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Goldman Sachs sold 44% of their BP stock 3 weeks before the disaster.

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Forkboy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 05:07 AM
Original message
Goldman Sachs sold 44% of their BP stock 3 weeks before the disaster.
http://moneycentral.msn.com/ownership?Holding=Institutional+Ownership&Symbol=BP
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leveymg Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 05:14 AM
Response to Original message
1. When do they get a U.S. Treasury bailout check for the losses on their remaining shares?
Goldman has the most improbable sort of luck.
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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 09:38 AM
Response to Reply #1
14. It's like they can predict the future or something.
"One of the things that is interesting about reading conspiracy theory is that much of what folks think is conspiracy is really many people acting in concert to make or protect their money." -- Catherine Austin Fitts.
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leveymg Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 03:22 PM
Response to Reply #14
17. Conspiracy is just another day at the office for some people
What is the multinational oil industry, after all, but a conspiracy of competing global conspiracies? The same can said for international banking and several industries, not the least of which are the privatized intelligence services that serve the others, and ultimately themselves.

What's a little murder, sabotage, and mayhem among friends and competitors?
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Systematic Chaos Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 05:16 AM
Response to Original message
2. I'm sure it doesn't mean a thing.
But Obama will send off a sternly worded memo, just in case.

:sarcasm:

Oh, and who was it who made those huge put trades against the airlines just before 9/11? We still don't know jack shit about that either.

:grr:
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Kolesar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 05:56 AM
Response to Reply #2
8. Its a pretty day
get outside and have some fun
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 05:17 AM
Response to Original message
3. Not sure how many they had in the first place
so the 44% may be a misleading figure.

JP Morgan Chase hold 27% of BP's shares.

Ownership statistics here : http://www.bp.com/extendedsectiongenericarticle.do?categoryId=9010453&contentId=7019612
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SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 05:22 AM
Response to Original message
4. "Smirk." - Sacks of Goldman (R)
Edited on Wed Jun-02-10 05:23 AM by SpiralHawk
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Quatermain Donating Member (24 posts) Send PM | Profile | Ignore Wed Jun-02-10 05:22 AM
Response to Original message
5. which means
Which means they kept 56% of their BP stock. If your point is that they were operating on some kind of insider knowledge to avoid losing money on the stock, you'd think they'd have sold it all, or at least switched the percentages. Of course that would mean that they knew the oil would spill, and if they had had that kind of knowledge, you'd think they'd have fixed it beforehand.

Or made a shit-ton of money off the knowledge, one of the two.
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Forkboy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 05:23 AM
Response to Reply #5
6. I have no idea what it means.
Edited on Wed Jun-02-10 05:24 AM by Forkboy
I know nothing about this stuff. Just thought it was interesting, so I threw it out there for all of you guys to hash it out. :)
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AllenVanAllen Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 05:45 AM
Response to Reply #6
7. Four weeks before the explosion
Edited on Wed Jun-02-10 05:47 AM by AllenVanAllen


a Transocean operator damaged the rubber annular on the blowout preventer. It was never repaired.

Here's part 1 of the 60 Min. story of a survivor's account:
http://www.cbsnews.com/video/watch/?id=6490348n&tag=contentBody

What did Transocean do with that information?
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HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 08:19 AM
Response to Reply #7
11. Anyone else think this might be information worth exposing?
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HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 02:18 PM
Response to Reply #11
16. Apparently not. :-(
We're too used to getting f'd over I guess.
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AllenVanAllen Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 04:52 PM
Response to Reply #16
20. There's no way of knowing how far up the chain of command


the news of the damaged annular got. The timing looks suspicious for sure. One thing I do know, is there are people that would bet against anything to make a buck.
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Sheepshank Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 03:25 PM
Response to Reply #5
18. YES...They could have betted or invested on the loss.
Would have made an even bigger killing!
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Zynx Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 06:15 AM
Response to Original message
9. In all honesty, how could they have possibly known about this?
More likely is that oil markets had appeared to peak and Goldman wanted to reduce exposure. They often have information that they should not have, but this is not one of those cases.
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meeshrox Donating Member (522 posts) Send PM | Profile | Ignore Wed Jun-02-10 07:06 AM
Response to Original message
10. That's why it's called large volume trading...
these guys buy and sell almost their entire portfolios everyday. I'm not defending those cretins, but at least find some good dirt before posting. I'm sure there's plenty out there already. An example would be vulture funds; we could have a field day with that!
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olegramps Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 09:31 AM
Response to Reply #10
13. These massive trades are a source of instability in the market.
The Stock Market has been allowed to develop into a chaotic unreasoned entity that has absolutely nothing to due with its original purpose.
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meeshrox Donating Member (522 posts) Send PM | Profile | Ignore Wed Jun-02-10 07:17 PM
Response to Reply #13
21. I agree
it has nothing to do with economics (supply and demand) and is swayed by emotion/mood, whether someone got his BJ last night or not!
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 08:21 AM
Response to Original message
12. Three weeks before the disaster oil was wekening.
Kinda crazy for an investment bank to lighten up on energy stocks in the face of declining oil prices and weakening demand (Greece, EU problems).
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City Lights Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 09:40 AM
Response to Original message
15. Intwesting. Vewy, vewy intwesting. nt
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cbdo2007 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 03:27 PM
Response to Original message
19. Isn't that a quarterly report showing any activity between 1/1/2010 and 3/31/2010?
I'm having trouble seeing exactly which day they sold...
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Festivito Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 09:19 PM
Response to Original message
22. 3 weeks before! Isn't that when Halliburton bought the fire fighting company?
The one that now makes them hundreds of millions. Halliburton poured the concrete 20 hours before the failure.

Makes me wonder if Halliburton and Goldman were talking with each other.
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