http://akprabhakar.blogspot.com/2010/04/training-seminar-in-karur-tamil-nadu.html Training Seminar in Karur (Tamil Nadu) on 25th April 2010(Sunday) in Tamil by A.K.Prabhakar
Headline News: On Friday April 16th America’s Securities and Exchange Commission (SEC) filed civil charges against Goldman Sachs and one of its vice-presidents, Fabrice Tourre, for allegedly defrauding investors by failing to disclose vital information about a financial product linked to subprime mortgages, as America’s housing market was starting to wobble. Goldman’s shares tumbled, dragging down stock markets.
Other charges: Already the company is facing many charges and even recently Greece’s problem also had Goldman Sachs managing $15 billion of bond sales for Greece after arranging a currency swap that allowed the government to hide the extent of its deficit.
http://www.guardian.co.uk/business/2010/feb/25/markets-pressure-greece-cut-spending Goldman Sachs faces Fed inquiry over Greek crisis. The investment bank's work with the Greek government in the early part of the decade is now under scrutiny as Athens struggles with huge debts.
http://www.bloomberg.com/apps/news?pid=20601087&sid=akqC4y5U7MnU Feb. 17 (Bloomberg) -- Goldman Sachs Group Inc. managed $15 billion of bond sales for Greece after arranging a currency swap that allowed the government to hide the extent of its deficit.
Impact: Stock market across the globe started to correct along with prices of commodity the correction in commodity is higher as Goldman Sachs is known for its high exposure to commodity. Reading the full details the fraud is small in size and won’t impact the company financially now, but has far reaching impact. Normally any correction in one asset class can have cascading impact on market and it would be better to have limited exposure in Commodity, currency and equity as reaction can take time and no panic needed.
Regulation which has been delaying for long to control derivative product and functioning of Hedge funds and disclosure norms would become tighter which can be short term trigger for global markets to correct but healthy for long term market . Warren Buffet holds sake in Goldman Sachs and this company has high influence in political and many governing bodies.
http://www.economist.com/business-finance/displaystory.cfm?story_id=15928346&source=features_box_main Goldman Sachs charged by the SEC, The charges against Goldman could have far wider consequences.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aLeACVxGpmT4 Goldman Sachs Clients-First Promise Undercut by SEC Fraud Suit
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMVnYAF6bYCw&pos=1 Goldman Sachs Sued by SEC for Fraud Tied to CDOs
Important Global news:
http://in.reuters.com/article/businessNews/idINIndia-47771920100417 WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner will testify before Congress on Tuesday on the 2008 collapse of Lehman Brothers at the peak of the financial crisis.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aiGN42W15MNY&pos=8 Icelandic Eruptions May Disrupt Air Travel for Months
(Bloomberg) -- China’s central bank pledged to immediately implement new lending rules to cool real-estate speculation and one of its policy advisers said the market is having its “last madness.” http://www.bloomberg.com/apps/news?pid=20601087&sid=auFNiiN1tB7Y&pos=2
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