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The Eagle

Goldman Sachs Is Going After The Pensions Now

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http://preview.bloomberg.com/news/2010-05-18/goldman-sachs-seeks-bigger-share-of-2-7-trillion-u-s-retirement-market.html

Goldman Seeks Bigger Share of U.S. Retirement Savings

Goldman Sachs Group Inc., fighting a fraud lawsuit from U.S. regulators who accuse the company of misleading investors, is trying to convince more Americans to trust the firm with their retirement funds.

The New York-based company is promoting alternative asset funds and designing target-date funds that provide guaranteed income to grab a bigger piece of the $2.7 trillion 401(k) market, said Bill McDermott, a managing director at Goldman Sachs Asset Management and head of its defined-contribution business.

“We understand risk and we understand asset allocation,” said McDermott,[...]

[...]

“When a client gives us their money and their assets to manage, we are 100 percent their fiduciary, we must manage their money in the most prudent fashion possible using our best judgment possible,” Goldman Sachs President Gary Cohn said[...]

Aren't they making enough money already? :ph34r:

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I think it would be very different after the Moulton accusations for banks to get customers to trust that they are working in the interests of the customer.

I think that perhaps there should be a list of types of institution that should not run trading in their own right to make money:

Start with banks that are giving out loans to companies - HBOS came apart because rather than hedging their risk, they added to it by going long on the companies they loaned to (correct me if this is a misinterpretation). Similarly how would they have felt if it was their own trading desks that shorted companies they loaned money to (and subsequently brought those companies down)? to be clear, I am not talking about risk reduction here by way of insurance.

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The New York-based company is promoting alternative asset funds and designing target-date funds that provide guaranteed income to grab a bigger piece of the $2.7 trillion 401(k) market, said Bill McDermott, a managing director at Goldman Sachs Asset Management and head of its defined-contribution business.

Wait... what? :unsure:

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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