At the investor conference in New York, sponsored by Merrill Lynch & Co., Blankfein said Goldman, the world's most profitable investment bank, doesn't plan to take any significant writedowns on mortgage-related assets. Goldman shares rose 8.5 percent to $233.04 at 4 p.m. in New York Stock Exchange composite trading, and other financial stocks also climbed.
Everybody else has written down their debt holdings. But Goldman is immune. Color me impressed -- and in a case of thorough disbelief.
2 comments:
people at Goldman think they are smarter than anyone on earth Well we'll see what's insignificant means
Moved them all off balance sheet perhaps ala Enron? Seriously, that IS hard to believe. Maybe Goldman smelled a rat and decided not to play.
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