Tuesday, 25 October 2016
Last updated 22 min ago
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.