Goldman Sachs

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Post-Madoff SEC Bites Goldman Sachs


 Post-Madoff SEC 
 Bites Goldman Sachs 
analysis
Apr 18, 2010 4:50 PM CDT

Post-Madoff SEC Bites Goldman Sachs

After Ponzi scheme debacle, regulator is back, with bigger fangs

(Newser) - Having let the Madoff scandal unfold virtually under its nose, the SEC sounded an alert with the announcement of its lawsuit charging Goldman Sachs with fraud. "The message: The SEC is back on the job," Greg Gordon writes for McClatchy . "The release is very judgmental about the...

Germany May Go After Goldman Sachs

One of the nation's big lenders nearly collapsed

(Newser) - Goldman Sachs may soon have another government on its back: Germany will ask the SEC for information about its fraud case against the Wall Street giant. One of Germany's big lenders, IKB, got caught up in Goldman's mortgage investment scheme and required a bailout to avoid collapse, explains the Wall ...

Goldman Sachs Investor Made Billions on Housing Mess

Paulson not charged in SEC's takedown

(Newser) - As the housing market imploded, John Paulson laughed all the way to the bank, pocketing billions on his correct prediction of impending doom. But when the SEC charged Goldman Sachs yesterday with defrauding investors by not disclosing Paulson's bets against the mortgage-backed securities Goldman was peddling, one name was noticeably...

Goldman Withers in SEC Spotlight

 Goldman Withers 
 in SEC Spotlight 
OPINION roundup
Apr 16, 2010 1:14 PM CDT

Goldman Withers in SEC Spotlight

Fraud charges kneecap stock price; observers play wait-and-see

(Newser) - The SEC's civil suit against Goldman Sachs is hardly a slam-dunk, experts agree, but the scrutiny is certainly not doing the firm any good . Some reactions:
  • This "is explosive stuff," Felix Salmon blogs for Reuters . "Goldman Sachs has lost more than $10 billion in market capitalization today,
...

SEC Charges Goldman Sachs With Fraud
SEC Charges Goldman
Sachs With Fraud
Apr 16, 2010 10:26 AM CDT

SEC Charges Goldman Sachs With Fraud

Says firm misled investors on subprime mortgages

(Newser) - The government is accusing Wall Street powerhouse Goldman Sachs of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering. The SEC today announced civil fraud charges against Goldman and one of its vice presidents. The agency alleges Goldman failed...

Democrats Defy Wall Street, GOP on Bank Reform

Banks trying mightily to kill restrictions on derivatives

(Newser) - Democrats defied Wall Street lobbyists’ push to kill new reforms on derivative trading yesterday, and got an earful from Republicans for their troubles. Goldman Sachs, JPMorgan, and Morgan Stanley have been leaning heavily on Blanche Lincoln’s Agriculture Committee to scrap a plan to force derivatives—which, incidentally, played a...

'Mommy-Tracked' Exec Sues Goldman Sachs

Ex-VP says she was treated like 'second-class citizen' after having kids

(Newser) - A former Goldman Sachs vice president who accuses the firm of shuffling her career off to the "mommy track" when she took maternity leave is suing the company for discrimination. Charlotte Hanna's lawsuit alleges that she was demoted and moved into positions with no potential for advancement when she...

Pay Czar to Examine Salaries at Bailed-Out Firms

Feinberg to review compensation for top 25 executives

(Newser) - The "pay czar" will review salaries and bonuses of executives at financial firms that have received government help. Kenneth Feinberg will examine the compensation of the top 25 executives at Goldman Sachs, Citigroup, JPMorgan Chase, and 417 other firms that took TARP money. If he finds evidence of risky...

For Liberals, a Bracket of Evil
 For Liberals, a Bracket of Evil 
ALTERNATE TOURNAMENTS
Mar 17, 2010 8:46 PM CDT

For Liberals, a Bracket of Evil

No hoops knowledge? No worries here

(Newser) - Feeling left out of the NCAA basketball bracket-mania because of hoops-knowledge deficiency? If politics is more your thing, activist cell-phone company Credo Mobile has you covered with its “ Bracket of Evil .” Features matchups include Dick Cheney vs. Fox News (in the media division), Sarah Palin vs. Michele Bachmann...

Goldman's Lloyd Blankfein Swimming in Hate Mail

Goldman Sachs CEO gets up to 100 letters a day

(Newser) - He and his firm might be doing "God's work," but Lloyd Blankfein and Goldman Sachs still somehow get a lot of hate mail. The CEO has told people that up to 100 such letters come in every day. As a result, insiders tell Fox Business that senior executives...

Banks That Hid Debt Now Pushing Greece Toward Ruin

Credit-default swaps make default a self-fulfilling prophecy

(Newser) - The same banks that fed the Greek financial crisis are wagering on the country's collapse— and in doing so, critics say, they're making default more likely. Goldman Sachs, JP Morgan and others who helped mask the true extent of Greece's financial problems are now placing bets against the country on...

EU Should Go After Goldman, Since US Won't
 EU Should Go After 
 Goldman, Since US Won't 


Greek Crisis
Feb 15, 2010 11:25 AM CST

EU Should Go After Goldman, Since US Won't

Firm helped Greece hide staggering debt, leading to near collapse

(Newser) - With the revelation that Goldman Sachs was peddling exotic instruments to help Greece hide its runaway debts as recently as November, something must be done, Simon Johnson writes. US authorities clearly aren't going to raise a finger—a few phone calls around Washington will ensure that the Fed looks the...

Wall St.'s Top Bonuses Go to No-Names

Lloyd Blankfein's pay looks puny compared to John Stumpf's

(Newser) - In the public imagination, Goldman Sachs gives the biggest bonuses around, but this year CEO Lloyd Blankfein’s $9.6 million payday doesn’t even crack the top 10 in the financial industry. Instead, the top spot is occupied by decidedly less famous Wells Fargo CEO John Stumpf, who pulled...

Obama OK With Fat Bonuses for Blankfein, Dimon

Compares bank CEOs to overpaid baseball players

(Newser) - Barack Obama says he’s down with the combined $26 million in bonuses that the CEOs of Goldman Sachs and JPMorgan are getting paid this year. “I know both those guys; they are very savvy businessmen,” Obama tells Bloomberg. “I, like most of the American people, don’...

Goldman Helped Greece Hide Catastrophic Debt

Bank concocted deal with phony exchange rate

(Newser) - Greece's budget problems were allowed to grow to their current monstrous size with the help of a Goldman Sachs deal worthy of an Oscar for creative accounting. Greek government officials—no strangers to number-juggling themselves—used the US bank to concoct a derivatives deal that allowed the country to circumvent...

Goldman Sachs Gives Blankfein $9M Bonus

CEO receives units of stock that can't be sold for 5 years

(Newser) - Lloyd Blankfein's bonus for 2009 is $9 million, Goldman Sachs said today—a nice bump from last year's zero, but a far cry from the $67.9 million the CEO scored in 2007 and from the $100 million he was reportedly expecting. " The firm produced very good results for...

Goldman's Lloyd Blankfein 'Expecting $100M Bonus'

CEO 'thumbing his nose' at Obama's call to limit payouts

(Newser) - Goldman Sachs is preparing to defy President Obama's tough talk on executive bonuses and award chief executive Lloyd Blankfein a whopping $100 million, according to bankers at the World Economic Forum. "This is Lloyd thumbing his nose at Obama,” a banker at one of Goldman’s rivals tells...

Fed Duo Sounded Alarm Over AIG 'Gifts' to Banks

Geithner, Paulson face grilling over 'backdoor bailouts' for AIG clients

(Newser) - Two Federal Reserve governors expressed their unease about the Fed's rejection of a plan to force big banks to return $30 billion in cash they received from AIG before its bailout in late 2008. The officials warned that the decision to let the banks, including Goldman Sachs, keep the collateral...

Dow Off 217; Tech, Banks Fall
 Dow Off 217; 
 Tech, Banks Fall 
MARKETS
Jan 22, 2010 3:20 PM CST

Dow Off 217; Tech, Banks Fall

Google, AmEx drop despite positive earnings reports

(Newser) - Strong earnings just weren't enough to buoy the markets today, as Google and American Express saw big declines despite strong quarterly reports. Goldman Sachs and other financials also posted losses due to fear over President Obama's new restrictions on banks, the Wall Street Journal reports.
  • The Dow lost 216.90
...

Crisis Probe Bares Fools' Guilt-Free Fantasy
Crisis Probe Bares Fools' Guilt-Free Fantasy
PAUL KRUGMAN
Jan 15, 2010 2:37 AM CST

Crisis Probe Bares Fools' Guilt-Free Fantasy

Deregulation, greed made crash inevitable

(Newser) - The Financial Crisis Inquiry Commission hasn't extracted admissions of wrongdoing from top bankers, but it has exposed stunning cluelessness among the captains of American finance, writes Paul Krugman. The honchos testified that a financial crisis is something that just happens from time to time, Krugman writes in the New York ...

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