Earlier this week I wrote a piece on how bailed out banks have been speculating in oil markets.
Today, more evidence that the banks haven't learned that in the end speculation is a zero-sum game has emerged. At the same time that Goldman Sachs has been taking TARP funds, the bank is purchasing foreign firms involved in energy speculation.
Constellation Energy Group Inc (CEG.N) said on Tuesday it had reached a definitive agreement to sell the majority of its London-based commodities business to Goldman Sachs (GS.N).
The sale was a part of the Baltimore-based utility and power company's previously announced plan to boost its liquidity and cut its collateral requirements.
Financial details of the transaction were not released.
Hmmm...... I wonder why.