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Hector Sants, the deputy head of Britain To him, the odds of pulling off a deal with Goldman were low, and given Cohn
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The critical financial situation (the company is on the verge of bankruptcy), in which the balance of payments is ensured by late payments of wages, loans to banks, suppliers, budget, etc. The chain of events caused Wall Street firms to rack up enormous trading losses, and the damage at Goldman was eventually so severe that it had to push back its plans to go public. That is the essence of blowback. So, if there was a bargain to be had, then Goldman hadn
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