Kudos to Joe Weisenthal at Business Insider’s Clusterstock for who listened in on the entirety of the conference call today between Goldman Sachs (GS) CEO Lloyd Blankfein and the firm’s private wealth management clients.
Blankfein, stating that he’s been slowing to reach out to clients but is glad he’s doing it now, clarified that while Goldman is on the other side of trades with clients, the bank is indeed serving those clients while not telling them what to do with their money, Weisenthal reports.
Much of this is just a re-hash: Goldman makes markets, the Abacus transaction at th heart of the Securities & Exchange Suit being one example, and in those cases Goldman may not be acting as fiduciary to a client, such as ACA Capital Management, and so was not bound to tell them the bank’s thoughts.
Blankfein concluded, “We will be among the biggest beneficiaries of reform.”
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