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25 August 2009
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Goldman rewards biggest clients
The Wall Street Journal, Asia, Tuesday, August 25, 2009
Goldman rewards biggest clients – Advice from ‘trading huddles’ sometimes runs against the firm’s published research reports – Goldman Sachs Group Inc. research analyst Marc Irizarry’s published rating on mutual-fund manager Janus Capital Group Inc. was a lackluster “neutral” in early April 2008. But at an internal meeting that month, the analyst told dozens of Goldman’s traders the stock was likely to heads higher, company documents show. The next day, research-department employees at Goldman called 50favored clients of the big securities firm with the same tip, including hedge-fund companies Citadel Investment Group and SAC Capital Advisors, the documents indicate. Readers of Mr. Irizarry’s research didn’t find out he was bullish until his written report was issued six days later, after Janus shares had jumped 5.8%.
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