Goldman Sachs

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Goldman Deal May Bail Out Fannie Mae

But letting superbank load up on tax credits could be politically toxic

(Newser) - Goldman Sachs wants to buy millions in otherwise virtually worthless tax credits from Fannie Mae, but the mega-bank is so politically toxic right now that the Obama administration is considering blocking the deal, the Wall Street Journal reports. “Treasury is reviewing and will not let it proceed unless it...

Goldman Seizes Homes as Securities Sour

Just getting them to admit they hold your mortgage can be an ordeal

(Newser) - Imagine finding yourself in a foreclosure battle and discovering that your opponent isn't the obscure lender who wrote your insane mortgage, but the formidable Goldman Sachs. It seems that after years of buying subprime mortgages and packaging them into bonds, at a handsome profit, Goldman is now in the business...

Bush as Motivational Speaker? It's Not That Funny
Bush as Motivational Speaker? It's Not That Funny
pundit roundup
Oct 22, 2009 1:52 PM CDT

Bush as Motivational Speaker? It's Not That Funny

Ex-president's new gig elicits generates mockery, some populist cred

(Newser) - George W. Bush's upcoming gig as a motivational speaker in Fort Worth has wags weighing in:
  • Jason Zengerle, New Republic: A bit "undignified," for sure, but remember that Bill Clinton and others make buckets of cash from speaking gigs. "At least Bush's buckraking is sort of populist.
...

Goldman Exec: Pay Inequality Is Good for All

Soaring Wall Street bonuses should be tolerated for economy's sake

(Newser) - Believe it or not, lavish Goldman Sachs bonuses are good news for everybody, a company official told a discussion panel yesterday. The out-of-whack pay inequality will give the economy a kick in the pants, insisted the vice chairman of Goldman Sachs International. "We have to tolerate the inequality to...

In Switch, 'Real Economy' Hits Big Banks
 In Switch, 
 'Real Economy' 
 Hits Big Banks 
PAUL KRUGMAN
Oct 19, 2009 9:49 AM CDT

In Switch, 'Real Economy' Hits Big Banks

Slumping profits are 'payback' from Main Street whipped by bad practices

(Newser) - Those concerned about the nation’s banks should forget about the “softly, softly policy” of the Obama administration that has allowed Goldman Sachs to go back to business as usual in spectacular fashion. The real problem, Paul Krugman writes, is banks like Citi and Bank of America that are...

29-Year-Old SEC Honcho Came From Goldman

New COO Adam Storch did 'business intelligence' at connected Wall Street bank

(Newser) - The first person named to the new chief operating officer position in the SEC’s enforcement division is a 29-year-old whiz kid who previously worked at uber-connected Goldman Sachs, Bloomberg reports. "Adam’s skill in technology systems, workflow process, and project management will greatly benefit the division," his...

Goldman Tops $3B in Profit, Blows By Estimates
Goldman Tops $3B in Profit, Blows By Estimates
Q3 EARNINGS
Oct 15, 2009 7:13 AM CDT

Goldman Tops $3B in Profit, Blows By Estimates

Bank triples profit last year, sets $5.3B aside for pay, bonuses

(Newser) - Goldman Sachs is even more golden than we'd thought. The top firm on Wall Street posted a record third-quarter profit of $3.19 billion, a billion dollars higher than expected, thanks to returns on advising on takeovers and more aggressive investing. That quarterly result more than triples the $845 million...

Once-Reserved Goldman Turns on the Charm

Ahead of record result, normally reticent bank puts on a smile

(Newser) - Today's the day: Goldman Sachs is set to announce record profits in the third quarter, projected at $2.17 billion, and with it a compensation pool larger than Wall Street has ever seen. But the golden bank knows a PR disaster when it sees one—and has been mounting a...

Wall Street Forking Out Record Pay

Pay at top firms expected to hit $140B as markets rebound

(Newser) - Major financial firms have bounced back from the brink of meltdown and are on course to hand out their biggest-ever pay packages this year. The total payout at the big banks and securities firms will hit $140 billion this year, according to Wall Street Journal projections based on revenue figures...

Stop Whining, Let Goldman Have Bonuses
Stop Whining, Let Goldman Have Bonuses
OPINION
Oct 13, 2009 5:45 AM CDT

Stop Whining, Let Goldman Have Bonuses

$23B is galling, but at least the bank is sensible: Sorkin

(Newser) - On Thursday Goldman Sachs is set to announce its third-quarter results, but the talk of Wall Street is the size of this year's bonus pool—predicted to be more than $23 billion. That's the largest figure in the company's history and twice as much as it paid out in 2008,...

Top Wall Street Execs Have Direct Line to Geithner

Treasury chief's calendars show frequent contact with big players

(Newser) - A look at Timothy Geithner's phone calendars show the Treasury secretary has maintained close ties with Wall Street executives he has known for years. Executives at Goldman Sachs, JPMorgan, and Citigroup can reach the nation's most powerful economic official at will. While there's nothing inherently wrong with keeping tabs on...

CIT Bust Would Cost US $2.3B, Earn Goldman $1B

Taxpayers shares could go up in smoke while Goldman gains

(Newser) - Troubled commercial lender CIT, circling the drain for more than a year, would cost taxpayers $2.3 billion in shares purchased by the Treasury Department if it files for Chapter 11 soon—but Goldman Sachs, which gave the lender emergency funding, stands to collect a $1 billion windfall if it...

Goldman Nemesis Says Bank Misleading Lawmakers

(Newser) - Matt Taibbi, who portrayed Goldman Sachs as evil personified in a much-discussed Rolling Stone article over the summer, has the bank in his sights again. In his blog on True/Slant, Taibbi accuses Goldman of misleading and purposely confusing lawmakers about the practice known as naked short selling as new financial...

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding year-old bank status

(Newser) - With the Federal Reserve busily drafting rules to limit pay for bank executives, some investors believe Goldman Sachs will simply stop being a bank, Reuters reports. By shedding its year-old commercial banking charter, acquired in the heat of the financial meltdown to ensure access to credit, Goldman could elude restrictions...

8 Days That Shook the Financial World
8 Days That Shook the Financial World
GLOSSIES
Sep 16, 2009 9:35 PM CDT

8 Days That Shook the Financial World

James Stewart on the week that Lehman failed, and meltdown loomed

(Newser) - James Stewart’s reconstruction of the 8 nail-biting days, a year ago, in which the federal government stepped in to stop the collapse of the world financial system—published in the New Yorker this week, just as Fed chief Ben Bernanke was declaring the recession officially over—makes riveting, tense...

Goldman CEO: Populist Rage 'Appropriate'...

... For money-losing banks, not Blankfein's, which hiked pay 33%

(Newser) - The CEO of Goldman Sachs joined the debate over executive compensation yesterday, telling a conference in Frankfurt that public anger was "understandable and appropriate" for money-losing institutions who hand out fat bonuses. But, notes the Wall Street Journal, Lloyd Blankfein stopped short of criticizing his own firm, and...

Banks Get Back to Risky Business as Usual

Plans to overhaul regulation losing momentum as banks return to health

(Newser) - Banks that teetered on the edge of extinction last year are returning to their old ways as the shock of the financial crisis fades, the Wall Street Journal reports. The banks are handing out hefty compensation packages again and dealing in the same risky financial instruments that caused last year's...

Buffett: 'We Are Not Out of Problems Yet'
Buffett: 'We
Are Not Out of Problems Yet'
INTERVIEW
Sep 8, 2009 6:38 AM CDT

Buffett: 'We Are Not Out of Problems Yet'

Investor looks to clean up on crisis, but is moving out of stocks

(Newser) - Even Warren Buffett had a bad financial crisis: The Omaha sage personally lost $25 billion in 2008, enough to put him behind Bill Gates on the worldwide rich list. But while many investors hunkered down as markets tanked, Buffett recalibrated, pouring billions into companies—Goldman Sachs, GE, BofA, Amex—that...

US Reaps Profit as Banks Pay Back TARP Funds

Fed pulls in $14B from loan programs

(Newser) - When the government spent some $240 billion last year to help avert financial disaster, the idea of making a profit from the TARP funds invested in teetering banks looked like a long shot. Now, however, profits from eight banks who’ve paid back the cash have totaled some $4 billion,...

Goldman Gives Trading Tips to Top Clients First

Research reaches regular investors days later

(Newser) - Goldman Sachs is withholding stock tips from the thousands of clients who receive the company's written research reports until days after they're passed along to the firm's own traders and some 50 favorite clients, the Wall Street Journal has learned from an analysis of company documents. Confidential “trading huddles”...

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