Other banks would take Friday and enjoy the weekend but not Goldman Sachs, according to CNBC's Kate Kelly. They get shit done before close of business and none of this Summer Friday crap. Of course, there are still a lot of unknowns, a lotta ins, lotta outs, lotta what-have-yous, including but not limited to, will GS seed this entity? Will it act as prime broker and if so, will it be treated like every other client or will it get extra-special treatment, like being told beforehand trades will be front-run ("we're just going to help ourselves to this, thanks sugar")? These are the things we need answers to.

Kelly:

SOUNDS LIKE GOLDMAN SACHS PRINCIPAL STRATEGIES WHICH IS THE EQUITY VERSION OF THEIR PROP TRADING GROUP WHICH IS A GLOBAL OPERATION IN NEW YORK AND LONDON AND HONG KONG AND ELSEWHERE IS GOING SPIN OUT AS EARLY AS TOMORROW. WE SHOULD BE LOOKING FOR A PUBLIC ANNOUNCEMENT AND THEY WILL BECOME ESSENTIALLY AN INDEPENDENT HEDGE FUND. NOW WHATS STILL A LITTLE UNCLEAR IS WHAT WILL GOLDMAN'S RELATIONSHIP BE WITH THE NEW GSPS? WILL THEY PROVIDE SEED CAPITAL? OR WILL IT BE THIRD PARTY INVESTORS? SOME COMBINATION OF BOTH? THERE IS A LOT OF MARKET CHATTER ABOUT THAT.WILL THEY HAVE A PRIME BROKERAGE RELATIONSHIP? IS IT EVEN POSSIBLE THAT GSPS WILL BE IN THE GSAM ENTITY SO TECHNICALLY OWNED, THE MANAGEMENT OWNED BY GOLDMAN BUT MORE OR LESS AN INDEPENDENT ENTITY. THE OTHER ISSUE IS THEIR SPECIAL SITUATIONS GROUP WHICH IS THEIR FIXED INCOMES PROP TRADING GROUP. WHAT'S GOING TO HAPPEN THERE. THERE ARE A COUPLE OF BUSINESSES WITHIN THAT THAT GOLDMAN IM TOLD IS QUITE COMFORTABLE WITH. THEY HAVE A DISTRESSED FINANCING UNIT AS WELL AS MIDDLE-MARKET LENDING GROUP THAT SHOULD BE TOTALLY FINE UNDER THE VOLCKER RULE. HOWEVER THEY DO HAVE PROP TRADERS AND THOSE PEOPLE'S FUTURES A LITTLE UNCERTAIN AND THEYRE STILL FIGURING THAT OUT.