Google and Finance
May 31, 2010
Short honk: Google’s move into financial trading is official. “Google’s Latest Launch: Its Own Trading Floor” makes clear that it will manage its own money. According to the write up in Bloomberg Businessweek:
Google’s trading room opened in January. The plan is to keep the war chest growing safely and ready to be deployed should the right mergers-and-acquisitions opportunities arise. The investment team has grown to more than 30 people, up from six three years ago. Many of the new arrivals are former Wall Streeters who left lucrative careers at Goldman Sachs (GS), JPMorgan Chase (JPM), and other banks. The man in charge is Brent Callinicos, Google’s 44-year-old treasurer, who joined from Microsoft in 2007, back when Google had $11 billion in cash. “This isn’t fast money, this is patient money,” he says.
If you read my early Google monograph, you knew that Google had aspirations to Google-ize certain inefficient services. Among those was finance. Keep in mind that Google has plumbing and that infrastructure is what the company does quite well. When will that Google credit card be available? Maybe never but if Google seeps and spreads from this “latest launch”, I want one.
Stephen E Arnold, May 29, 2010
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