NEWS AND COMMENTARY October 2, 2000 Goldman Sachs Insiders File To Sell About Eight Million Shares in Firm By Chad Bray, Dow Jones Newswires Analyst Cohen Sells $1 Million Worth of Shares ... Weiss comments NEW YORK -- More than 200 Goldman Sachs Group Inc. insiders have filed with the Securities and Exchange Commission to sell up to eight million shares of their holdings in the securities firm. The list of 213 insiders include Jon Corzine, Goldman's former chairman and a U.S. Senate candidate from New Jersey; E. Gerald Corrigan, a managing director who was formerly president of the Federal Reserve in New York and Minneapolis; and several of the firm's better-known analysts and investment bankers. In July, Goldman's board waived contractual lockups that had prevented active partners from selling shares before May 2002. The board's waiver allowed partners to sell up to 12 million shares in Goldman's secondary offering of 46 million shares this summer. Partners were allowed, beginning in September, to sell additional shares in the open market. Certain insiders, those who intend to sell shares valued at more than $10,000, or those who sell at least 500 shares in a three-month period, must notify the SEC. Based on Thursday's closing price, the combined holdings are worth $908.2 million. However, this doesn't necessarily mean the shares have been sold. The insiders have the option to sell those holdings based on market prices, but aren't obligated to do so. Mr. Corzine, who spent more than $36.7 million to win the Democratic nomination for Senate, intends to sell up to 183,863 shares, making him the largest individual seller in the filing. He faces Republican Congressman Bob Franks in November for the open seat. Chemical Analyst Avi Nash and Stock Market Strategist Abby Joseph Cohen plan to sell 11,000 and 10,000 shares, respectively. Goldman Sachs' resident bull, Abby Joseph Cohen, has a reputation for coming to the rescue of a falling market. Just two weeks ago, Cohen proclaimed that investors concerns about the dismal earnings announcements coming from such companies as Gillette, Goodyear, and fellow financial services powerhouse Morgan Stanley Dean Witter, were "overdone." She also reiterated her bullish stance on the market, telling investors that the market's outlook is "bright." One has to wonder how "bright" Cohen sees Goldman Sachs' financial outlook. Last week, she filed with the SEC to sell over $1 million worth of shares in Goldman Sachs. One could also argue that Cohen's motivation for trying to calm the market last week was not entirely altruistic. If the market had taken a serious fall, Goldman Sachs' stock would have plummeted right along with it. By pumping up the market and calming investors' nerves, Cohen undoubtedly buoyed Goldman Sachs' share price and made sure her stock sale will put more than a million bucks in her own pocket.

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