"A group of traders who were focused on making bets on collateralized loan obligations with the New York-based firm’s own money are now handling trades for clients, the person said, speaking anonymously because the plans aren’t public...Goldman merged the proprietary trading desk with the team that handles transactions for clients as it wound down the positions in the proprietary trading book, the person said. Both groups were run by Gerald Ouderkirk, who was promoted to managing director in October 2006." [Bloomberg]
Crisis Commission Tells Goldman Sachs to Stop Delaying
The Financial Crisis Inquiry Commission slapped Goldman Sachs with a subpoena for documents and emails the bank has failed to turn over "in a timely manner," according to a press release from the Commission.