Wall Street professionals (and others) still don’t grasp that e-mails and text messages are no place for laying out schemes of wrongdoing, for sharing one’s doubts about the wisdom of selling a flawed product or for freaking out when a large bet on an obscure derivative goes awry.
Michael Ovitz, the former Hollywood agent whose company was said to have created enemies “the way a hurricane produces raindrops,” first met Gary Cohn over lunch at Goldman Sachs Group Inc.’s headquarters in June 2009.
Wall Street junk-bond underwriters, selling debt at a record pace after the securities returned 19 percent last year, say it’s obvious that prices will drop when interest rates rise. So don’t blame the banks.
Goldman Sachs Group Inc. President Gary Cohn said he’s “bullish” on China even after his firm last week sold a $1 billion stake in Industrial & Commercial Bank of China Ltd., the nation’s largest bank.
Debt markets that have seen junk- bond yields drop to record lows may face a ‘‘substantial repricing’’ if interest rates spike or investors begin pulling money out of fixed-income, Goldman Sachs Group Inc. President Gary Cohn said.
Poland won’t set a deadline to join the euro because the European Union’s biggest eastern economy first needs revamping to avoid “unpleasant consequences” from adopting the currency, Finance Minister Jacek Rostowski said.