis Yield Alpha Fund, over a $100 million slice of the Goldman-sponsored Timberwolf CDO that the Aussies bought right before the shit hit the fan.
Goldman Sachs just revealed in an SEC filing that its traders made money on every single trading day last quarter, a record for the firm. Net revenue for trading was $25 million or higher in all of the first quarter’s 63 trading days with 35 of those days bringing in more $100 million, according to the filing.
Forget shorting the housing market and fueling the financial crisis. What the Senate subcommittee needs to focus on this morning is why Goldman was selling self-described "shitty" products to its own clients.
