In 2010, Goldman’s trading activity through September, front-running its own clients, were responsible for at least, but probably much more than 30 percent of its earnings, according to the SEC filing.
Wall Street giant Goldman Sachs generated at least 18 percent of its revenues last year through trading and investing for its own benefit, according to a regulatory filing made Tuesday detailing the first nine months, flatly contradicting the firm's previous claims that such speculative activity made up a much smaller slice of its business.
In recent months, as Goldman has fended off widespread accusations that it has become the leading example of the gambling culture permeating Wall Street -- placing bets for its own profit rather than engaging in old-fashioned banking services -- the company has insisted that trading made up no more than one-tenth of its revenues.During a conference call last year, the firm's chief financial officer, David Viniar, described the company's private trades as comprising "10-ish type of percent" of its total revenues.
But the company's disclosures filed Tuesday with the Securities and Exchange Commission revealed that trading and investing comprises almost twice that percentage.
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