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Wall Street leaps into riskier trades; Firms use own money to find profits.

Publication: Crain's New York Business
Publication Date: 04-NOV-02 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Wall Street leaps into riskier trades; Firms use own money to find profits.(News)(Goldman Sachs Group Inc.''s earnings)

Article Excerpt
Byline: stephen gandel

When Goldman Sachs Group Inc.'s earnings rose in its most recent quarter, in the midst of the worst environment for Wall Street since the Great Depression, analysts pointed to an unlikely business as the savior: proprietary trading.

Some analysts estimate that the firm's traders made as much as $500 million in the quarter by buying and selling securities with Goldman Sachs' own money.

Wall Street is rediscovering proprietary trading. Most of the largest securities firms are ratcheting up the amount of trading they are doing with their own dollars, diving back into a risky practice they had eschewed during the past few years. So far, the results have been good: Proprietary trading is quietly boosting, or at least stabilizing, the bottom lines of some Wall...

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