JANE BURGERMEISTER REPORT:’Goldman Sachs shares fall on talk of possible criminal lawsuit’
Goldman Sachs shares fell their most in a year after an analyst said the pressure for US authorities to bring charges against it was building, and the writer who described the bank as “a giant vampire squid” renewed his attack.
By Richard Blackden, US Business Editor 6:00AM BST 13 May 2011, The Telegraph
Richard Bove, who covers Goldman for Rochdale Research, said in a note on Thursday “it now appears pressure on the Justice Department to bring a criminal lawsuit against Goldman is building to a high pitch”.
He cut his target for Goldman’s shares to $120 from $163.
The Wall Street bank was one of several targeted in a report last month by the US Senate Permanent Subcommittee on Investigations.
The report argued Goldman misled its clients, something the bank denied. Carl Levin, the Democrat who chairs the committee, passed the 650-page report onto the Department of Justice to investigate.
Mr Bove cited an article in Rolling Stone magazine this week by Matt Taibbi, the writer who in 2009 called Goldman, “a giant vampire squid wrapped around the face of humanity”. This week’s article focuses on the Senate.
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