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NY muni loss bruises Goldman. (Goldman Sachs & Co. municipal bond bankers' losses)
Crain's New York Business, August, 1996 by Willis, Gerri
May lose top rank; Pru bolstered For Goldman Sachs & Co. municipal bond bankers, July 26 was Black Friday. On that day, its public finance department lost the prestigious New York City general obligation account and was dropped from the underwriting team of the Local Government Assistance Corp., a lesser-known state issuer with which the firm had worked for six years.
Industry insiders describe Goldman's losses as a crack in the facade of the firm, which dominated the business during the first half of the year as the No. 1 underwriter of municipal bonds. Coming after a period when Goldman lost several top bankers, its failure to hold on to the city's account raises questions over whether the firm can keep the lead spot. Although Goldman Sachs did manage to win...
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