Goldman's Slick BP Sale

I apologize for the lack of posts recently, but I have been promoted in the business section and my time is at a premium until I get my legs under me. And yes I am still on top of JPM and its precious metals troubles.

Please see new post below.


The smartest guys in the room strike again: Goldman Sachs liquidated more than half of its position in BP just prior to the Gulf oil spill on April 20 of this year, according to Securities and Exchange Commission filings.

The excellent call came just after Goldman Sachs International Chairman Peter Sutherland stepped down from the BP chairmanship last December, when he was replaced by former Ericsson chief Carl-Henric Svanberg effective January 1.

Between January and March of this year, Goldman sold 4.9 million shares, or 57.8 percent, closing out whole positions in three of its biggest funds, according to SEC filings.

BP shares were averaging $57 a share for the first quarter, rising for most of 2009 from a low of $35 in March of the year. BP shares closed Friday on the NYSE at $31.76.


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