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Congress, Fed helped save Goldman Sachs from Glencore fate

Review of Wall Street banks' physical commodities units triggered sales of assets before broad commodity rout

Goldman Sachs executives had told their board in 2011 that the combination of commodity production and trading was proving attractive to investors.

New York

IN October 2011, things were looking bleak at Goldman Sachs Group Inc's commodities business. Revenue was down, competition was up, employee attrition was at an all-time high and new regulations were on the horizon.

Beyond the usual rivalries with Morgan Stanley and...

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