Following news that the SEC has charged Goldman Sachs (NYSE: GS) with fraud related to subprime CDO's, an analyst at GOLDMAN has upgraded the stock from conviction buy to conviction conviction fraud.
next week, if GS # : beat? how can you beat? fraud convicted! miss? how can you miss? fraud convicted!
As someone on Twitter wrote: "It's ok - Goldman bought puts on itself prior to the news and made $4.2b on the fraud charges."
....and Lloyd Blankfein continues to do "God's work". Right. http://open.salon.com/blog/timinglo..._goldman_sachs_may_instead_be_the_great_satan
And they also sold 1000 Big S & P contracts right before the news hit the wire. Classic. They probably hit everything form ETFs to gold to currencies simultaneously on their inside info about themselves and netted the biggest trading profits of the year.
I don't like them but bottom line two bigs crooks in the world GS and U.S. govt. Goldman seems to find a way to profit from everything while US govt runs deficit and on verge of bankruptcy. Bottom line they would be better leaving GS alone settling the matter and get back to business. The more they bother them the worse the economy will get..