The New York Times DealBook column has an interesting piece about how (some) junior staff feel about working for Goldman Sachs.
Goldman is said to be so concerned that staff behave themselves in public and in no way bring the firm into disrepute, that employees have allegedly been told that nobody should be able to identify them as Goldman staffers once they have left the office.
Employees are expected to keep such a low profile that, as Charles D. Ellis wrote in his 2008 book The Partnership: The Making of Goldman Sachs, 'Personal anonymity is almost a core value'. And who can blame 'em ?
In the meantime, Bloomberg reports that lawyers acting for Fabrice Tourre, the Goldman executive sued for fraud by US regulator the Securities and Exchange Commission in connection with that Abacus CDO deal, have told a judge that the commission can't sue their client, as the agency has no jurisdiction in a case where the sole counterparty was a foreign bank which purchased the product overseas.
And Reuters reports that Deutsche Bank CEO Josef Ackermann has been more upbeat on his bank's Q3 performance. Ackermann told a conference in London earlier this week: 'Thanks to a strong second half of September, third-quarter sales and trading revenues are at last year's level, which we all know were pretty good'.
Finally, on a more sombre note, Bloomberg reports that there are some in political circles in Germany who believe that Commerzbank may need up to 10 years to repay its bailout money.
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