Goldman Sachs Hands Clients Losses in ‘Top Trades’

We all know about the SEC charge in which it is claimed that GS made profits by selling the financial instrument "ABACUS" while the investors suffered huge losses. Here is one another account of how GS's investment advice resulted in losses for many of the investors.

Goldman Sachs Hands Clients Losses in ‘Top Trades’

Goldman Sachs Group Inc. racked up trading profits for itself every day last quarter. Clients who followed the firm’s investment advice fared far worse.

Seven of the investment bank’s nine “recommended top trades for 2010” have been money losers for investors who followed the New York-based firm’s advice, according to data compiled by Bloomberg from a Goldman Sachs research note sent yesterday.

Goldman Sachs makes more money from trading than any other Wall Street firm. In the first quarter, the bank’s $7.39 billion in revenue from trading fixed-income, currencies and commodities dwarfed the $5.52 billion made by its closest rival, Charlotte, North Carolina-based Bank of America Corp. In equities, Goldman Sachs’s $2.35 billion in revenue was about 50 percent higher than its nearest competitor.

Perhaps "Customer First" is not the top priority for GS. No wonder that private banking institutions are looking more dangerous than standing armies.

Peace

After everything that has happened people still allow GS to invest their money? They deserve what they get. Fool me once....

7 out of 9 of the top investments pushed by GS
were losers ????

How in the hell do they keep customers???
How do they stay in business ????

Oh yea, they bet against their clients
and when they come up short, GS makes
a killing. Wait, wasn't it GS who told them
to invest there? Geez, what a crooked
illegal system. If I was President, these
a$$holes would be in a nice set of orange
jumpers right now screaming for some
lube. Yet Obama, congress and SEC do nothing ......
tick tock tick tock

the dollar is gonna collapse anyway
don't be afraid to press the lil red button
that says "PANIC"

reply to post by boondock-saint


I made a gif just for that scenario-

I'm just amazed that they are allowed to trade at all!!

It;s insider trading to the extreme when you know how a lot of people (your clients) are trading thanks to your advice.

Sheesh, in Australia no one in the AFL can have a bet on ANY football game regardless of if they are playing in it or not. The AFL just suspended a Goal Umpire for the entire year for placing a $20 bet on a game he WASN'T umpiring in.
I know its a little different to the financial market but only because the AFL doesn't have Billions of dollars of peoples money at stake.

When are the people gonna stand up to this BS, maybe research what Iceland is doing arresting these criminals?