So simple the usa cannot scrutinize the very people who have us believe they are sacroscant
* September 27th: Secondary prices at $9.65 per share. The company said later that it expected to net $785.8 million on gross sales of $810.6 million. Ex-expenses, that leaves about $25 million in fees to presumably be split among the lawyers and bankers behind J.C. Penney's secondary. The lead underwriter on the deal was Goldman Sachs.
Nobody is suing Goldman over their involvement with J.C. Penney. If asked Goldman would certainly point to the "Chinese Wall" between analysts and underwriting. The cause and effect relationship between Goldman's "underperform" rating on J.C. Penney's debt, the stock's steep drop and J.C. Penney feeling the need to sell shares more than 20% below where the stock was trading just a week prior can not be proven.
As separate entities Goldman's research and underwriting are technically unrelated. As a collective, Goldman Sachs is just doing what CEO Lloyd Blankfein once famously called "God's work." Goldman birthed a debt product, killed a stock and created millions in underwriting fees. Glory and fees be to Goldman, J.C. Penney and its shareholders get stuck with losses and lawsuits.
Yesterday shares of J.C. Penney closed at $8.72; off 26% since the close on September 24th.
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