More Bad News for Goldman
Jon Winkelried suddenly announced yesterday he was retiring, and now there's more bad news for Goldman Sachs: CNBC's Charlie Gasparino reports that a number of partners at the firm have been forced to borrow money to cover margin calls. Several senior execs used Goldman stock to buy into hedge funds and the like, but with shares down 50 percent since last spring, "Goldman Sachs is in the awkward position of making margin calls on its own partners, who can't meet those calls because their alternative investments are underwater and they don't have enough cash on hand." How crappy a situation is this? Talk to Sumner Redstone. [CNBC]