Good for Goldman but Who Are the Losers?
Summary
In 1995, bad debts run up by a young trader called Nick Leeson led to the collapse of one of the City's best-known names. The meltdown of Barings, personal bank to HM The Queen, is one of the most spectacular debacles of modern financial history. Leeson's action won him notoriety around the world and proved a salutary lesson to any bank with a proprietary trading desk: a single deal gone wrong can break you.
Equally, if you win you can win big. Thanks to a small group of traders, one of the biggest winners of the credit crunch is Goldman Sachs.See the full content of this document
Extract
Good for Goldman but Who Are the Losers?
Just how big will become clear on Tuesday when the US investment bank unveils what analysts expect will be record annual results - despite some of the worst market conditions in decades. If the Street is right, Goldman will report net income of more than $11bn ( pounds 5.4bn). Compare that with the red ink that has been flowing at its counte...
See the full content of this document