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

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of