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

To: NickSE who wrote (37756)	4/30/1999 11:34:00 PM
From: NickSE	Read Replies (1) \| Respond to of 86076

"...This is the not the first Goldman-Sachs IPO in history. In John Kenneth Galbraith's The Great Crash - 1929, (see pages 64 and 65) we read about the organization of the Goldman-Sachs Trading Corporation, which went public on 12/4/28, and about which at a later date Mr. Sachs testified before a committee of the United States Senate that the firm sold 90% of the stock to the public at a price of $104. After the 1929 Wall Street Crash (including a 2:1 stock split), the price of the stock ultimately fell to approximately 1 3/4. The Goldman-Sachs Trading Corporation (GSTC) was an investment trust, a forerunner of the modern mutual fund. According to Galbraith, Goldman-Sachs' stock lost 97% of its going-public value in the 1929 crash, less than a year after its public offering. Deja-Vu perhaps?..." geocities.com