The former personal assistant to Goldman Sachs #2 David Solomon now faces federal charges for “borrowing” some really rare wine from his boss.
The defendant was arrested for stealing hundreds of bottles of wine, including 7 bottles of highly sought-after vino from the French estate Domaine de la Romanée-Conti.
The heist reads like a metaphor for the big bank itself: much like Solomon, Goldman Sachs is old, powerful, and losing tons of money.
Goldman is now one of the worst-performing major banks
Their once wolf-like, power suit-clad trading division has fallen from grace, after a reportedly disastrous Q4 in 2017 that generated just $1B in revenue — a number they pulled in every 10 days back in 2009.
Also, the firm endured a $4.4.B tax charge (from the US tax cuts signed into law last year), putting a $1.93B quarterly loss on the books — their largest in 6 years.
But, like David Solomon, they’ll be juuust fine
Many experts believe these hard times for Goldman and other poor big banks are likely to be a “one-off.”
Thanks to the new corporate tax boost signed into law in December, firms like Goldman should up their earnings by “billions” next year and in the years to come.
So, save your crocodile tears for the poor wine collector… much like GS, his cellar of rares should be back up in no time.