Unclaimed Property Blog

How much lost money does Goldman Sachs have? The Goldman Sachs Group, Inc. is leading global investment banking, securities and investment management firm with its headquarters in New York and offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. The firm provides a wide range of financial services to various corporations, financial institutions, governments and high-net-worth individuals.

Goldman Sachs hogged limelight last year for all wrong reasons. On April 16, 2010, the Securities and Exchange Commission (SEC) was prepared to sue the firm and one of its employees, Fabrice Tourre. It incurred a loss of more than $90 million owing to this unprecedented incident that shook the financial markets and Americans’ faith in the firm.

Uncashed checks remain a major contributor to the hoards of unclaimed cash safeguarded by US treasurer. Current estimates project the amount to be $33 billion. In spite of fervent efforts by the state, the cache is growing by the day and the government is finding it difficult to return the amount to its rightful owners.

Though the campaigns run by the government have shown positive results in terms of increased awareness about the unclaimed money, it is vital to initiate preventive measures to avoid such pile up in the future and stop unclaimed cash from burgeoning further.

Have you ever thought where a lost utility deposit goes? It is a common practice under which the suppliers of utility services such as gas, electric and water suppliers charge a deposit from the user while requesting the start of the service. This initial deposit is essential to ensure the service. It also works as a security for these providers in case the user defaults in paying up or damages the equipment.