Yesterday, at around 12pm EST, Goldman Sachs shares (NYSE:GS) plummeted as the news about Facebook stock trading made it’s way into the mainstream.
Goldman Sachs Group Inc. has been aggressively pitching as much as $1.5 billion in Facebook shares to wealthy investors, while simultaneously disclosing they might sell or hedge its own $375 million investment in the social network without any warnings to clients.
Is this not a double standard, hypocritical position to take, especially in light of the fact that you (Goldman Sachs) are trying to push nearly $1.5 billion in Facebook shares to wealthy investors?
Wow… not good for the already tarnished reputation, and integrity, of Goldman Sachs.
Chart of Goldman Sachs shares as news broke during yesterday’s trading:
via Bloomberg