Banking, finance, and taxes
Where Did All Goldman Sach's (GS) Money Go?
Published:
Bloomberg is reporting that $8 billion Global Alpha hedge fund is down 26% this year and 40% since July 31. The fall is going to cost Goldman Sachs (GS) a lot of money. The fund brought in $700 million in fees in 2005. Obviously, performance that bad could lead clients to take money out of the fund.
All of that could undermine part of Goldman’s earnings and bring its stock down further. While Goldman’s shares are down a little over 15% in the last month, Bear Stearns (BSC) is off 20%.
If more bad hedge fund news comes out of Goldman, its share price could be down more than that 20% very quickly.
Douglas A. McIntyre
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