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BHS collapse: Goldman Sachs is left looking foolish

Discussion in 'Market News' started by Lily, Jun 29, 2016.

  1. Lily

    Lily Forum Member

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    Bankers were gullible if they couldn’t spot the danger that their ‘observations’ about risks might be over-interpreted as approval of a deal with Chappell

    It is a remarkable thing to say about Goldman Sachs but, to judge by vice chairman Michael Sherwood’s shrunken and apologetic demeanour in front of MPs, he knows it himself: the investment bank was a naive fool in the BHS debacle. And that’s the generous interpretation of events.

    Sherwood arrived in Westminster repeating colleague Anthony Gutman’s previous line that Goldman had only a walk-on role in Sir Philip Green’s disastrous sale of BHS to thrice-bankrupt Dominic Chappell. The bank wasn’t engaged formally by Green as an adviser and had declined to be so. It didn’t earn a penny in fees. Its job was merely to provide informal observations. And – most importantly - Goldman never told Green it was OK to proceed with Chappell, said Sherwood.

    Related: Goldman Sachs banker apologises to MPs for not disclosing BHS talks

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