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Goldman Sachs Bet Against Its Own Advice?

By Justin Gardner | Related entries in Money

More news about the boom/bust cyclemakers that doesn’t bode well for the individual investor.

On Tuesday, a Goldman executive made an unusual admission that, in some cases, the rumors were true.

In an e-mail message to select clients, Thomas C. Mazarakis, the head of Goldman’s fundamental strategies group, acknowledged that his unit often provided investment ideas that the firm had already traded on. Sometimes Goldman has even taken the opposite approach, betting against particular instruments that the group has recommended.

“We may trade, and may have existing positions, based on trading ideas before we have discussed those trading ideas with you,” he wrote.

In short, yes they did…maybe.

No doubt this will draw the scrutiny of the SEC.

More as it develops…

This entry was posted on Wednesday, January 13th, 2010 and is filed under Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Goldman Sachs Bet Against Its Own Advice?”

Tweets that mention Donklephant » Blog Archive » Goldman Sachs Bet Against Its Own Advice? -- Topsy.com Says:
January 14th, 2010 at 10:12 am
[...] This post was mentioned on Twitter by Justin Gardner, Donklephant. Donklephant said: DONKLEPHANT: Goldman Sachs Bet Against Its Own Advice? http://ow.ly/16kN6o [...]

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