Goldman Sachs Group does not expect to take any significant asset write-downs, its chief executive said Tuesday, even as the rest of Wall Street posts billions in losses related to the ongoing credit crunch.
Asked if he expected significant write downs, CEO Lloyd Blankfein offered a one-word answer: "No."
"We're convinced we have a pretty good grip on these valuations," Blankfein said at the Merrill Lynch Banking & Financial Services Conference.
The comments helped drive up Goldman shares on the New York Stock Exchange.
Blankfein addressed skepticism in the market that Goldman's blowout third-quarter results, which stood in stark contrast to the losses posted by rivals, were the result of unrealistic valuations.