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

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…