Hmmmm.....'Glitch' Blocked Goldman at Treasury Auction.

Hmmmm.....'Glitch' Blocked Goldman at Treasury Auction.HT:  Wall Street Journal:

The Treasury is investigating the glitch, said people familiar with the situation. A spokeswoman at the New York Fed referred questions to the Treasury Department.

The mishap is the latest in a string of technical hiccups in U.S. financial markets that have raised anxieties among investors about losing money because of balky computers. The glitches are coming as banks and regulators push for trading to become more automated and electronic.
The orderly processing of debt auctions is critical to funding U.S. government programs and obligations. The Federal Reserve Bank of New York gathers and processes orders for Treasury auctions several times a month.

A glitch in a computer system at the center of the $11.6 trillion market for U.S. government debt last week blocked Goldman Sachs Group Inc.’s multibillion-dollar order at an auction of Treasury bills, leaving the bank empty-handed and altering prices in the U.S. debt market.

The Treasury Department on Sept. 9 sold $30 billion of bills that mature in three months. Goldman was left out when its order didn’t go through the computers at the Federal Reserve Bank of New York, which conducts debt auctions for the Treasury. When Treasury officials noticed the botched order, they manually allotted Goldman more T-bills that mature in six months than the bank had asked for in a simultaneous auction.
The Treasury Department has released few details about what happened, saying only that it suffered “a technical issue” in its web-based portal that “resulted in one bidder being unable to access the 3-month auction,” according to a statement on its Web site last week. The Treasury didn’t identify Goldman as the bidder.

Goldman Sachs proposes to lower French workers their salary ...by 30%.....Yes Thirty percent.

Goldman Sachs proposes to lower French workers their salary ...by 30%.....Yes Thirty percent.(EgaliteEtReconciliation).Google Translate.When Goldman Sachs bankers give their opinion on solutions to provide miracle solutions to France to stem the crisis, IT ... Hurts!
Huw Pill, chief economist at Goldman Sachs, one of the investment banks most prestigious and world-sulfur is not for nothing that it is called the "devil of finance" - was interviewed by The Huffington Post . According to him, they must simply reduce the salaries of all the French about a third. Nothing less!
To begin with, " Mr. Europe "of Goldman believes that, compared with Greece, France " has it all ", but it has two (small) problems: its" lack of competitiveness "and" imbalances in its accounts ".
Hold it! What's 'sriking' the finances? " The public sector ", accused of being" too important ". Officials enjoy. That said, the operating expenses of the State in fact represented 34.7% of total expenditure in 2010 (against 41% in 1960!), Is the second largest expense behind social benefits (45.3% in 2010 ).
So, in order to get out of the 'swamp' in which the hexagon is sunk, the economist has an idea: " lower general wages "to" regain competitiveness . " 3%, 5%, 10% ... ? No! " It is estimated that France should reduce its average salary by about a third , "says one who works in a company where, as pointed out Time to sign off , the bonus shares granted to the twelve members of the management team have exceeded $ 102 million in 2012, and where the average annual salary exceeded 410,000 dollars ... an increase of 9% in a year!
However, Huw Pill said he was " convinced that France can reform "in" three to five years , "and to" take the right direction . "
As for the euro area, he said it should " see a contraction less "this year than in 2012, but, he warns, the aftermath will not sing on. 2016, it was not until 2016 he estimated " to find modest growth . " Patience, then! " Europe is going to come out slowly but surely . " If an expert Goldman Sachs says, we are reassured.....Hmmm.....The US next?Read the full story here.