Word: goldmans
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...midst of an economic boom, corporate downsizings were rampant - and how each time a company announced a major layoff, its stock rallied. What she found from her perch at Bankers Trust - and later in interviews with people at firms such as Morgan Stanley, Merrill Lynch, Lehman Brothers, Goldman Sachs, JPMorgan, Salomon Brothers, Kidder Peabody and Lazard - was that it wasn't just an ideological commitment to boosting shareholder value that drove decisions to merge, break up and restructure companies, but also the work culture of Wall Street itself. Ho, now a professor at the University of Minnesota, talked with Barbara...
...Banks are seeing some light in their trading operations (Goldman Sachs is a star performer in that category), there's more mortgage-refinancing happening, and credit-card problems may be bottoming - all good stuff, say Goldman's strategists. But there's another important reason the earnings for S&P financial stocks are looking better: many of the sickies are gone from the index, including Lehman Brothers, Fannie Mae and Freddie...
...Investors may respond with huge cheers to the new earnings forecasts, but Goldman Sachs is not so ebullient. In fact, the firm goes to great lengths to point out the distortions to its growth projections and adds that without the GM effect, the consumer-discretionary stock group would see a far more modest 17% growth next year - not bad, but no blowout...
...other sobering note in Goldman's bullish report today is the clearly stated anxiety over next year's economy. "Although our current economic outlook is for below-trend growth through 2010, the risk of a 'double-dip' recession remains significant," the report notes. That said, Goldman Sachs raised its year-end price target for the stock market 13%, sending a strong message to institutional investors to not sit on their hands, even in the face of major uncertainties. Among the stock groups Goldman favors: energy, basic materials, financials and technology...
Fear is understandable in a country that feels like a "baroque game of chess played with bodies," says Francisco Goldman, whose book The Art of Political Murder details the 1998 assassination of Catholic bishop Juan Gerardi, who was bludgeoned to death after issuing a report on army massacres during the civil war. In a nation where just 2% of last year's 6,200 murders were solved, "impunity opens doors to murderous imaginations," says Goldman...