CBNC reports that over the weekend, a British newspaper reported “for the first time” that Lansdowne Partners, the London hedge fund that manages $16 billion in assets, had sold off its entire stake in Goldman at one point worth roughly $850 million.
Calling the sale a “blow” to the firm, the article, which appeared in the Telegraph, added that Lansdowne’s sale partly reflected concerns that the U.S.’s new Volcker Rule, still being fleshed out as part of last year’s Dodd-Frank financial regulatory-reform act, would crimp trading profits too drastically. Early Monday, the New York Post picked up the story.
Goldman shares opened higher in the morning, but lost steam during the course of the day, trading at about $134 by the last hour of Monday’s trading day. As it turns out…
Read the rest at http://www.cnbc.com/id/43975628
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