Sunday, April 25, 2010

Goldman's Wells notice was material to GS counsel--They dumped the stock!

Goldman determined that the Wells notice wasn't material to Goldman shareholders, even though it promptly knocked $13 billion off of the value of the company.

Only Goldman can claim $13 billion wasn't material.

But Goldman insiders? They thought otherwise. They furiously dumped $65 million of their own holdings, while keeping the Wells notice information quiet!

CHICAGO (Reuters) - Five senior executives at Goldman Sachs Group Inc sold company stock after the firm received notice of possible fraud charges, according to a report in the Wall Street Journal.

The stock sales, which totaled $65.4 million, were made by co-general counsel Esta Stecher, vice chairmen Michael Evans and Michael Sherwood, principal accounting officer Sarah Smith and board member John Bryan.