Goldman Sachs sees hope in Mike Bloomberg – Part 2

Bloomberg pointed out, in its defense, however, that Goldman Sachs is a huge employer in New York City, and that as the Mayor it is his duty to protect and defend such companies. Incidentally, Goldman Sachs is also one of the largest customers of Bloomberg Inc. (Mike Bloomberg’s sweet child), which sells its computer data terminals to Wall Street banks, investment and securities firms, and media outlets.

The three-time Mayor of the same city, might not have the same plans written in his schedule book, but if he agrees to take the reins of the beleaguering investment bank, it would be a great favour to the even more aching Street and the overall economy of the country.

With the inspiring political career to date, big fat guess, in the shape of an 800-pound gorilla in the room, is that Bloomberg might make haste toward claiming the presidency in the coming years.

Goldman Sachs had been the investment bank spread of a vast expanse of the investment banking real estate. One of the biggest corporate giants in the pre-2008 era, took a hit on the stock price when the government issued orders for a Congressional hearing.

The stock, during its imperious heydays, traded as high as $250 a share back in 2007. But since the financial crisis, which resulted in the inquiry into the bank’s lucrative derivatives trading practices, the stock has dived, to as low as $84 a share in 2011. It has since recovered some of its losses, and is now trading at $122 as of the close of trading on Mar. 16, 2012. But that is still below even its 52-week high of $164 a share.

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Posted by Usman Khalid on Mar 23 2012. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.