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Goldman Sachs, The Sulking Boy

Power makes you do silly things. What, you did not include Goldman Sachs in your mega-IPO?? What a travesty! I will teach you all a lesson then. We are Goldman Sachs, we can make or break you, just you watch, don't you know we get a slice of all major deals globally or were you born yesterday. We can even get our government to bailout the very companies who then graciously promptly pay us back with the bailout funds.

Goldman Sachs, which ranks first in managing global share sales this year, is sulking after it didn't get an invitation to Glencore's coming-out party.

The giant Switzerland-based commodities trader is set for a dual listing in Hong Kong and London and may raise as much as US$12.1 billion (HK$94.38 billion). But Goldman is the only one of Wall Street's big investment banks not to be included in the syndicate of nine handling the float. The syndicate is expected to share in a large cake - US$300 million in fees. Goldman was left out because Glencore's board felt there was "no need" to involve it.

So, what did Goldman Sach do ... Goldman said last week that the risks of investing in commodities outweigh potential gains, dropping its recommendation to buy a basket of raw materials including crude oil, copper, cotton and platinum.

"Sell oil, cotton, copper, soybeans and platinum!" urged the commodities oracles at Goldman Sachs, in a surprise note last week.

Well, do you know why Goldman Sachs was left out? I guessed its because Glencore is a huge commodities trading outfit, and Goldman Sachs is also the world's biggest trading unit in everything, including wayward human souls. I am sure they have crossed swords many times in the past, loading big, unloading big positions and is bound to ruffle each other's gilded gold feathers. You fuck me every now and then as a trading competitor, and now you want a share of my US$300m fees in my IPO, go fly your own kite Goldman.


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