Goldman Sachs Goes Nuclear, May Sell Uranium: Report
Goldman Sachs is bullish on one controversial, if not entirely new, form of energy. The New York Post reports this morning that Goldman is betting on a significant boom in nuclear energy and may move into actual uranium delivery.
After acquiring the overseas energy trading holdings of Constellation Energy Group last year, the bank acquired undisclosed amounts of uranium, the NY Post reports.
The inclusion of Constellation's uranium holdings in Goldman Sachs's acquisition received little or no press coverage at the time. In a first quarter 2009 earnings call, Constellation's CEO Mayo Shattuck noted that the sale of the bank's trading operations and its "international uranium business" would drive second quarter profit down.
Goldman Sachs isn't the only megabank that's engaged in controversial energy dealings in the last few years. JPMorgan, Bank of America and Citigroup have all been tied to firms financing the practice of "mountaintop removal" coal mining. All three banks have reportedly reduced their ties to companies participating in the method of coal mining. Earlier this year, JPMorgan drew criticism for helping Massey Energy continue the practice.
Check out the full story at the New York Post.