Голдсакс

Фраза дня:

"Greece’s debt to European banks is 300 billion – more than double the combined Argentinean and Russian foreign debt at the time of the 1998 Russian crisis and the 2001 Argentinean crisis."

Между тем Трежерис слега подрпосли, доходность снизилась на 0,1.

Stocks began falling as market participants focused on President Barack Obama's proposal to prevent bank ownership or investment in hedge funds for proprietary profit.

"The whole situation is causing stocks to decline -- that's creating a flight-to-quality bid for Treasuries," said John Spinello, Treasury bond strategist at Jefferies & Co. in New York. "What's going on right now is confusion, and a lot of questions have to be answered now as to how this will be legislated."

"It does start to paint a mosaic of weaker data," said Christian Cooper, an interest rate strategist at RBC Capital Markets. "We can have these data points that are of themselves not critical, but as we start to see weaker home starts and weaker Fed data, we start to see a mosaic of a weaker recovery."

http://www.reuters.com/article/idUSN2110743420100121

Очевидно испугались, что Обамовский наезд на волне популизма может быть через чур :) И вот уже все тот же ГС говорит, что идея о разделении "нереалистична":

U.S. President Barack Obama, adopting proposals advocated for more than a year by former Federal Reserve Chairman Paul Volcker, said today that he’ll seek to prevent banks that have special access to low-cost Fed funding from operating or investing in hedge funds, private equity funds, or trading purely for their own benefit in a way that’s unrelated to serving customers.

Goldman Sachs and Morgan Stanley, both based in New York, were the two largest securities firms before converting to banks in September 2008 during the global financial crisis to gain access to Federal Reserve lending facilities. Today’s proposals raised questions about whether they would opt to revert to securities firms so they could avoid the new rules.

Они хотят разделить торговлю от себя и торговлю через всякие хедж-фонды и прочие закрытые и темные организации призванные уходить от налогов, насколько я понимаю, а ГС говорит мол грань очень тонкая :) мы мол помогаем нашим клиентам расти :

Separating Goldman Sachs’s private equity funds and its proprietary trading from client activities wouldn’t be easy to do, Viniar said.

"Our private equity business is an important business for Goldman Sachs, it’s very integrated,” he told analysts on another call today. "There are a lot of our very important clients invested in our business, we invest alongside other clients of the firm and we invest in clients to help them grow."

Это же чистой воды махинация ты мне - я тебе :)

About 10 percent of Goldman Sachs’s firm-wide revenue, give or take a few percentage points, comes from trading that’s purely for the firm’s own profit and unrelated to clients, Viniar said. Still, he noted that it’s a “very, very hard line to draw” to determine how much of their client-related trading ends up becoming proprietary risk.

"The great majority of what we do, we do for and on behalf of our clients, because our clients want to do something," Viniar said, in explaining the rest of the firm’s trading. "All of that risk, which is principal risk, ends up on our balance sheet."

In 2009, 76 percent of Goldman Sachs’s revenue came from trading and principal investments, compared with 41 percent in 2008 and 68 percent in 2007, company filings show.

Короче вот вам идеальный способ отбивать проблемы. Кооперируетесь с одним банком, проводите через его баланс свои сделки, а в случае чего он получает статус финансового холдинга и доступ к low-cost Fed funding. Идеальная страховка. Конечно я не юрист и не бухгалтер, чтобы точно описать все это. Люди которые этим занимаются определенно не 50000 в год получают. Так что молодцы голдманиты, молодцы.

Обаму уже пугают вымыванием ликвидности с рынка и структурными сдвигами в ландшафте УС. Непонятно конечно как? ведь не ГС за счет Proprietary trading создает рынок, а все игроки :) но очевидно тут защитники забеганий и прочих фокусов определенно ошиблись, такие доводы юзать нельзя. А про возможный бетинг против клиентов я тут уже записывал. Когда переводил советы не слушать аналитиков и голдманитов :)