886982--1/27/2009--GOLDMAN_SACHS_GROUP

related topics

{loan, real, estate}

{loss, insurance, financial}

{condition, economic, financial}

{operation, international, foreign}

{capital, credit, financial}

{cost, contract, operation}

{system, service, information}

{stock, price, operating}

{financial, litigation, operation}

{stock, price, share}

{personnel, key, retain}

{debt, indebtedness, cash}

{product, market, service}

{competitive, industry, competition}

Our businesses have been and may continue to be adversely affected by declining asset values. Our businesses have been and may continue to be adversely affected by disruptions in the credit markets, including reduced access to credit and higher costs of obtaining credit. Our businesses have been and may continue to be affected by changes in the levels of market volatility. Our businesses have been adversely affected and may continue to be adversely affected by market uncertainty or lack of confidence among investors and CEOs due to general declines in economic activity and other unfavorable economic, geopolitical or market conditions. Our investing businesses may be affected by the poor investment performance of our investment products. We may incur losses as a result of ineffective risk management processes and strategies. Our liquidity, profitability and businesses may be adversely affected by an inability to access the debt capital markets or to sell assets or by a reduction in our credit ratings or by an increase in our credit spreads. Group Inc. is a holding company and is dependent for liquidity on payments from its subsidiaries, which are subject to restrictions. Our businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of, or defaults by, third parties who owe us money, securities or other assets or whose securities or obligations we hold. Concentration of risk increases the potential for significant losses. The financial services industry is highly competitive. We face enhanced risks as new business initiatives lead us to transact with a broader array of clients and counterparties and expose us to new asset classes and new markets. Derivative transactions may expose us to unexpected risk and potential losses. A failure in our operational systems or infrastructure, or those of third parties, could impair our liquidity, disrupt our businesses, result in the disclosure of confidential information, damage our reputation and cause losses. Conflicts of interest are increasing and a failure to appropriately identify and deal with conflicts of interest could adversely affect our businesses. Our businesses and those of our clients are subject to extensive and pervasive regulation around the world. Our agreements with the U.S. Treasury and Berkshire Hathaway Inc. impose restrictions and obligations on us that limit our ability to increase dividends, repurchase our common stock or preferred stock and access the equity capital markets. Substantial legal liability or significant regulatory action against us could have material adverse financial effects or cause us significant reputational harm, which in turn could seriously harm our business prospects. The growth of electronic trading and the introduction of new technology may adversely affect our business and may increase competition. Our businesses may be adversely affected if we are unable to hire and retain qualified employees. Our power generation interests and related activities subject us to extensive regulation, as well as environmental and other risks associated with power generation activities. In conducting our businesses around the world, we are subject to political, economic, legal, operational and other risks that are inherent in operating in many countries.

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886982--1/27/2009--GOLDMAN_SACHS_GROUP_INC