The options: Defy the doomsayers or head for the East?

If the mighty Goldman Sachs can be brought to its knees by the turmoil in world markets we really are in trouble. Lloyd Blankfein, its chairman, and the rest of its senior executives will find the idea they need outside help insulting. The favoured option will be to defy the doom-mongers, push ahead as normal and wait for the storm to clear. The risk is that Goldman then becomes the focus of rumours and the next target of the shortsellers. Every time Wall Street has a bad day, Goldman shares could be hit.

2. Phone a friend in the East

Goldman has close ties with the sovereign wealth funds that other banks, notably Barclays, have gone to in order to boost their capital positions. Goldman wouldn't want to sell a chunk of itself to Abu Dhabi or Dubai, but it could help to re-assert its position at the top of the financial food chain.

3. Have a shotgun wedding

The notion that Goldman would seek a merger with a rival US bank would make the partners cringe. Its independence is highly valued. Goldman sees itself as best of breed and would hate to see its gene pool polluted by a grubby high-street chain.

4. Fail to fend off a hostile takeover bid

This seems unlikely, but so have many of the events of the past few weeks. It would be a huge, some would say delicious, irony if the master of takeovers got a dose of its own medicine. Such a bid would have to come from a source of massive wealth - probably those sovereign wealth funds again. It would also have to be pitched at a huge premium to the share price to persuade the employees to give up their controlling stake. Then again, the shares are lower than they were...

5. Phone the Feds

US Treasury Secretary Hank Paulson used to be the head honcho at Goldman. It is assumed he wouldn't let it fail in the same way that insurer AIG was too important to be left to collapse. If Goldman is nationalised, that truly would be the end of capitalism.

6. Get off the stockmarket

Partners hold 48 per cent of the stock, other staff 22 per cent and former partners have 18 per cent. In theory, they could buy the rest of the stock and go back to being a private concern. This rumour was circulating today but with not much conviction.