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Is GS Down Due To Rumors Of Big Oil Derivative Loss?
If so, that would explain the significant more lower in the stock intraday (see previous post) as well as the drift wider in CDS, which opened 100/105, rose to 103/108 and jumped to 107/112 on the rumor. (Ignore the stock's move higher over the past few minutes. That's just computers responding to the stock bouncing off of the closing VWAP).
In other news, asset class divergence is palpable, as credit is weaker on the day! IG is wider by 1.5 pts intraday.
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How much was lost?
Yea how much WE out this time?
Goldman Crocs were out today-as usual--gonna make a bill on CIT shit sandwich.
http://blogs.reuters.com/rolfe-winkler/2009/10/06/why-privilege-derivatives/
Great find.
If Goldman and Co. continues this kind of 'financial innovation' no-one will lend anyone anything at anytime anymore.
But the Raven still beguiling all my fancy into smiling,
Straight I wheeled a cushioned seat in front of bird, and bust and door;
Then upon the velvet sinking, I betook myself to linking
Fancy unto fancy, thinking what this ominous bird of yore
What this grim, ungainly, ghastly, gaunt and ominous bird of yore
Meant in croaking "Nevermore."
Well, well well.....
GS fell down a well, now that would be such a shame...
they couldn't call the oil price right that's for sure at the top saying it was going much higher and at the bottom saying it was going much lower
Not to worry. Timmy G. will repurchase the derivative at par via AIG.
They own enough of the physical and storage to make or take delivery. Oil is their friend and never a foe.
Just a little insider sell-off before the October 12th drop in equities.
So thats when Jupiter aligns with Saturn... or is it Venus with Neptune? Look forward to the Nov. 18 1110 drop off on S&P.
What happens on Oct 12?
Its the dreaded/feared Columbus Day!! Run for your life!
did someone say bank holiday? oh that was only
columbus day holiday....
i would plan for the worst and hope for the best...
The window for GS insiders to transact in GS securities closed 6 weeks ago. get your facts straight before posting
These rumors almost never pan out.
What kind of loss on what Oil Derivatives, and what price action caused it? I'm admittedly not good at decoding these somewhat cryptic rumours abouyt rumours...
Sure, I suppose they could be blowing up, or GS could just be pausing from its ridiculous 14 pt run up from the lows of 10/2 before it runs to a new high of say .... 192?
Down from 188 to 186? Surely you jest?
Down on technical stops being triggered more than likely.
Or maybe because GS and JPM are huge net shorts of gold and silver. I can't verify that but they have been in the past.
I suspected the same this morning, a continued run in Gold will hurt these boys I suspect.
then keep running...and pick up thet pace...
Blankfein reads the ZH post, smiles a wry smile, and speed dials one of 'Da Boys' at JPM.
Added:
The message was short and sweet. "Show those #@!^%$s over at ZH who's boss!"
I am a trader at GS.
this story is BS.
Do you blow Lord Blankcheck?
You are? Me too!
But in my case I know for certain that I would have no way of knowing who sold what throughout the entire company. So I would never be stupid enough to categorically deny it unless I was trying to cover up a story of insider selling.
If you are GS, I believe you. I am junk; you are Icrap.
So what if they lost money, the taxpayers are on the hook for it. Anyhow, it looks like its a rumor to sucker more bears. Looks like there wont be many bears left with the grizzly hunted down and the polars getting wiped out by global warming.
Is there any source to this rumour or is it just speculation?
moved 2 all of ticks wider whats the big deal ?
So the market is magically back up 135.
The oil loss is a plausible scenario since I asume they have been prepetually long oil. And since we have a fleet of ships full with oil and inventories here are constantly higher,distillate higher,who is buying all that oil in futures?however,that long position I asume is also per the fed mandate(not to exceed $75),so the fed would most probably subsidies their losses.
Sounds like somebody wanted an exit to me and they just got it.
No. GS is up. Junk.
Do ya think maybe the GS prop desk started the rumor after they got short some GS? Would this surprise any of you?
Its down because of this:
http://latimesblogs.latimes.com/lanow/2009/10/mel-gibsons-drunk-driving-...
Nothing Matters!! I have lost more money wasting my time reading the reasoning of all your posts of how this market is a lie and a sham. Every F'ing trade is going againts me me. Nothing MATTERS! So what if GS is a bunch a crimianls.
They have our money and the more you fight it the more you lose. God KILL ME!
Wait, you trade off of what is written on a blog?
You're going to be really pissed when you discover this blog is owned and primarily run by the GS boys who took your trading money.
Move along, nothing to see here.
Just like the job numbers.
Anon wrote:
I am a trader at GS.
this story is BS.
I didn't know computers knew how to type!
New normal has been resumed. Dollar down, everything else up.
I love GS and Chumbawamba
Na, just some programmer fat fingered the HFT code update, before last night's build. I'm sure the alarm bells in Tim's office triggered a call from the fed. Back on track, one programmer looking for work. Same ole, same ole.
Canwest Global Communications - one of the largest media companies in Canada - is filing for creditor protection. They own a national TV station, one national newspaper & ALL the major urban dailies, among other things.
http://ca.news.finance.yahoo.com/s/06102009/2/biz-finance-media-conglome...
They financed a big buyout of another media company a couple of years ago (Alliance Atlantis) and Goldman was their 'financial partner' in the arrangement. Someone must have foolishly thought that it was possible for GS to ever get hurt by any deal they were involved with.
There's a rumor floating that Obama is resigning the presidency for a VP slot at Goldman. Don't know if it's true or not. Something about more money, better perks and more power.
I am a trader of BS.
This is the story of GS.
I work at CNBC and this story is true just ask Charlie G. Ooops the FTC is at the door gotta go.
Would this be a problem? I thought any Government Sachs losses are paid by the taxpayers. Stock should revover just fine on its way to $5 bajillion.
Noticing a good number of banks down today...MI was on my radar screen, so I am sure there are others/worse. But I thought this article on them from DJ was interesting.
Actually this is really bad. If you cannot trust a bank, then whom can you trust? Never mind, crook borrowing from crook.
Earnings next week. Pick a number, any number. They can pick any number they want. The thing is what do they want? Do they want to look like even fatter pigs? I just don't know.
Old head case me thought the powers that be would rather see stocks take a little break awhile back. While the MSM is telling the peasants that they are pissed off about health care those peasants are far most pissed off about the stock market going up everyday as their futures slip away. Just goes to show, you can't make a pig stop eating.
No, i think GS will blow out again, they hit a 2 number and the DOW 10K.
"There simply are an inadequate number of consistent trends to reinforce the sentiments that the economy is stabilizing and better times are within sight."
Nothing green in that comment
September 25, 2009
Goldman Sachs Upgrades Refiners: SUN, HOC And FTO
The investment powerhouse upgraded the sector citing that the refining cycle is moving through its trough:
The Goldman note also included an upgrade on Sunoco Inc. (SUN), which the analysts raised to neutral from sell. Goldman said that while Sunoco still faces challenges given its "relatively simple" East Coast asset base, the stock's risk/reward is no longer particularly unfavorable relative to its peers. Sunoco recently was up 3.2% to $27.54.
==============================
October 5th, 2009
Sunoco Inc., the biggest independent oil refiner on the East Coast, announced late Tuesday it's cutting its dividend in half and indefinitely idling all units at its Eagle Point refinery in New Jersey.
Four hundred workers will be furloughed at the refinery, the company said.
Sunoco said the moves aim to cut further losses in the face of weak domestic fuel demand and growing competition from refining capacity overseas.
"We anticipated a downturn in the refining industry and took steps earlier this year to lower costs and enhance our competitive position. However, the operating environment continues to be very poor, requiring us to take further decisive action to effectively manage through the current downturn," said Sunoco Chairman and CEO Lynn Elsenhans.
Good call....dripping sarcasm
Intercepted message from GS," Russia,China,OPEC-we have a bad position in oil. I can make all of you money by having you guys chatting it up about SDR's and bullshit basket currencies. You go long Sunday night. We get a stooge reporter in London to chirp about SDRs and dollar trashing. OIL up, we sell midday and get the hell out. Plus short on the way down. Let us know ASAP. Love Goldman Sachs."