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john commented on the word bony box
"Mr. Blankfein, an inveterate worrier, beefed up his books in part by stashing more than $100 billion in cash and short-term, highly liquid securities in an account at the Bank of New York. The Bony Box, as Mr. Blankfein calls it, was created to make sure that Goldman could keep doing business even in the face of market eruptions."
The New York Times, Wall Street, R.I.P.: The End of an Era, Even at Goldman, by Julie Creswell and Ben White, September 27, 2008
September 29, 2008
john commented on the word bony box
"If all hell broke loose and Goldman's clients could not pay it a cent in compensation, the firm has sequestered its own Fort Knox, the so-called BONY box, more properly called the Global Core Excess Capital Account. The BONY box is named for the Bank of New York, where Goldman holds more than $50 billion in unencumbered government securities of the U.S., Germany, France and Japan--securities that could be instantly turned into hard cash."
Forbes.com, Goldman's Ready, by Robert Lenzner, June 19, 2007
September 29, 2008