Posted on 11/04/2008 9:23:54 AM PST by BGHater
A Goldman Sachs hedge fund that launched in January with over $6 billion (3.8 billion pounds) under management lost close to $1 billion by September, according to the Financial Times.
The fund, known as Goldman Sachs Investment Partners, has told investors it lost $989 million by September, the newspaper said on Monday.
Most of the fund's losses stemmed from investments in commodities, basic materials, metals, mining, energy and agriculture, the FT said. Losses from investments in convertible bonds -- debt instruments that can convert into equity -- also contributed to poor returns, the newspaper said.
Goldman Sachs spokesmen could not be reached for comment.
(Excerpt) Read more at reuters.com ...
Goldman's Oil expert put oil at above $200 and then Hank Paulsen comes up with a bailout. Hmm Goldman = Hank.
Quarter after quarter Goldman funds dribbled in returns as their proprietary desk raked up big money [$4 B per quarter in prop trading in US Fixed Income], fixed income funds [client money] ... FLAT!.
Looks like the honchos at Goldman Sachs needs to read about tulip bulbs or how the Hunt brothers lost a fortune....
These fool couldn’t see their own problems, giving bonuses out and then having to sell off to Buffet. Wonder what the other shareholders are thinking.
Dec. 13, 2006
It was reported today that Wall Street’s famed investment bank Goldman Sachs will be shelling out over $16 billion in bonuses this holiday season — an average of over $600,000 per employee.
Sept 24, 2008
The Oracle of Omaha is tipping $US5 billion into troubled Wall St investment bank Goldman Sachs.
Berkshire Hathaway will also have warrants to buy another $US 5 billion in common stock with a strike price of $US115 a share, which are exercisable at any time for a five-year term.
No one cares.
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