Conspiracy Theory #4
Cast your mind back a couple of months....
"Crude will hit $150/barrel by July 4th, possibly $200 by the end of the year," says Goldman.
Well dear old Goldman Sachs, the largest of the two remaining major independent U.S. investment banks, on Tuesday reported its worst drop in profits since going public in 1999.
The investment bank reported that its third-quarter profit plunged 71 percent to (just) $810 million.
Goldman and Morgan Stanley remain the only two major independent investment banks on Wall Street after this week's major shake-up of the investment banking industry.
Guess what, Morgan were also in the $150-$200/barrel club as well.
So let me see then, the writing is on the wall, we're losing money hand-over-fist, the only thing that might just bail us out of this is crude. Cue well timed "we owe it to our clients to let them know" announcements.
"Crude will hit $150/barrel by July 4th, possibly $200 by the end of the year," says Goldman.
Well dear old Goldman Sachs, the largest of the two remaining major independent U.S. investment banks, on Tuesday reported its worst drop in profits since going public in 1999.
The investment bank reported that its third-quarter profit plunged 71 percent to (just) $810 million.
Goldman and Morgan Stanley remain the only two major independent investment banks on Wall Street after this week's major shake-up of the investment banking industry.
Guess what, Morgan were also in the $150-$200/barrel club as well.
So let me see then, the writing is on the wall, we're losing money hand-over-fist, the only thing that might just bail us out of this is crude. Cue well timed "we owe it to our clients to let them know" announcements.