Goldman Sachs – News Stories About Goldman Sachs - Page 7

Goldman Sachs Screwed Clients as Bubble Burst

Apr 27, 2010 7:43 AM CDT

Goldman Sachs Screwed Clients as Bubble Burst

Senate panel will scold execs, reveal evidence in hearing today

(Newser) - Goldman Sachs sold investors a mountain of securitized subprime mortgages throughout the housing boom, but when things started to turn sour, they bet against those assets furiously—sometimes while still selling them, according to documents the Senate Permanent Investigations Subcommittee intends to browbeat the company with today. “They have...

Blankfein Will Deny Goldman Bet Against Clients

TESTIMONY PREVIEW

Apr 26, 2010 6:36 PM CDT

Blankfein Will Deny Goldman Bet Against Clients

Goldman Sachs CEO plans to strike apologetic tone in Senate testimony

(Newser) - The CEO of Goldman Sachs will tell a Senate panel tomorrow he understands Americans' distrust of the bank, but its "functions are important to economic growth and job creation." Lloyd Blankfein's remarks, released ahead of the eagerly awaited hearing, are his most accommodating yet, reports the New York ...

Real Subprime Scandal Is Ratings Firms, not Goldman

paul krugman

Apr 26, 2010 5:48 AM CDT

Real Subprime Scandal Is Ratings Firms, not Goldman

99% of AAA-rated subprime securities now junk

(Newser) - Goldman Sachs won't come out of the Senate financial reform hearings smelling of roses, but it's the much bigger stink coming from credit ratings firms that lawmakers should focus on, warns Paul Krugman. Emails released by the Senate subcommittee probing the financial crisis show how corrupt the system of credit...

Goldman
Love Letters
at Heart of
SEC Case

Apr 26, 2010 4:50 AM CDT

Goldman Love Letters at Heart of SEC Case

Fooling 'widows' part of emailed sweet nothings

(Newser) - If there's anything Goldman Sachs bond trader Fabrice Tourre has learned it's: 1.) Don't rip off the public, and 2.) Above all, don't brag about it in love emails on a company computer to your gal pal. Tourre is the only individual named in the SEC fraud action...

Let's Not Have a World
of 'Greed Without Limits'

Matt Taibbi

Apr 24, 2010 6:23 PM CDT

Let's Not Have a World of 'Greed Without Limits'

Goldman case is a referendum on modern America

(Newser) - The case against Goldman Sachs is about far more than the legalities involved, writes Matt Taibbi. It may "turn into a final referendum on the greed-is-good ethos that conquered America sometime in the 80s," he writes in an op-ed for the Guardian . That ethos has been worming its...

Goldman Boasted of 'Serious Money' Amid Crash

internal emails

Apr 24, 2010 1:18 PM CDT

Goldman Boasted of 'Serious Money' Amid Crash

Senate panel releases company correspondence

(Newser) - E-mails released today by a Senate panel show top executives at Goldman Sachs boasting about the money the firm was making as the national housing market collapsed in 2007. The e-mails suggest Goldman benefited from its bets that securities backed by subprime mortgages would lose value, and they seem to...

Banks Gamed Rating
Agencies Using Their Models

Apr 24, 2010 7:45 AM CDT

Banks Gamed Rating Agencies Using Their Models

High ratings were reverse-engineered for lousy packages

(Newser) - With rating agencies under fire for giving good ratings to terrible investments, Gretchen Morgenson and Louise Story argue in the New York Times today that it wasn't all their fault. In a push for transparency, the likes of Moody's, Sandard & Poor's, and Fitch made public the computer models they...

Lloyd Blankfein:
Fraud Case Will 'Hurt America'

Apr 22, 2010 9:44 AM CDT

Lloyd Blankfein: Fraud Case Will 'Hurt America'

Goldman Sachs CEO rails against SEC in call to clients

(Newser) - Lloyd Blankfein called up a host of top Goldman Sachs clients yesterday and told them in no uncertain terms where the SEC could stick its fraud charges. Blankfein complained that the case was politically motivated, and would “hurt America,” one of the clients tells the Financial Times . “...

Lawsuit: Merrill Lynch Did Same Deal as Goldman

Apr 21, 2010 5:57 PM CDT

Lawsuit: Merrill Lynch Did Same Deal as Goldman

Dutch bank points out similarities to US judge

(Newser) - Pro Publica has reported that Goldman Sachs wasn't the only bank hawking built-to-fail mortgage investments, and now it has emails accusing Merrill Lynch of the practice. The Dutch bank Rabobank is suing Merrill, and as soon as it saw the charges against Goldman, it sent an email to the US...

Democrats Shackled
By Wall Street Ties

Apr 21, 2010 1:40 PM CDT

Democrats Shackled By Wall Street Ties

Buddying up to financial firms makes it harder to vilify them

(Newser) - Democrats are enjoying having Wall Street as a villain as they push for financial reform, but there's one nagging problem: they've gotten pretty close to Wall Street in recent years. Thanks to some maneuvering from Chuck Schumer and Rahm Emanuel, many Democrats raised a lot of money from Wall Street...

Obama Rips
Wall Street in
Cyber Stealth Ad

Apr 21, 2010 2:22 AM CDT

Obama Rips Wall Street in Cyber Stealth Ad

Google search leads to prez call for reform

(Newser) - The White House has launched a stealth attack on Wall Street in a controversial but deft Internet ad. A link to "Help Change Wall Street" pops up when users search "Goldman Sachs SEC" on Google. The link takes users to mybarackobama.com and features a photo of Obama...

Goldman Crony: Investors Didn't Do Homework

Apr 20, 2010 7:32 PM CDT

Goldman Crony: Investors Didn't Do Homework

Paulson goes on offensive to reassure hedge fund members

(Newser) - John Paulson—the hedge fund billionaire at the center of the deal that's brought misery on Goldman Sachs—has escaped criminal charges. But the Wall Street Journal reports that he's sweating at least a little to keep investors in his massive Paulson & Co. fund from jumping ship. He had...

SEC Shouldn't Knife Goldman on a Split Vote

Henry Blodget

Apr 20, 2010 12:21 PM CDT

SEC Shouldn't Knife Goldman on a Split Vote

Fraud charges too serious to bring without even 5 people onboard

(Newser) - When the SEC charged Goldman Sachs with fraud, it rocked global markets and cost Goldman shareholders $12 billion—all for a charge that only 3 of the 5 SEC commissioners could agree to. That just seems wrong to Henry Blodget of Business Insider . “Fraud is a serious charge,”...

Goldman Case
Splits SEC Along
Party Lines

Apr 20, 2010 9:23 AM CDT

Goldman Case Splits SEC Along Party Lines

Decision came after months of secret negotiations failed

(Newser) - The decision to go after Goldman split the SEC along party lines and came only after months of secret talks broke down. Though the commission generally aims for unanimity, they voted, 3-2, to proceed with the civil suit despite opposition from two Republican members. The tiebreaker was an Independent commissioner...

Goldman Hires Former
White House Counsel
for SEC Fight

Apr 20, 2010 7:03 AM CDT

Goldman Hires Former White House Counsel for SEC Fight

Gregory Craig has strong ties to Obama, Democrats

(Newser) - Goldman Sachs has hired a big gun to help get them out of big trouble. The beleaguered bank has tapped Gregory Craig, President Obama's former legal counsel, to help them fight a civil suit brought by the SEC last week. Craig, who served for Obama's first year, is an attorney...

Goldman Earnings Jump 91%

Apr 20, 2010 6:53 AM CDT

Goldman Earnings Jump 91%

Meanwhile, British launch piggyback fraud investigation

(Newser) - Goldman Sachs earnings cruised past analysts' estimates to a whopping 91% gain in the first quarter, which might be great news if it didn't come while the bank is mired in fraud allegations. CEO Lloyd Blankfein seemed almost defensive, noting that the performance “reflects more signs of growth across...

It's Time to Stop the Looters on Wall Street

Paul Krugman

Apr 19, 2010 11:43 AM CDT

It's Time to Stop the Looters on Wall Street

And financial reform is the only way to do that

(Newser) - The SEC's charges against Goldman Sachs reveal a whole new kind of fraud at work in the financial crisis, writes Paul Krugman of the New York Times . If Goldman had simply sold securities while betting they would fail, it would be “reprehensible” but not illegal. But selling securities deliberately...

Why Goldman Will Settle—and Fire Blankfein

Henry Blodget

Apr 19, 2010 10:31 AM CDT

Why Goldman Will Settle—and Fire Blankfein

With mob calling for blood, prolonged fight would cost too much

(Newser) - Say sayonara to Lloyd Blankfein, who will soon be ex-CEO of Goldman Sachs, predicts Henry Blodget of Business Insider . It's not that Blankfein knew about the shady hedge fund deal that's landed Goldman in trouble with the SEC, it's that “as the universal jubilation and chop-licking that greeted the...

Other Wall St. Banks as Guilty as Goldman

Apr 19, 2010 8:15 AM CDT

Other Wall St. Banks as Guilty as Goldman

Many engaged in same activities SEC is now calling fraudulent

(Newser) - The SEC's fraud suit against Goldman Sachs might be just the tip of the iceberg, because other investment banks engaged in exactly the same sleight of hand, Pro Publica reports. Goldman is accused of failing to disclose that a hedge fund was both helping to create, and betting against, the...

Goldman Probe Could Go Right to the Top

Apr 19, 2010 7:41 AM CDT

Goldman Probe Could Go Right to the Top

Ex-employees say Blankfein oversaw the target of SEC's suit

(Newser) - Though the SEC's civil suit against Goldman Sachs only names one vice president, it may end up implicating those much, much closer to the top. The New York Times , in interviews with eight former employees, has learned that senior execs—including CEO Lloyd Blankfein—played a major role in overseeing...