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And, yes, I DO take it personally: Now, it's Goldman Sachs - still MORE evidence the financial markets are collapsing
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Sunday, March 16, 2008

Now, it's Goldman Sachs - still MORE evidence the financial markets are collapsing

yep... it's a train wreck in slo-mo, for sure...
Investment bank Goldman Sachs will announce asset writedowns of $3 billion when it posts earnings on Tuesday, Britain's Sunday Telegraph newspaper reported, without naming sources.

The company will report a fall of about 50 percent in first-quarter earnings, the newspaper said.

Goldman Sachs was not immediately available for comment.

Goldman will take a hit of around $1.6 billion in its leveraged loan business, $1.1 billion in connection with assets owned by its private equity arm and will have to writedown the value of its stake in Industrial & Commercial Bank of China, the story said.

Shares in ICBC have fallen around 14 percent in the last two months.

Goldman will point out that its exposure to the sub-prime mortgage market remains minimal, the paper said, according to unnamed people close to the bank.

goldman pointing out that it ISN'T the sub-prime mortgage market that's causing a $3 BILLION writedown is somehow supposed to be COMFORTING...? all THAT tells me is that the financial and investment markets are going directly to hell...

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