Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (22387)	2/28/1999 5:20:00 PM
From: Lucretius	Respond to of 86076

No such thing as gloom and doom, tip. besides... looks like my broker is going to cash in: Of course, if I were a bear... I'd call this a sell signal and buy more gold for this week's upcoming explosive rally... but alas I am not a bear -g- Sunday February 28, 3:45 pm Eastern Time Goldman Sachs to go public as early as May -report NEW YORK, Feb 28 (Reuters) - Goldman, Sachs & Co., the last big private partnership on Wall Street, is planning to convert itself into a public company possibly as early as May, according to this week's New Yorker magazine available on Monday. Goldman is expected to sell between 10 and 15 percent of its equity to the public, and the stock issue is likely to raise $3 billion-$4 billion, making it one of the biggest initial public offerings seen in this country, The New Yorker reported. The article said that most Wall Street analysts had expected Goldman to wait at least until late summer before proceeding with the sale, but that people close to the firm say that Goldman's chairman, Henry ''Hank'' Paulson Jr., and his colleagues are eager to get it quickly behind them. The announcement is likely to come sometime in March, when Goldman releases its results for the last quarter, the magazine said. The firm will then have to file a registration statement with the Securities and Exchange Commission and wait at least six weeks before carrying out the sale. Paulson and chief operating officers John Thornton and John Thain insist they are now fully committed to the stock offering, despite having either opposed or not supported the idea as recently as last year, The New Yorker said. Goldman's decision to end its status as a freestanding investment bank caps a string of similar moves and mergers in recent years. Between 1996 and 1998, Morgan Stanley merged with Dean Witter, and Salomon Brothers merged with Smith Barney and then the combined firm merged with Citicorp. Also, Merrill Lynch bought Mercury Asset Management, a large British firm. The article said partners from the 1996 class earned about $6 million each last year, while senior executives reaped upwards of $20 million apiece. Going public will bring top Goldman managers equity stakes worth more than $150 million each, with even junior partners receiving more than $15 million. In a recent survey of MBA students, Goldman was deemed the nation's most desirable place to work. Despite the 16-hour days regularly put in by most employees, staff turnover at Goldman is the lowest on Wall Street, about 3 percent a year, the magazine said.