Yes,
indeed, investors are going to realize their monies once Goldman gets
to the bottom of this self-generated computer glitch and the mighty
employees will topple like trees in any clear cutting.
By Laura Marcinek - Aug 26, 2013 12:00 AM ET
Goldman Sachs Group Inc. (GS) (click here) placed four senior technology specialists on administrative leave after a programming error caused the investment bank to send faulty stock-options orders last week, the Financial Times reported.
The newspaper cited a person familiar with the events and didn’t disclose the names of the four employees. Michael DuVally, a spokesman for New York-based Goldman Sachs, declined to comment on the FT report yesterday.
An internal system that Goldman Sachs uses to help prepare to meet market demand for equity options inadvertently produced orders with inaccurate price limits and sent them to exchanges, a person familiar with the situation told Bloomberg News after the Aug. 20 mishap.
By Laura Marcinek - Aug 26, 2013 12:00 AM ET
Goldman Sachs Group Inc. (GS) (click here) placed four senior technology specialists on administrative leave after a programming error caused the investment bank to send faulty stock-options orders last week, the Financial Times reported.
The newspaper cited a person familiar with the events and didn’t disclose the names of the four employees. Michael DuVally, a spokesman for New York-based Goldman Sachs, declined to comment on the FT report yesterday.
An internal system that Goldman Sachs uses to help prepare to meet market demand for equity options inadvertently produced orders with inaccurate price limits and sent them to exchanges, a person familiar with the situation told Bloomberg News after the Aug. 20 mishap.
The malfunction caused unintended options orders to flood
U.S. exchanges, roiling markets and shaking confidence in
electronic-trading infrastructure. Two days later, Nasdaq OMX
Group Inc. halted trading for three hours after an unrelated
failure left some investors without stock quotes. Last year,
Knight Capital Group Inc. almost went out of business after the
firm flooded U.S. equity markets with erroneous orders...
It would seem as though many are out of control at Goldman.
Published:
Saturday August 24, 2013 MYT 6:50:00 AM
Updated: Saturday August 24, 2013 MYT 6:52:23 AM
Updated: Saturday August 24, 2013 MYT 6:52:23 AM
NEW YORK: A New York-based Goldman Sachs(click here) managing director was arrested and charged with raping a 20-year-old
woman while on vacation in the up-market Hamptons resort in New York
state.
The East Hampton Town Police arrested Jason Lee, 37, after responding to a disturbance at a house, the local police service said in a statement.
Lee was arrested on a charge of first-degree rape and was released on bail on Wednesday, the statement said....
Ah, to be closer to Mitt after all. Surely the wrath of an ungodly climate will never reach Salt Lake City. Goloches 'R" Not Us.
First Published Aug 22 2013 11:43 pm
Ah, to be closer to Mitt after all. Surely the wrath of an ungodly climate will never reach Salt Lake City. Goloches 'R" Not Us.
By Paul Beebe | The Salt Lake Tribune
Two nights before Halloween last year, (click here) a
massive wall of sandbags surrounding Goldman Sachs’ steel and glass
headquarters in lower Manhattan stood as the global investment bank’s
last defense against a tide of storm water pushed inland by Hurricane
Sandy. Across the Hudson River, 8 feet of water lapped against sandbags
stacked outside Goldman’s tower in Jersey City, N.J.
More than 10,000 Goldman employees were cut off
from their jobs by the massive storm as it swirled across the region,
forcing the New York Stock Exchange to halt all trading operations,
causing the Port Authority of New York and New Jersey to suspend train
service and cutting power to millions of customers....
What kind of advise exactly is Goldman handing out? Success or let's get ready for the Chinese?
Posted: Sunday, August 25, 2013 12:20 am
The Goldman Sachs 10,000 Small Businesses program (click here) has awarded $400,000 to Virginia Community Capital, a community development financial institution that provides advisory services and loans to small businesses in underserved communities.
The grant is in addition to $4 million going directly to VCC’s loan fund so that more small businesses in low- to moderate-income areas may access additional capital....
Posted by
Sherell Williams
(Editor)
Virginia Gov. Bob McDonnell (R) will visit the Annandale campus of on Tuesday as part of his "Virginia: Growing Strong" statewide tour.
McDonnell will sign several pieces of legislation, including bills that would protect victims of sexual and domestic violence and human trafficking, at 2:30 p.m. in the after his morning visit to Fredericksburg Machine and Steel, according to a press release on his website....
The large investment banks that were bailed out in 2008 are proving to be unworthy of any trust of anyone, quite frankly. First there was the London Whale and now those that did trust Goldman did so with regret.
Enough.
IPE July/August 2013
Special ReportInvestment Solutions
Pensioenfonds Vervoer, The Netherlands Assets: €11bn Location:
Groningen, The Netherlands
The Dutch industry-wide pension fund for Dutch transport workers, Vervoer, was a nearly adopter of fiduciary management. But it is fair to say that its experiences have been mixed. It hired Goldman Sachs Asset Management(GSAM) as its first fiduciary manager in 2006, then terminated the contract in a well-publicised dispute over the extent and type of portfolio risks and possible conflicts of interest being undertaken by GSAM on its behalf. (click here)
Why did Vervoer choose the fiduciary route in the first place? “The main reason is that manager selection is not our core business,” says Patrick Groenendijk, the fund’s chief investment officer.“The case for fiduciary management is a strong one but much depends on how exactly it is structured.”Performance attribution indicates that 90% of portfolio return is a result of asset allocation; only10% due to manager selection. “You can easily spend90% of your time on manager selection and only10% on asset allocation, unless you subcontract the selection process,” says Groenendijk. For Vervoer,the decision to use a fiduciary manager was a result of distinguishing between ‘core’ and ‘non-core’activities....
....The role of custodian is vital in this arrangement. “We give control to the chief investment officer and pension board both at an operational as well as a strategic asset allocation level,” comments Wim van Ooijen, country head for Northern Trust in the Netherlands. As custodian, Northern Trust provides custody services directly to each of the segregated mandates run by the 25 managers selected by Robeco. “In addition through Northern Trust Global Advisers, we optimise the clients insight into asset interpretation and risk, not just at a mandate level but also at an aggregated level where strategic decision taking remains in the hands of the pension board rather than the fiduciary manager.”...
What kind of advise exactly is Goldman handing out? Success or let's get ready for the Chinese?
Posted: Sunday, August 25, 2013 12:20 am
The Goldman Sachs 10,000 Small Businesses program (click here) has awarded $400,000 to Virginia Community Capital, a community development financial institution that provides advisory services and loans to small businesses in underserved communities.
The grant is in addition to $4 million going directly to VCC’s loan fund so that more small businesses in low- to moderate-income areas may access additional capital....
On Tuesday, McDonnell (click here) will
sign legislation to protect victims of sexual and domestic violence at
the Annandale campus of Northern Virginia Community College
.
Virginia Gov. Bob McDonnell (R) will visit the Annandale campus of on Tuesday as part of his "Virginia: Growing Strong" statewide tour.
McDonnell will sign several pieces of legislation, including bills that would protect victims of sexual and domestic violence and human trafficking, at 2:30 p.m. in the after his morning visit to Fredericksburg Machine and Steel, according to a press release on his website....
The large investment banks that were bailed out in 2008 are proving to be unworthy of any trust of anyone, quite frankly. First there was the London Whale and now those that did trust Goldman did so with regret.
Enough.
IPE July/August 2013
Special ReportInvestment Solutions
Pensioenfonds Vervoer, The Netherlands Assets: €11bn Location:
Groningen, The Netherlands
The Dutch industry-wide pension fund for Dutch transport workers, Vervoer, was a nearly adopter of fiduciary management. But it is fair to say that its experiences have been mixed. It hired Goldman Sachs Asset Management(GSAM) as its first fiduciary manager in 2006, then terminated the contract in a well-publicised dispute over the extent and type of portfolio risks and possible conflicts of interest being undertaken by GSAM on its behalf. (click here)
Why did Vervoer choose the fiduciary route in the first place? “The main reason is that manager selection is not our core business,” says Patrick Groenendijk, the fund’s chief investment officer.“The case for fiduciary management is a strong one but much depends on how exactly it is structured.”Performance attribution indicates that 90% of portfolio return is a result of asset allocation; only10% due to manager selection. “You can easily spend90% of your time on manager selection and only10% on asset allocation, unless you subcontract the selection process,” says Groenendijk. For Vervoer,the decision to use a fiduciary manager was a result of distinguishing between ‘core’ and ‘non-core’activities....
....The role of custodian is vital in this arrangement. “We give control to the chief investment officer and pension board both at an operational as well as a strategic asset allocation level,” comments Wim van Ooijen, country head for Northern Trust in the Netherlands. As custodian, Northern Trust provides custody services directly to each of the segregated mandates run by the 25 managers selected by Robeco. “In addition through Northern Trust Global Advisers, we optimise the clients insight into asset interpretation and risk, not just at a mandate level but also at an aggregated level where strategic decision taking remains in the hands of the pension board rather than the fiduciary manager.”...
