Goldman President Calls SAC 'An Important Client' And 'Great Counterparty'

Aug 1 2013 | 10:11am ET

Goldman Sachs doesn't sound at all worried about continuing to work with the indicted SAC Capital Advisors.

The bank's second-in-command, President Gary Cohn, yesterday lauded the hedge fund, which is accused of insider-trading. "They're an important client to us," he told CNBC. "They have been an important client to us. We continue to trade with them, and they're a great counterparty."

SAC is among Goldman's largest trading clients.

Goldman is the first bank to speak out publicly about SAC's predicament. In the wake of last week's criminal charges, there was speculation that some of SAC's banks might shy away from the hedge fund. But none have yet: In addition to Goldman, Bank of America, JPMorgan Chase and Morgan Stanley all continue to trade with SAC, Bloomberg News reports.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...