Goldman Fraud!!
After the global financial crisis now it is the turn of Goldman Sachs. Goldman Sachs is the major financial services company in the world. But the common people in US do not like the company (I came to know about this from Michael Moore’s documentary ‘Capitalism: A love story’). During the days of recession the senators in the US congress also blamed Goldman Sachs. A minority called US congress as the director board of Goldman Sachs. It is evident that big companies play a very big role in the US in it’s day to day politics. Some former treasury secretaries were ex-employees of this global major. Recent fraud charges in a way will make someone happy for sure.
US securities and Exchange commission (SEC) sued Goldman Sachs for giving improper facts. The 141 year old financial services major denied it. In it’s official statement in the website the company says they had lost $90 million in that particular deal. They reiterated that their products are not designed to make losses for the investors. But the heat is on and the global indices are tanked heavily.
Two things are clear now. One, something is fishing some where. Two, the very incident questions the credibility of the financial institutions across the globe. Stocks and commodities prices plunged after the news. Normal investors are panic now. In India also sell off happened. Goldman Sachs is facing probes in U.K and Germany. German chancellor herself made statement against the company.
Goldman has investments in almost all the major economies. It is obvious that the impact of the news will be much bigger than it is expected to have. In India alone it has investment worth Rs.2000Cr, and has stakes in 27 Indian companies. After the global financial crisis Goldman Sachs crisis will be the major one. This crisis points out the need for proper reforms in the financial services sector. Something should be done to control the panic investors, if not, another major crisis is awaiting!!!
Some facts about Goldman Sachs (Source Wikipedia)
Type Public (NYSE: GS)
Industry Financial Services
Founded 1869
Founder(s) Marcus Goldman
Headquarters New York City
Area served Worldwide
Key people Lloyd C. Blankfein (Chairman) & (CEO)
Products : Investment banking, Prime brokerage, Investment management
Commercial banking, Commodities
Revenue US$ 45.173 billion (2009)
Operating income US$ 2.34 billion (2008)[dated info]
Net income US$ 13.39 billion (2009)
Total assets US$ 849 billion (2009)
Total equity US$ 64.369 billion (2008)
Employees 32,500 (December 2009)
Website GS.com
I am a writer. I write poetry and articles related to business and cinema. I have been writing articles for Newspapers and websites. Articles are available in the site www.pramodthomas.com
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