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March 29, 2010
Fox Business’ Charlie Gasparino is reporting that the U.S. Treasury has specifically excluded Goldman Sachs from one of the biggest equity deals of all time: the sale of Citigroup stock. Morgan Stanley got the lead underwriting deal. This comes soon after a high-profile private deal went to JP Morgan: the sale of CKX, owner of the rights to American idol, etc.
Investment banking and underwriting deals for Wall Street firms can only be accomplished when the broker dealers involved have good reputations. The slightest bad PR can tarnish an entire company. Goldman Sachs has been the target of the worst publicity any Wall Street firm has ever received, arguably. As a result, Goldman officially listed bad PR as a material risk in the SEC filings.
See the “Wall Street” category for more information on Goldman Sachs.