Goldman Sachs: There's a sucker born every minute, and most of them are our clients

[marmar]

Goldman Sachs Advice Hands Clients Losses in 7 of 9 Top Trades
By Ye Xie


May 19 (Bloomberg) -- Goldman Sachs Group Inc. racked up trading profits for itself every day last quarter. Clients who followed the firm’s investment advice fared far worse.

Seven of the investment bank’s nine “recommended top trades for 2010” have been money losers for investors who followed the New York-based firm’s advice, according to data compiled by Bloomberg from a Goldman Sachs research note sent yesterday. Clients who followed the tips lost 14 percent buying the Polish zloty versus the Japanese yen, 9.4 percent buying Chinese stocks in Hong Kong and 9.8 percent trading the British pound against the New Zealand dollar.

The results show the difficulty of predicting market movements as widening government deficits, a fragile global economic recovery and tighter financial regulations increase volatility. Stock and currency fluctuations rose to the highest in a year this month as Europe pledged about $1 trillion to stop a debt crisis in the region and China curbed bank lending to cool the housing market.

“This says that Goldman’s guys are only human,” said Axel Merk, who oversees $500 million as president and chief investment officer of Merk Investments LLC in Palo Alto, California. “No one is always right. There are a lot of cross currents in this market.” ...............(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aq1TZHxNGpWU&pos=2

[MisterP]

1. there's a "cross current" all right: there's a CURRENT of wrath as people get CROSS at you parasites

more and more people are popping off the right-vs.-far-right-vs.-barely-less-right political circus

[howaboutme]

2. I'm sorry to say

that the Obama administration has been stuffed to the gills with those with Harvard and NY ties and Goldman Sachs on their resume, and most Americans have had it with the over-representation by this group in our democratic government. They need expunged for the most part and in their place get people with ethics and common sense from all over the country that have actually contributed to society, instead of just having Ivy League background and an overabundance of greed and facebook filled with others of the same ilk.