For years, Wall Street whispered that Goldman Sachs
profited handsomely by trading ahead of — or even against — its own
clients. On Tuesday, a Goldman executive made an unusual admission
that, in some cases, the rumors were true, Andrew Ross Sorkin writes in
The New York Times.
In an e-mail message to select clients, Thomas C. Mazarakis, the
head of Goldman’s fundamental strategies group, acknowledged that his
unit often provided investment ideas that the firm had already traded
on. Sometimes Goldman has even taken the opposite approach, betting
against particular instruments that the group has recommended. MORE>>>>>>>>>>>>>>>