As one of the last medias in the world to raise questions about the global activity of Goldman Sachs, the Norwegian newspaper Dagens Næringsliv last weekend published a comprehensive critical article about the famous Wall Street bank. In the article Norwegian fund manager, Jan Eiler Fleischer, calls Goldman Sachs for “damn American bastards”. The Nordic Goldman-boss, Casper von Koskull, is “shocked”.
“It proves absolutely nothing.”
Casper von Koskull
Goldman Sachs is no longer portrayed as an impeccable monetary castle, but as a greedy giant who continues the bonus party even after taxpayers helped them out of the financial crisis, the Norwegian newspaper observes, adding that the bank has become like a swear word among the bloggers by the name of “Goldman Sucks”.
“Goldman Sachs has had more than one finger in most of what has gone wrong in the financial sector over the past decade,” the newspaper concludes:
“Was it not Goldman Sachs who in a predatory way sold securities they knew were garbage in 2007? Who laid the basis for the food speculation in 2008, and turned Greece into a casino in 2010?”
Dagens Nærlingsliv also points out that Goldman Sachs have been involved in major deals in the Norwegian markets.
Head of equity at Gambak, fund manager Jan Eiler Fleischer, says he heard that the American demand for Telenor’s shares was strong. But according to Fleischer, it was the Goldman Sachs who spread rumors in the market that the issue was heavily oversubscribed.
“To get 100,000 shares, you had to sign up for a million, I was told. So that’s what I did,” Fleischer recalls.
When the rumors turned out not to be true, Gambak, like many other funds, had been awarded too many shares and had to sell out heavily the day after Telenor’s listing.
This resulted in losses for the investors, but also a large turnover and a higher income for Goldman Sachs.
When asked about Goldman Sachs, Mr. Fleisher replies:
“Goldman Sachs? Damn American bastards! They made complete fools out of us.”
“It is one of the most dirty things I have ever experienced. Goldman Sachs and U.S. brokerages are extremely short sighted when they come to Norway. They don’t give a shit about us,” the Norwegian fund manager says.
Goldman Executive is “shocked”
One could imagine that the management of Goldman Sachs would be kinda used to the negative publicity by now, but managing director of the Nordic region, Casper von Koskull, is obviously not:
“I was shocked when I read the article in Dagens Næringsliv about the Goldman Sachs,” he writes in a Letter-to-Editor, published a week later.
“This is a grossly distorted representation of Goldman Sachs. The allegations are so false, and the description of the company and its actions so far from the truth, that the article only be described as pure fiction.”
“By combining new and old speculation, allegations and accusations that are false facts, Goldman Sachs is presented as the creator and the “spin doctor” behind the entire financial crisis. This is as unreasonable as it is inaccurate.”
“The fact that a number of unsubstantiated allegations, speculations and accusations are recycled and boiled together in an article, makes them no more truthful than they have been before. On the contrary; it proves absolutely nothing,” von Koskull of Goldman Sachs underlines.
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