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Goldman Sachs sold $250 million of BP stock before spill

Goldman Sachs sold $250 million of BP stock before spill Search Follow us! By John Byrne
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sold $250 million of BP stock before spill Search Follow us! By John Byrne 23 Wednesday
By John Byrne 23 Wednesday , June 2nd , 2010 -- 10 :12 am 905
By
John Byrne
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Wednesday ,
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2nd ,
2010
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10 :12
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Firm's stock sale nearly twice as large as
any other institution; Represented 44
percent of total BP investment
The brokerage firm that's faced the most
scrutiny from regulators in the past year over
the shorting of mortgage related securities
seems to have had good timing when it came
to something else: the stock of British oil
giant BP.
According to regulatory filings,
RawStory.com has found that Goldman
Sachs sold 4,680,822 shares of BP in the
first quarter of 2010. Goldman's sales were
the largest of any firm during that time.
Goldman would have pocketed slightly more than $266 million if their holdings were sold at the

average price of BP's stock during the quarter.

If Goldman had sold these shares today , their investment would have lost 36 percent its value, or $

96 million. The share sales represented 44 percent of Goldman 's holdings -- meaning that Goldman's

remaining holdings have still lost tens of millions in value.

The sale and its size itself isn't unusual for a large asset management firm. Wall Street brokerages

routinely buy and sell huge blocks of shares for themselves and their clients. In light of a recent SEC

lawsuit arguing that Goldman kept information about a product they sold from their clients, however,

the stock sale may raise fresh concern among Goldman 's critics. Goldman is also a frequent target of

liberals and journalists, including Rolling Stone's Matt Taibbi, who famously dubbed the firm a "vampire squid."

Story continues below

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 2

Two calls placed to Goldman Sachs' media office in New York Wednesday morning after US markets

opened were not immediately returned, though Raw Story decided to publish the story quickly after

the calls since the stock sale had been already noted online.

Others also sold stock

Other asset management firms also sold huge blocks of BP stock in the first quarter -- but their sales

were a fraction of Goldman 's. Wachovia, which is owned by Wells Fargo, sold 2,667,419 shares;

UBS, the Swiss bank, sold 2,125,566 shares.

Wachovia and UBS also sold much larger percentages of their BP stock, at 98 percently and 97 percent respectively.

Wachova parent Wells Fargo, however, bought 2 .3 million shares in the quarter, largely discounting

Wachovia's sales.

Those reported buying BP's stock included Wellington Management, a large asset firm, and the Bill

and Melinda Gates Foundation.

BP is struggling to cap a massive oil leak at one of its drill sites in the Gulf of Mexico. The firm's

myriad safety violations over the years have come to light in lieu of the Gulf disaster.

BP traded on average at $56.86 in the first quarter, according to GuruFocus, a site that monitors the

major trading moves of prominent investors. A list of major institutions' sales of BP stock are available

at the market research website Morningstar.

It 's certainly unknown as to why the firms sold their holdings. In its analysis of the company in mid-

March, Morningstar, the market research site, gave the company an average rating of three out of a

possible five stars.

"BP's valuation carries more uncertainty than ExxonMobil's or Shell's because the firm is less

integrated, with more of its earnings coming from the [exploration and production] business than from potentially offsetting refining operations," the site's analyst wrote. "Like its peers, a sustained drop in

oil and gas prices can hurt upstream earnings. Lower crude-oil feedstock costs could help refining

margins, but refined product pricing lags could quickly swing refining profits to losses. BP's global

business faces potential disruptions caused by political risks, particularly with its heavy exposure to

Russia. Disruptions caused by environmental and operational constraints could further limit earnings potential."

constraints could further limit earnings potential." The transnational oil company, like other energy giants, was

The transnational oil company, like other energy giants, was hit with lower oil and gas prices in the

past year after the price of oil surged in 2008.

"BP's fourth quarter marked another quarter of year-over-year production gains, with a 3 % increase

thanks to new field startups," Morningstar's analyst wrote in another note, after BP turned in better than expected fourth quarter results in February. "BP reported fourth-quarter replacement cost profit

of $ 3.4 billion, up 33% from year-ago earnings of $2 .6 billion, as upstream earnings growth was

more than enough to offset downstream weakness. For the full year, BP's earnings of $14 billion

were 45% below year-ago earnings of $26 billion, in part because of lower oil prices earlier in the

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 3

year. We're encouraged by BP's sequential earnings gains as new projects and cost-cutting efforts

drive upstream results."

The SEC filed a civil lawsuit against Goldman Sachs and one of its vice presidents in April, asserting

that the firm had committed fraud by misrepresenting a mortgage-investment product inherently designed to fail. The company helped a hedge fund trader create a mortgage investment that gained

value as mortgage borrowers defaulted en masse.

In response, Goldman said the SEC's charges were “completely unfounded in law and fact” and

averred that it would “vigorously contest them and defend the firm and its reputation.”

The firm has also faced criticism over giant bonuses paid to staff amidst the US financial crisis. Goldman reduced the sizes of its staff bonuses this year to $16.9 billion, and said it would pay its

chief executive $9 million, far less than the previous year.

Goldman also announced it would create a $ 500 million program to help small businesses. Critics

noted that the figure represented just 3 % of the bonus pool.

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figure represented just 3 % of the bonus pool. ADVERTISEMENT Petitions by Change.org | Get Widget

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Sort by Popular now Subscribe by email Subscribe by RSS W h a t T h

What The?

4 hours ago

email Subscribe by RSS W h a t T h e ? 4 hours ago lilyannrose

lilyannrose and 12 more liked this

hmmm, saw this posted on Huff Post, didn't take it seriously at first:

If I shorted Gulf stocks the day before this platform explosion and bought a company that puts out oil well fires

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 4

the week before, I'd have the FBI at my door within hours.

Cheney' s Halliburton bought a company called Boots & Coots which became well known for putting out some of the world' s largest oil and gas fires. 8 days before the disaster http://www.chron .com/ disp/story.mpl/

business/69

Goldman Sachs shorted the Gulf Oil stocks the day before the accident http://www.examiner.com/x-8199-

Breakthrough-Ene

http:

Cementing of the oil rig well was finished only 20 hours before the explosion http:// www.npr. org/templates/

story/ story.php?st

BP sent workers from the well head testing company home 11 hours before the explosion on April 20 --

"without performing a final check http://www.huffingtonpost.com/2010/05/20/bp-smo

A team from Schlumberger, which is highly regarded for their safety, asks a BP company man to use the Cement Bond Log (CBL) to dump fluid down the well and BP' s company man refused. Schlumberger rep

decides to leave citing safety issues but only if they called in their own transport as BP rep would not let

Schlumberger leave on a BP Chopper. http: //adropofrain. net/2010/ 05/rumor-schlumberg

Chopper. http: //adropofrain. net/2010/ 05/rumor-schlumberg t o g o o d t o b e t

to good to be true

2 hours ago

in reply to What The?

Like Reply I am Lori Girl! and 3 more liked this
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Reply
I am Lori Girl! and 3 more liked this

what a coincidence! goldman must be the best investors ever! sounds fishy eh?

B r a d G Brad G

2 hours ago

in reply to What The?

Like Reply 3 people liked this.
Like
Reply
3 people liked this.

Halliburton?? LMAO. This is NOT a "oil and gas fire ", Einstein. Better to ask the Obama White House,

which has very longstanding and intimate ties with Goldman Sachs.

 
 

Like

Reply

C a r y n 1 minute ago in reply to Brad G

Caryn

1 minute ago

in reply to Brad G

Do you really expect an honest answer from them?

 
a r y n 1 minute ago in reply to Brad G Do you really expect

Like

Reply

expect an honest answer from them?   Like Reply M a r k 1 hour ago

Mark

1 hour ago

in reply to What The?

2 people liked this.

OK, first Halliburton started getting Gov contracts from LBJ, and Cheney was never more than a high

paid consultant. The main difference, Haliburton already had contracts with government when Cheney entered office (dating back 60 years ) and Cheney was not a Senator that got the contract.

http: //newsmine.org/ content.php?ol=cabal-elite /

.

Who from Goldman has been spending time at the White House with POTUS?

http: //www.mcclatchydc .com/ 2010/04/21/92637/gol

I know you really want this to be a Republican/Big Coporate conspiracy, but what do they really have to

gain? Yet, the Obama adminstration has tons to gain from this . They can now revers the off shore drilling approval that so upset their radical enviromental wing. They can go after BP to appease the anti-

capitalist wing of the liberal democratic party. And the photo ops are never ending.

So if you want to go down the conspiracy road, look at the people who would most likely be involved and

QUIT BLAMING BUSH.

Was I better off unde Bush than Obamanation? YES!!!!!!!

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 5

 

Like

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  S c o t t T e m p l e m a n 2

Scott Templeman

2 hours ago

in reply to What The?

 

2

people liked this.

 

Wow! You should compile these into a blog post, good stuff!

 
 
 

Like

Reply

 
  r t s 1 1 1 51 minutes ago in reply to What The?  

rts111

51 minutes ago

in reply to What The?

 
 

1

person liked this.

 

As I have said from the very beginning of this disaster: Cheney and his ilk view oil-based disasters like this as a military asset that can be used to confound market prices and offer a great distraction for the

 

dubious activities going on in the Middle East.

 

Front companies for the oil industry itself will make a bundle cleaning the spill and appropriating land,

 

which they will sit on for several years before reselling at a huge profit.

 

As a crowning achievement for the military industrial complex, they will probably use a small nuclear

 

device to eventually close the well to the cheers of coastal residents , acclimatizing the American people regarding the safe use of nukes. At the same time Israel will attack Iran using small nuclear bunker

buster armaments and the American people who will have paid for the mass slaughter of innocent Iranian citizens will think it cannot be as bad as they say. Welcome to Cheney’s Inferno.

 
 

Like

Reply

 
  M a t t 1 hour ago in reply to What The?  

Matt

1 hour ago

in reply to What The?

 
 

1

person liked this.

 

Goldman Sachs also owns Corexit, the 100% toxic and only 54% effective dispersant that is being used

 

to try and clean up this mess . hmmm

.

 
 
 

Like

Reply

 
  H M 1 hour ago in reply to What The?  

HM

1 hour ago

in reply to What The?

 
 

1

person liked this.

 

Who owns Haliburton??? Morons.

 
 
 

Like

Reply

 
  t r u t h f o o l 2 hours ago in reply to

truthfool

2 hours ago

in reply to What The?

 
 

1

person liked this.

 

thanks for links

 
 
 

Like

Reply

m a r b l e x 2 hours ago

marblex

2 hours ago

 
CaptainHowdy and 6 more liked this

CaptainHowdy and 6 more liked this

 

Good timing, my ass. I told you this oil dump was deliberate and intended to cause chaos

. and it

will . Fuel

prices will skyrocket mid july as the food supply sharply declines. Add to that millions of Americans whose unemployment benefits run out at that time (gee, thanks congress ); growing homelessness among former

members of the middle class , and you have DISASTER.

 

This event is another in a series of events designed to loot the USA of all its wealth.

 

Guess what? It' s working.

 
 
 

Like

Reply

 
  S t o p W h i n i n g A l r e

StopWhiningAlready

1 hour ago

in reply to marblex

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 6

You can 't be serious. Actual costs to date are a Billion and climbing. Decrease in equity due to the fall in the share price is more than $30B. Any ability to drill in deep water in the near future is out of the

question and will not happen in the foreseeable future, the cost of which is in the tens of billions of dollars not to mention the related cost of clean-up and likely thousands of legal assaults they will have to

defend at $300+/hr. The company, which was one of the stongest companies on the planet prior to the

spill may not survive this (Remember Exxon BEFORE Mobile purchased it at a hefty discount ???). How stupid are you???

purchased it at a hefty discount ???). How stupid are you??? r t b 6 1

rtb61

59 minutes ago

in reply to StopWhiningAlready

r t b 6 1 59 minutes ago in reply to StopWhiningAlready Like Reply Keep in

Like

Reply

Keep in mind corporate executives are not the corporation, they simply run the corporation to

enrich themselves regardless of the consequences for everyone else including investors, workers

and customers. Time and time again, it is clearly being demonstrated that corporation are not being run with the intent of promoting stable profits and a secure future for the corporate but as a means

by which to maximise the income of the corporate executive management team (as a conspiracy). Golden parachutes , after large bonuses inflated by short term profits that lead to company collapse

are becoming all to regular. Executives commit the crimes to enrich themselves but it is

shareholders (the unknowing ones) that lose money and end up paying the fines, whilst the conspiring executives walk away protected by the lobbyists and politicians they bought off in the

first place with shareholder money. Real long term planning and extensive conspiracies were required to bring all of this about especially when combined with legislated deregulation that enabled

it all to come about.

legislated deregulation that enabled it all to come about. freebird 1 hour ago Another trail of

freebird 1 hour ago

Another trail of bodies, so to

.that cannot be directly connected

or

can

it ?

Like Reply 5 people liked this.
Like
Reply
5 people liked this.

I think we had better keep our eyes on this, the appointments of BP execs to enegy govt. positions

RECENTLY, the u-turn on drilling by the ONE so neatly and recently, etc.

I am sorry but it just all smells.

And it 's always SOOOOO convenient. Like the crash just before the election.etc. etc. etc. Am I getting overly paranoid here ???

etc. etc. Am I getting overly paranoid here ??? P a i n f u l

PainfullyAware

34 minutes ago

in reply to freebird

l l y A w a r e 34 minutes ago in reply to freebird Like

Like

Reply

It seems convenient that this happens when financial reform is being debated => Wave one hand while the other acts nefariously ???

The Financial Reform Bill is actually the Financial Rearrangement Act. => Too Big To Fail left intact, The

Derivatives that caused the whole fiasco are left untouched and are still being originated, The Fed audit

is not much more than the Bloomberg Freedom Of Information Act request; the timing and results seem

a bit more than coincidental to me .

To Assume Benevolence Is Foolish.

i m w c imwc

3 hours ago

. To Assume Benevolence Is Foolish. i m w c 3 hours ago Like Reply  

Like

Reply

 

7

people liked this.

another inside job that won `t be investigated (properly)

!

 
 

Like

Reply

G u n n y G 1 hour ago

GunnyG

1 hour ago

 

4

people liked this.

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 7

IMPEACH OBAMA!

I CAN SEE NOVEMBER from here!

IMPEACH OBAMA! I CAN SEE NOVEMBER from here! not fooled 2 hours ago Like Reply 5

not fooled 2 hours ago

Like Reply 5 people liked this.
Like
Reply
5 people liked this.

hey, all of you idiots who love obama! guess what? goldman sachs OWNS that lying puppet scumbag. who do

you think put him in office? do some research.

who do you think put him in office? do some research. L y m a n

Lyman

2 hours ago

in reply to not fooled

It's only the morons who love Obama . The idiots loved Bush.

G u n n y G GunnyG

1 hour ago

in reply to not fooled

Like Reply 3 people liked this. Like Reply 2 people liked this.
Like
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3 people liked this.
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2 people liked this.

BINGO! These obomunists are too busy drinking the feces filled kool aid to see the truth.

G u n n y G GunnyG

1 hour ago

The COMPLETE list of Obomunists who are IN the Obummer Regime .

http: //seminal.firedoglake. com/diary/43559

A lot of corruption in this regime.

com/diary/43559 A lot of corruption in this regime. G u n n y G 1 hour

GunnyG

1 hour ago

Like Reply 3 people liked this. Like Reply 3 people liked this.
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3 people liked this.
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3 people liked this.

Hey LIBMORONS , WHO worked for Goldman /Sachs and is in the White House as former lobbyists?

The list of former Goldman Sachs employees holding top positions in the Obama administration includes:

• Mark Patterson, a former Goldman Sachs lobbyist, who is the chief of staff to Treasury Secretary Timothy Geithner (himself the former president of the Federal Reserve Bank of New York).

• Reuben Jeffery III, former managing partner at Goldman Sachs, who holds the post of undersecretary of state for economic, business, and agricultural affairs .

• Neel Kashkari, former Goldman Sachs vice president, who is the assistant secretary of the treasury for

financial stability, responsible for administering the TARP funds.

• Dianna Farrell, former financial analyst at Goldman Sachs , who serves as deputy director of the National

Economic Council.

Rahm Emanuel as well. Oh, and Elena Kagan ALSO worked for Goldman/ Sachs.

as well. Oh, and Elena Kagan ALSO worked for Goldman/ Sachs. Z i p S i

Zip Sixenstein

47 minutes ago

in reply to GunnyG

i x e n s t e i n 47 minutes ago in reply to GunnyG

Like

Reply

The guy in who is charge of delegating money from the TARP fund is named Kash n' Kari?

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 8

 

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F a t F i n g e r 16 minutes ago in reply to

FatFinger

16 minutes ago

in reply to Zip Sixenstein

 
 

hahahahahah Kash n' Kari. How appropriate

 
 
 

Like

Reply

FactChecker 1 hour ago  

FactChecker

1 hour ago

 
 

3

people liked this.

 

Soooo, does this mean the reports out of Russia right after the platform disaster are true and not just a rumor? A North Korean sub blasted a platform made by South Korea? Any thoughts ?

 
 

Like

Reply

m a t t 4 hours ago

matt

4 hours ago

 
  NadePaulKuciGravMcKi and 4 more liked this  

NadePaulKuciGravMcKi and 4 more liked this

 

Reminds me of the Put Options and short selling done to United and American Airlines before 9/11.

 
 

Like

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  A z a z e l 4 hours ago in reply to matt

Azazel

4 hours ago

in reply to matt

 
  NadePaulKuciGravMcKi and 4 more liked this  

NadePaulKuciGravMcKi and 4 more liked this

 
 

Yes but the 9/11 commission said that those transactions were not related to the terrorists.

 

LMAO!!! Yeah, they were related to the US Government !

 

9/11 was an inside job!

 
 

Like

Reply

 
  N a d e P a u l K u c i G r a

NadePaulKuciGravMcKi

1 hour ago

in reply to matt

 

1

person liked this.

 
 

Alvin Bernard "Buzzy" Krongard

 

A. B. Krongard CIA

 
 

Like

Reply

bigdaddyvike 2 hours ago  

bigdaddyvike

2 hours ago

 
 

2

people liked this.

 

this reeks of impropriety.

 
 
 

Like

Reply

dennycrane 5 hours ago  

dennycrane

5 hours ago

 
 
markusgarvey and 2 more liked this

markusgarvey and 2 more liked this

 

Hmmm, is "Cleo" from the "Psychic Hotline" still around? Was this just a lucky guess?

 
 
 

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  p e t e r l a w r e n c e 2 hours

peterlawrence

2 hours ago

in reply to dennycrane

 
markusgarvey and 3 more liked this

markusgarvey and 3 more liked this

 
 

Are you asking "Could a short sell been in place that was based on executive information that something was going to happen just like 9/11 and the airline stock"?

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 9

I wouldn' t put it past them in the world of disaster capitalism. The next
I wouldn' t put it past them in the world of disaster capitalism. The next question might be, where did
they invest the money after they pulled it out of BP? Into a chemical dispersant company?
Like
Reply
MrComments
4 hours ago
in reply to dennycrane
leekinny and 2 more liked this
Yes, it was lucky. As the article says, they buy and sell these quantities ALL the time. They could just as
easily have bought and lost money.
No, that does not take away from the fact that they tanked the global market with criminal
behaviour
but
that is conspiracy FACT. Any notion that they had secret info about a spill, or created
the spill is conspiracy FICTION
or
more accurately
LOONEY TUNES
Like
Reply
Markov
3 hours ago
in reply to MrComments
4 people liked this.
You' re speculating. You have no idea whether or not the disaster was manufactured on purpose,
nor does anyone else here. Yet, you've taken the additional irrational step of reaching a conclusion
that anyone who questions the timing is insane. You might want to consider therapy.
Like
Reply
Atilla
1 hour ago
in reply to Markov
2 people liked this.
Come on Marky. Making a decision to sell short 44% of a banks holdings would get you a
reserved space in an unemployment line if the stock didn't take a huge shit the next day
.I
guess it is just coincidence that the average profit for Senators stock holdings held less than
6 months is near 50% and almost always return to a normal rate or less within a month of
selling them. No such thing as insider trading, no sir ! Insider trading is what the market is all
about. It is how the Ruling class steals the treasure of the working class .
Like
Reply
JB
1 hour ago
in reply to Atilla
Lets see
What other big planned event happened recently that would normally be
a huge media embarrassment but instead gets mostly drowned out by the Gulf leak.
Who' s to gain?
Like
Reply
MrComments
16 minutes ago
in reply to Markov
So let me see if I have this right. Many BP Executives were actually ON THE RIG when the
explosion occurred, and at the same time they planned it ? Riiiiiiiight.
BP has now been opened up to a potential takeover due to their stocks price tanking. This
was planned too?
Like
Reply
namewithheld
3 hours ago
in reply to MrComments
2 people liked this.
Well, now that MrComments has cleared that up, I guess I' ll just go back to watching Dancing with
the Stars.
Like
Reply

http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/

6/2/2010 2:55:17 PM

Goldman Sachs sold $250 million of BP stock before spill | Raw Story

Page 10

A t i l l a Atilla

2 hours ago

in reply to MrComments

1 person liked this.

They buy and sell short 44% of their investments, "All the time"? You moron ! they'd be bankrupt

instead of filthy rich

betting it was this much or more . Nothing is going to change until the center breaks and lynch

mobs desend on Wall St., C Street, and the churches .

.Does anyone know how much Goldman Sachs sold off on 9-10-01? I' m

know how much Goldman Sachs sold off on 9-10-01? I' m Like Reply M r C

Like

Reply

much Goldman Sachs sold off on 9-10-01? I' m Like Reply M r C o m

MrComments

10 minutes ago

in reply to Atilla

You must have missed this part of the article. Read much?

The sale and its size itself isn't unusual for a large asset management firm. Wall Street

brokerages routinely buy and sell huge blocks of shares for themselves and their clients.

Do YOU know how much GS sold off on 9-10-01? It' s a matter of record, and since you opened your mouth about it, tell us please.

You have comprehension and reality issues.

A z a z e l Azazel

4 hours ago

in reply to MrComments

So its all just a coincidence huh?

lol

people are so dumb and gullible.

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