Thomas Mazarakis, who heads Goldman's fundamental strategies group, told select clients in an email that his unit often provided investment ideas that the firm had already traded on and the firm sometimes took the opposite approach, betting against particular instruments recommended by the group, the Times said.
"We may trade, and may have existing positions, based on trading ideas before we have discussed those trading ideas with you," the paper quoted Mazarakis as writing in the email.
The paper quoted Goldman spokesman Lucas van Praag as saying in a statement the company has been "providing this disclosure, which we think is best practice, for a number of years and there is nothing new in the disclosure you were sent."
A Goldman Sachs spokesman in Hong Kong could not be immediately reached for comment by Reuters.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Anshuman Daga)
Wednesday, January 13, 2010
Monday, November 30, 2009
Dubai says Dubai World is on its own
DUBAI, United Arab Emirates - The Dubai government disclaimed responsibility for the debts of Dubai World on Monday, dealing a blow to creditors' assumptions that the Arab emirate would guarantee the conglomerate's liabilities.
"Creditors need to take part of the responsibility for their decision to lend to the companies," said Abdulrahman al-Saleh, director general of Dubai's department of finance. "They think Dubai World is part of the government, which is not correct."
United Arab Emirates stocks plunged on Monday as investors waited for clarity on Dubai's request for a delay until May 2010 on repaying billions of dollars in debt issued by Dubai World and its Nakheel unit, developer of three distinctive palm-shaped islands in the emirate.
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