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Global Economics

Tom Keene's Econo Chat

What's the new-new with Goldman and the SEC suit?
It started out as a Goldman (GS) crisis and then kind of became an industrywide issue, not unlike what we've seen with Enron or WorldCom.

Are they going to settle out of court?
Of course. You don't want to be at war with your regulators. And when we met with Goldman, Goldman's management said it wanted a normal relationship with regulators. I think the issue is, when will the settlement come?

What's your (AB) price target on Goldman?
Over 200. [Goldman trades at 141.]

Are the banks still staggering quarter-to-quarter?
No, they're through the worst at this point. It certainly looks like we've got the economy recovering—and betting against the U.S. economy tends to be a loser's game. For the banks, I think the issue is what kind of exposure you have to Europe.

What is the best-run bank in America right now of the majors?
I think I'll go with Jamie Dimon of JPMorgan Chase (JPM). I think he's ridden a pretty good horse.

Is the old Wall Street going to come back?
It's going to take us another three years probably before we get back to where we were.

Keene hosts Bloomberg Surveillance 7-10 a.m., 1130 AM in New York, XM129, Sirius 130

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