Wednesday, May 20, 2009

Goldman Games

I have not really seen this reported in the news so decided to do a post on this midday. The market supposedly rolled over (don't want to say for sure that it is a direct cause and affect but likely) this morning after it looked like we were going to skyrocket on the news Whitehall is blowing up. Whitehall is a Goldman fund that specializes in office buildings, casinos, and hotels. This seems very similar to the blowups that occurred this time of year in 2007 with the Bear Stearns mortgage funds. Anyway, supposedly Goldman offered to buy out the employees in Whitehall 6 months ago but did not offer that to investors (anyone really surprised that Goldman only looking to take care of itself and its own?). Anyway, the fund is blowing up and Goldman is looking for more money to put into it from outside investors (isn't that a joke - but they will probably be able to find it, there Goldman). Could be a precursor of many more troubles in this area.

If I find a news story on it, I will post it.

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