Musical Chairs with Peter Sutherland

June 11th, 2010

Goldman Sachs Sold $250 Million of BP Stock Before Spill:

The brokerage firm that’s faced the most scrutiny from regulators in the past year over the shorting of mortgage related securities seems to have had good timing when it came to something else: the stock of British oil giant BP.

According to regulatory filings, RawStory.com has found that 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.

The sale and its size itself isn’t unusual for a large asset management firm. Wall Street brokerages routinely buy and sell huge blocks of shares for themselves and their clients. In light of a recent SEC lawsuit arguing that Goldman kept information about a product they sold from their clients, however, the stock sale may raise fresh concern among Goldman’s critics. Goldman is also a frequent target of liberals and journalists, including Rolling Stone’s Matt Taibbi, who famously dubbed the firm a “vampire squid.”

Via: Trilateral Commission:

Peter Sutherland is chairman of BP plc (1997 – current). He is also chairman of Goldman Sachs International (1995 – current). He was appointed chairman of the London School of Economics in 2008. He is currently UN special representative for migration and development. Before these appointments, he was the founding director-general of the World Trade Organisation.

2 Responses to “Musical Chairs with Peter Sutherland”

  1. Eileen Says:

    Lets bring our troops homs. Teach them, after recovering from all of their war trumas, to be happy with being investigators. At the very least the troops will be home, if not at their own houses.
    Rather than face IED’s let them become the force that sets the world on fire.
    Teach them how to read files, papers, documents follow the trail from 9/11, Iraq, Afghanistan, Haliburton,Blackwater Dick Cheney, George Bush I and II,the Clinton’s. Send them on a task called Nuremeburg II.
    And Peter Sutherland, I don’t know what to say to you. You came into this world as you are for a reason. I can’t imagine that you are going to live the rest of your life in a cloud of happiness, above all the angst of the world on your ill gotten gains.
    I love it the movies when the bad guys meet their fate: Ghost, and the Lovely Bones are two movies that come to mind.
    I say screw thesr flecking wars, money, profiteering from disaster machince in force. PLike many befor him, eter Sutherland should have been in jail the minute he sold his BP shares.
    I am so sorry for you Peter. Whether rational or not, I see the hordes coming you way. And they are not happy for their own personal reasons, but I think I see you being lynched and hung on a guilotine. But rhats just me. I have a pretty wild imagination.

  2. Eileen Says:

    I should have aaid head chopped off on a guillotine. Sorry.

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