According to today’s NY Times, Goldman Sachs will be taking “no write downs” in the sub-prime mortgage crisis. For nearly the past year, they have been selling off these investments. So while other banks have taken tens of billions of dollars in losses in the last couple of quarters, Goldman Sachs has record profits.
Seems there is a culture at the bank that has given real power to risk analyst, so that they make as much money as the investment managers. That is millions per year per person. Interesting read…
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