After nearly 11 hours to combative exchanges, Senators and the leaders of Goldman Sach returned to their respective corners to fight another day. It isn’t clear who got the better off the other in this public round of debate.
If the stock price of Goldman Sach is an indicator then the company came out ahead as the stock rose $1.01 per share, to $153.04. Other would argue that the stock was due to go up after dropping from the $180 per share levels just a few weeks ago.
Some of the things that came clear from today’s interplay is that Gold is stating that the people that they were dealing with that is at the core of the SEC fraud charges – were institutions and not your regular “Joe”. Institutions with a high level of knowledge about the markets and who possessed knowledge about the market. So they know what they were doing and Gold just accommodated or created an environment for them to make their trades.
The other argument that Gold made was that the short selling was just a byproduct of their risk measures. They take action from institution and avoid too much risk they edge their bets to offset their risk.
It will be interesting to see how things play out in the public arena as well as in the court.