Thursday's Headlines: Goldman's business appears immune from lousy reputation
Goldman's recent history of unsavory behavior has left a sour taste in investors' mouths - but that doesn't stop them from trusting the bank with their money, according to a recent Bloomberg poll . In a survey of traders, investors and analysts, 54% said they had a negative opinion of the venerable New York firm - double the unfavorable opinion rating for JPMorgan chase. However, just a month after a U.S. Senate report found that Goldman misled clients, 78% of those surveyed said the findings would not impact the firm.
The story quotes one person polled, who said, "Investors will continue to put their money with capable institutions, regardless of their history or morality ... [the bank has] very capable spin doctors who will be able to downplay any negativity."
That Raj Rajaratnam was found guilty of fraud and conspiracy is likely to embolden prosecutors who will shift their focus to expert networks. [Dealbook]
Goldman has signed a deal with the Beijing government to launch a yuan-denominated private-equity fund aiming to raise $769 million.[WSJ]
Hartford Financial Services is seeking buyers for its mutual-fund unit, which may fetch $1.5 billion or more. [Bloomberg]
The IMF says the fiscal crises in Greece, Ireland and Portugal could yet spread to other parts of eastern and western Europe. [WSJ]
BB&T is the most logical buyer for the $3 billion sale of RBC Bank. [WSJ]
Activist investors are attempting to wrest control of a Switzerland-listed private equity fund. [Financial News]
How to say no to the boss. [Fortune]