Goldman Sachs Drops as Bove Says Sell on Pressure to Prosecute |
| Bloomberg - May 12, 2011 |
Goldman Sachs Group Inc. declined the most in more than a year after an analyst told investors to sell the stock on concern that the Department of Justice faces growing pressure to bring claims against the firm.
The bank dropped 4.7 percent to $140.93 at 12:49 p.m. in New York Stock Exchange composite trading, the biggest decline since a 9.4 percent plunge on April 30, 2010.
Goldman Sachs, the fifth-biggest U.S. bank by assets, was one of three banks singled out in a report on the financial crisis by the U.S. Senate’s Permanent Subcommittee on Investigations last month. The panel, whose findings were referred to the Justice Department and the Securities and Exchange Commission, said Goldman Sachs misled clients about its bets on mortgage-related investments.
“It now appears that the pressure on the Justice Department to bring a criminal lawsuit against Goldman is building to a high pitch,” Richard X. Bove, an analyst at Rochdale Securities LLC, said in a note today to investors.
Read Full Article from Bloomberg
- Posted: 2011-05-12 13:02:27
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