Goldman Sachs saw summer trading breakdown
The champion trader of Wall Street experienced a slowdown that was sharper than expected and more severe than at other big banks.
Wall Street had been well prepared for a drop off, especially after other big banks like Citigroup reported in recent days weakness in third-quarter fixed income trading revenue, but Goldman’s trading slowdown was sharper than expected and more severe than at other big banks.
In other words, Goldman was thrown off its trading game as the Federal Reserve threw its summer head-fake about diminishing its massive bond buying program.
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Bill Stiritz owns more than 5% of the company, and has experienced an estimated $145 million in paper losses on his investment.
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