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Goldman Sachs Creates Private Stock Exchange for Unregistered Securities, Clients with $100 Million Minimum --HEDGE FUND HEAVEN

 
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05/27/2007 01:31 PM
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Goldman Sachs Creates Private Stock Exchange for Unregistered Securities, Clients with $100 Million Minimum --HEDGE FUND HEAVEN
Many takeovers and buyouts happening by hedge funds with all the liquity around.Some of these will end up in these UNREGISTERED STOCK EXCHANGES---No rules no SEC wild wild west.Buyers have to have Mega bucks.

"""Goldman is creating its own private system to trade the stocks of companies that don’t want the scrutiny and regulatory burdens of going public."""

Goldman Sachs Creates Private Stock Exchange for Unregistered Securities, Clients with $100 Million Minimum
May 24th, 2007

This is an absolutely astonishing development! People will be able to make careers out of untangling this octopus, if, of course, they’re willing to take their lives in their hands to investigate what is actually happening within this den of villainy, and the actual sources of the money involved.

When you consider what goes on with regulated, public companies and the public equity markets… You just can’t believe the nonsense.

But this…

This is extremely weird.

What’s that, Treasury Secretary Henry M. Paulson is a former Goldman Sachs chief executive!!!???

That’s right.

The money is so dirty now, the gains so ill-gotten, that the most diabolical of ALL Wall Street firms needs to create a PRIVATE exchange because the existing bogus securities laws (WorldCom, Enron, blah blah) are too cumbersome and time consuming!?

Watch this space; if you dare.

Via: Wall Street Journal:

Goldman Sachs Group Inc. ranks as the most profitable securities firm on Wall Street — reflecting its mastery of trading on the world’s public markets.

Now Goldman is turning that franchise on its head, creating its own private system to trade the stocks of companies that don’t want the scrutiny and regulatory burdens of going public.

The new system, GS TRuE — short for Goldman Sachs Tradable Unregistered Equity — was announced two weeks ago and made its debut on Monday with an $880 million sale of a 15% stake in Oaktree Capital Management LLC, an alternative-investment manager.

It is the first of several new, private exchanges like these being considered by Wall Street firms and others. Nasdaq is also planning its own new market for smaller, unregistered securities.

These markets will generally be closed to individual investors. For instance, Goldman’s market is open only to large institutional investors with assets of more than $100 million. That is because the stocks traded on GS TRuE aren’t registered with the Securities and Exchange Commission and issuers aren’t subject to SEC regulations designed to protect individual investors.

It represents the latest step in the creeping exclusion of individual investors from a growing proportion of financial-market activity. For instance, giant private-equity firms are busy buying public companies and delisting them from stock exchanges. The growing importance of hedge funds — which are generally limited to wealthy investors, institutions and endowments — also excludes individuals.

The new system is “a manifestation of the growth of private-equity relative to public equity,” said Jay Ritter, a finance professor at the University of Florida in Gainesville, pointing to the record-setting pace of private-equity buyouts of public companies recently. (For more on Goldman’s product, see Breakingviews column.)

[link to cryptogon.com]


tomato
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05/27/2007 01:34 PM
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Re: Goldman Sachs Creates Private Stock Exchange for Unregistered Securities, Clients with $100 Million Minimum --HEDGE FUND HEAVEN
The link also has other articles and comments on this news.

One of the comments is profound as it refers this as a way to raid union and corporate PENSION funds.

"May 24th, 2007 at 11:47 pm
IMO, this is about raiding the multibillion dollar pension funds, the largest capital pool that (in theory) still belongs to middle class boomers. Just as the pension funds ate the lower tranches of the subprime CDOs, they are now going to be stuffed full of “unregistered equities” by GS. When the boomers discover they will retire as paupers..."
Unkka Karbunkka
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05/27/2007 03:47 PM
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Re: Goldman Sachs Creates Private Stock Exchange for Unregistered Securities, Clients with $100 Million Minimum --HEDGE FUND HEAVEN
The 'haves' gather up their illusions and build a fortress.

...same as it ever was,
same as it ever was...





GLP