Goldman Wealth Datapoint of the Day

By Reuters Staff
March 17, 2009

Truly the recession is biting:

One former Goldman partner estimated that a quarter of the bank’s roughly 100 partners are now worth $5 million or less because of losses on their company stock and other investments.

The good news is that Goldman is letting them borrow money against their future income, which is going to be substantial, even if it doesn’t ever regain the giddy heights of the past few years. But still, less than $5 million? There are lawyers who are worth more than that!

Reprinted from Portfolio.com

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