Goldman Acknowledges Conflicts With Clients
A senior Goldman Sachs executive sent an e-mail message to clients on Tuesday disclosing that the firm’s Fundamental Strategies Group might have shared investment ideas with the firm’s proprietary trading group or some clients before sharing them with others.
The e-mail message, obtained by DealBook, demonstrates the various conflicts that Goldman and other firms face in balancing the interests of its various clients and its own trading operation. (Read it after the jump.)“We may trade, and may have existing positions, based on trading ideas before we have discussed those trading ideas with you,” Thomas Mazarakis, head of Goldman’s Fundamental Strategies Group, wrote.
Read the rest here.
This is what that says to me
While it may appear that we are telling you that we intend to rig the game by placing our own orders right before we execute yours and then cash out.... we aren't .....promise......you can trust me, I'm your pal!