wealthwire.com / By Adam English / Wednesday, January 30th, 2013
Goldman Sachs, who Matt Taibbi of Rolling Stone memorably called a, “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,” is back up to its old tricks.
The day before Apple released its quarterly earnings report, lost $60 billion in market value and fell behind Exxon Mobil as the most valuable company, Goldman Sachs sold $30 million worth of structured bonds tied to Apple’s stock performance.
The same day, Bill Shope, Goldman’s Apple equities specialist, was predicting company shares would hit $760 in 2013. Two days later and a day after the earnings report, he revised his target down a whopping 20% to $600.
Unlike the housing bubble and collateralized debt obligations fiasco Taibbi referred to, there is at least some semblance of plausible deniability, whether by chance or design.