Goldman Sachs Closing Trading Desks, Faces Huge Legal Bills
Goldman Sachs Group, Inc. (GS) is down 0.07% to $163.67, after it reportedly closed down one proprietary trading desk and is liquidating another to comply with the Dodd-Frank financial regulatory reform law, according to Reuters. The law enacted in July, 2010 prevents companies from making bets with its own money. Separately, the company reported, also in its regulatory filing, that it could lose up to $3.4 billion from lawsuits and other disputes over the securities it sold and underwrote. Goldman Sachs added that their daily trading net revenue was negative for 25 days in 2010.
Credit: Financial News Network
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