Michael Lewis: ``Goldman Sachs is doomed''
Michael Lewis believes Goldman Sachs will be unable to recover from the SEC case and its disastrous PR. ``This is a prediction that is going to come back and haunt me, he told CityAM, ``but I think that Goldman Sachs is doomed.`` ''I don't think that in its current form it can survive,`` he continued. ''We could be looking at four to five years, but the proprietary activities will split off, those people will end up in their own hedge fund -- that is if new regulation doesn't forbid it anyway.''
Goldman is trying its best to cover up the losses that it made during currency betting and other similar trades for which it took $1.3 billion from Libya's sovereign-wealth fund in early 2008.