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 Goldman Advises Bets Against Bonds It Sold

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Goldman Advises Bets Against Bonds It Sold Vide
PostSubject: Goldman Advises Bets Against Bonds It Sold   Goldman Advises Bets Against Bonds It Sold Icon_minitimeTue Nov 11, 2008 8:23 am
Goldman Sachs, which acted for the state of California in selling bonds, has urged some of its big clients to place investment bets against some of those bonds this year, The Los Angeles Times reported.

The newspaper said that Goldman declined to discuss the details of its trading strategy.

Goldman spokesman Michael DuVally told The Times that the firm was no longer giving the trading advice to clients. He declined to elaborate, it said.

The newspaper said the company did not inform the office of California Treasurer Bill Lockyer that it was proposing a way for investment clients to profit from California’s economic downturn.

“It could exaggerate people’s worries about our credit,” the newspaper quoted Paul Rosenstiel, head of the public finance division of the treasurer’s office, as saying.

The investment bank’s actions are not illegal, The Times noted.

Goldman is an important underwriter of California municipal securities and over the last five years has earned about $25 million in underwriting fees from California issues, the newspaper said.

http://dealbook.blogs.nytimes.com/2008/11/11/goldman-advises-bets-against-bonds-it-sold/
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