Newspaper article The Evening Standard (London, England)

US Giant at Last Shows Signs of Life and Wakes to Public Outcry

Newspaper article The Evening Standard (London, England)

US Giant at Last Shows Signs of Life and Wakes to Public Outcry

Article excerpt

IF you were in the fight of your life, it would be helpful to realise it.

Signs, finally, from Goldman Sachs that it appreciates the severity of the situation it is in.

A filing from the bank to the Securities & Exchange Commission acknowledges that the legal actions against it are only going to increase, that shareholders and other regulators are likely to step up their attack. "Goldman anticipates that additional putative shareholder actions... may be filed... and regulatory and other investigations and actions commenced," says the SEC filing.

That's progress. Thus far, Goldman's public stance on the fraud allegations against it in relation to one mortgage fund it set up to the benefit of hedge fund client John Paulson and the detriment of several banks including Royal Bank of Scotland has been that this is a mere blip.

Goldman executives had seemed to assume that, before long, all of this would go away, that they would one day wake up to find that the sky had cleared and that they could resume their position as the go-to guys, as the bank which everyone wanted on their side. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.