Oppenheimer Analyst Fadel Gheit Thinks Goldman Sachs, Morgan Stanley Are Market Manipulators, Need The Government To Open A Can On Their Asses

Author:
Bess Levin
Updated:
Jan 14, 2019
Original:
May 25, 2011

"Unfortunately, without repeating the names of the brokers, everybody knows who the usual suspects are. These are the people in 2008 that were making a bet on $200 oil. This is another form of market manipulation in my view. It is in another form of basically pushing the envelope. What you are saying or doing is not illegal, but they are allowed to do it. The government has a responsibility to slap them hard."

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Supposedly summer cuts are under consideration at all firms. Morgan Stanley is planning to eliminate about 100 trading jobs internationally in the next several weeks — with an unknown number of the cuts coming from New York. At Goldman, executives are likely to let the hatchet fall if the slowdown in trading doesn’t reverse itself, bank officials have said...Goldman is already cutting selectively among its middle-management ranks but could cut even deeper, sources explained. Goldman CFO David Viniar has told people that the firm may have to undergo a “right-sizing” again if the markets’ rocky road doesn’t improve, according to sources. And it’s not just Goldman and Morgan. Industry sources said that a number of other firms, including Citigroup and Barclays Capital, may also look to trim staff. [NYP]

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But there's only one to go around, so...