CNBC Mentions Rumor Goldman (GS) Could Have Been Involved In Volkswagen Trade

October 28, 2008 10:36 AM EDT
CNBC's David Faber said one of the reasons Goldman Sachs (NYSE: GS) could be down today is a rumor the firm was involved with the 'Short Volkswagen' trade, which has blown-up on a massive short squeeze. Faber said he doesn't know if there is any truth to this.

The short squeeze in Volkswagen, triggered by news Porsche plans to raise its stake in the automaker, pushed the value of Volkswagen as high as $370 billion, above the market cap of Exxon Mobil (NYSE: XOM).

Shares of Goldman Sachs are down 8% currently to $85.29.

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