Goldman’s “Trading Huddles” Another Black Eye for the White-Shoe Firm

To be sure, this may be much ado about nothing and Goldman shares rallied sharply early Monday, before fading in the afternoon with the broader market. Still, if nothing else, this “trading huddle” story is another black eye for the white shoe firm, whose summer of discontent has so far featured:

  • Matt Taibbi’s blistering “vampire squid” feature in Rolling Stone.
  • Rumors of Goldman front-running the market via high-frequency trading software after one of its former developers was arrested for allegedly trying to steal is proprietary trading code.
  • A New York Times story detailing former Goldman CEO Hank Paulson’s numerous calls to current CEO Lloyd Blankfein last fall, when Paulson was Treasury Secretary and Goldman was one of many firms in line for government largess.

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