Monday August 13 – No precedent, no rescue, no clue?

For reporters on the call, Goldman CFO Viniar unwittingly supplies the headline: 'This is not a rescue'. Grateful sub-editors simply take out the word 'not'. The market has the same fear after the call that it had before: that somewhere out there lies a very large fund that the market disruption will bring down.

The week Wall Street went into meltdown

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The other big news over the weekend had been the departure of Karl Rove, political fixer for president George W Bush. Fixated on their own worries, Wall Streeters simply ignore this, focusing instead on a rare unscheduled announcement from Goldman Sachs.

Goldman kicks off the week by declaring that it is partnering with a group of outside investors including CV Starr, Perry Capital and Eli Broad, as well as others that do not wish to be named, to inject $3 billion of new equity into the $3.6

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