Goldman Prepares for Worst-Case Outcome in Europe |
| New York Times - May 31, 2012 |
Goldman Sachs has intensified its efforts to prepare for an extreme deterioration in Europe, including a possible dissolution of the euro.
Gary D. Cohn, the bank’s president, told a group of investors at a conference sponsored by Sanford C. Bernstein that Goldman, like other banks, had reduced its exposure to Europe and was currently examining all euro-denominated contracts to understand what the ability to pay in a different currency would be if the euro disappeared.
“We have gone through contract by contract and position by position to understand what any permutation could be,” he told the audience, responding to a question about how Goldman might manage through a breakup of the European Monetary Union.
Mr. Cohn’s remarks come as Europe’s troubles continue to mount, a situation which has heightened speculation that Greece may leave the euro.
He fielded questions on array of topics, including whether Goldman would consider selling itself off in parts and the possible rating downgrade by Moody’s Investors Service of a number of big financial companies, including Goldman.
Read Full Article from New York Times
- Posted: 2012-05-31 12:45:51
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