Earlier today I told you that Goldman Sachs made a bundle cashing out 44% of its shares in BP Oil just before the TransOcean’s Deepwater Horizon oil rig explosion.
I’ve since discovered that Goldman Sachs also placed shorts on TransOcean stock days before the explosions rocked the rig in the Gulf of Mexico, sending stocks plunging while GS profits soared — benefitting once again from a huge disaster, having done the same with airline stocks prior to 911, then again with the housing bubble.
Here’s another interesting bit of info: While Goldman Sachs’ lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman’s chief executive visited the White House at least four times.
Coincidences? Or connections?
We’ve invited Bob Chapman, author of the International Forecaster, to help us connect the dots. You’re welcome to chime in with your 2 cents. Or a sharp pencil.
The ANDREA SHEA KING SHOW
9 pm ET
http://www.blogtalkradio.com/askshow/2010/06/05/the-andrea-shea-king-show
Did you know that Goldman Sachs dumped 44% of its shares in BP Oil during the first quarter? According to a post at Raw Story:
Goldman Sachs sold 4,680,822 shares of BP in the first quarter of 2010. Goldman’s sales were the largest of any firm during that time. Goldman would have pocketed slightly more than $266 million if their holdings were sold at the average price of BP’s stock during the quarter.
If Goldman had sold these shares today, their investment would have lost 36 percent its value, or $96 million. The share sales represented 44 percent of Goldman’s holdings — meaning that Goldman’s remaining holdings have still lost tens of millions in value.
