Three analysts at Goldman Sachs just took the prize for the most profitable trade in history. In the wake of Goldman’s earnings statement yesterday, we’ve come to learn that a trio of traders -- none over 40 years old -- were all but single-handedly responsible for keeping Goldman’s head above water in 2007.
Long story short, the three shorted the subprime market like no other market has been shorted before… to the tune of over $4 billion in profits. Proceeds from the trade were wiped out thanks to bad bets elsewhere in the firm, but this gamble will still go down as the most successful of all time (ousting George Soros’ $1.1 billion gains from shorting the pound in 1992).
And good deeds don’t seem to go unnoticed at Goldman Sachs… each of the three men are reportedly getting $10 million bonuses this Christmas.
Long story short, the three shorted the subprime market like no other market has been shorted before… to the tune of over $4 billion in profits. Proceeds from the trade were wiped out thanks to bad bets elsewhere in the firm, but this gamble will still go down as the most successful of all time (ousting George Soros’ $1.1 billion gains from shorting the pound in 1992).
And good deeds don’t seem to go unnoticed at Goldman Sachs… each of the three men are reportedly getting $10 million bonuses this Christmas.
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