Goldman Sachs

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Goldman Expects Barrage of Subpoenas

Move could presage criminal charges

(Newser) - Goldman Sachs officials believe federal prosecutors are about to slap them with a series of subpoenas as it follows up on the scathing report on the company from the Senate Permanent Subcommittee on Investigations. Sources tell the Wall Street Journal that they expect the Justice Department to come knocking within...

Facebook Posts Killer Earnings: Report

IPO speculation heats up as word leaks that earnings could hit $2B

(Newser) - Speculation about a Facebook IPO heated up today, after sources who have seen the company's recent financials told the Wall Street Journal that its earnings were a lot better than expected. The company is now on pace to earn more than $2 billion this year before taxes, interest, depreciation,...

Senate Probe: Goldman Sachs Shafted Clients, Lied to Us

Recommends perjury charges for Blankfein

(Newser) - Goldman Sachs may have criminally misled its clients when it sold them mortgage-backed securities without mentioning that Goldman itself would profit if they failed, the Senate’s Subcommittee on Investigations has concluded, recommending that the Justice Department and SEC consider pressing charges. The panel also recommended perjury charges against CEO...

Nuns Rap Goldman Sachs Fatcats for Pay

After Lloyd Blankfein's compensation almost doubles to $19M

(Newser) - Lloyd Blankfein’s salary nearly doubled in 2010 to a total of around $19 million—and the Catholic church isn’t happy about it. Four orders of nuns that invest with Goldman Sachs have all signed on to a proposal demanding the bank review its compensation policy, the Guardian reports....

Economist: GOP Cuts Would Kill 700K Jobs

House's budget would cut GDP growth by 0.5% in 2012

(Newser) - The spending cuts in the Republicans’ budget proposal would cost the country up to 700,000 jobs and hurt the country’s economic growth, according to Moody’s chief economist. Mark Zandi estimates that the proposed budget would reduce GDP growth by 0.5% in 2011 and another 0.2%...

Average Goldman Pay for 2010: $430K

Numbers lower than expected as revenue drops

(Newser) - Goldman Sachs employees will receive lower-than-expected average pay of $430,700 this year, 14% less than last year’s average of $498,246, Bloomberg reports. Estimates prior to the release of the numbers pinned the figure around $450,000, according to the Independent . The bank’s compensation and benefits expense,...

Goldman to US Investors: No Facebook Shares for You

Only non-US clients can buy in

(Newser) - Want to snatch up some Facebook shares? Tough luck, if you’re an American. Goldman Sachs is limiting the private offering of up to $1.5 billion in shares to non-US clients only. In a statement to the Wall Street Journal , Goldman says the "intense media attention" surrounding the...

Banks Expected to Dole Out Dividends Again

Rising profits should lead to 'milestone' soon: Analysts

(Newser) - America’s top banks are expected to report yet another quarter of profits, putting them in prime position to start paying dividends again, analysts tell the New York Times . JPMorgan got things rolling today by reporting a 47% increase in profits, notes the Wall Street Journal . It will be followed...

Stewart's New Punching Bag: Mark Zuckerberg

Facebook wants privacy?

(Newser) - Jon Stewart went after Mark Zuckerberg last night , arguing that Facebook is using its deal with Goldman Sachs to delay going public, since doing so would force the company to be more transparent (though that theory may not, in fact, be true ). What nerve. "Mark Zuckerberg doesn't want...

Goldman's Top Unit Passed on Facebook Deal

Said unit includes many Goldman partners

(Newser) - Goldman Sachs wasn’t quite as eager to pump $450 million into Facebook as you might think. The deal was originally offered to, and shot down by, Goldman Sachs Capital Partners, the prestigious group that many current and former Goldman partners invest with, sources tell the New York Times . The...

Why Buying Facebook Stock Is for Suckers
Why Buying Facebook
Stock Is for Suckers
OPINION
Jan 5, 2011 1:38 PM CST

Why Buying Facebook Stock Is for Suckers

Do you really know what you're buying?

(Newser) - The investment world seems to be going gaga over the opportunity to buy shares of Facebook—or at least, the prospect that uber-wealthy Goldman Sachs clients can now buy shares of Facebook. But Duff McDonald of Fortune wouldn’t do it—and not just because he hasn’t got the...

Facebook Deal Sparks Broad SEC Probe

Agency examines rules for private financing after Goldman investment

(Newser) - Goldman Sachs’ deal with Facebook might bring the SEC down on all manner of privately held stock purchases. The regulatory body has begun an investigation to see whether it needs to rewrite disclosure rules for privately held firms, and the very line dividing public and private firms, sources tell the...

Goldman Loot Staves Off Facebook IPO

By delaying, Facebook keeps secrets, avoids regulation

(Newser) - The $500 million Goldman Sachs and other investors just dropped on Facebook will stave off its long-awaited IPO for a good while longer, the New York Times observes. Until recently, tech companies would jump to go public as soon as possible, but Facebook has so far decided it’s not...

Goldman Investment Gives Facebook $50B Valuation

SEC is investigating whether Facebook is skirting 500 shareholder rule

(Newser) - Facebook has snagged a $500 million investment—$450 million from Goldman Sachs and $50 million from a Russian firm—in a deal that values the social network at $50 billion. That makes the company worth more than eBay, Yahoo, and Time Warner, notes the New York Times , which suggests that...

Wall Street May Dish Out Bonuses Early to Avoid Taxes

Executives could lose tens of thousands if paid early next year

(Newser) - Wall Street is worried: If Congress fails to extend the Bush tax cuts for the nation’s highest earners, then any bonuses paid early next year—the normal time frame—will cost a typical worker an extra $40,000 to $50,000 in taxes on a $1 million bonus. So...

'Macho' Goldman Sued for Sex Discrimination

Firm's a raunchy boys' club, plaintiffs charge

(Newser) - Three former employees who say the macho culture at Goldman Sachs scuttled their careers have launched a lawsuit against the bank and urged others to join them. The women's suit describes a testosterone-driven corporate culture of strip clubs, groping, boys-only golf outings, and macho displays like push-up contests on the...

Brits Fine Goldman $31M

Bank didn't tell regulator it transferred probe target Fabrice Tourre to UK

(Newser) - Britain's financial regulator has fined Goldman Sachs a whopping $31 million for neglecting to tell it that the employee at the center of a fraud investigation in the US had been transferred to the UK. The fine is one of the largest that the Financial Services Authority has ever levied,...

You Can't Say Sh*t at Goldman!
You Can't
Say Sh*t at
Goldman!
language police
Jul 29, 2010 6:30 AM CDT

You Can't Say Sh*t at Goldman!

Literally: Firm has banned swearing in emails, texts, chats

(Newser) - This is a whole new kind of Wall Street cleanup: Goldman Sachs has banned naughty words. In the wake of a $500 million fine for fraud , the fabled firm has decided to screen employee emails for a bevy of naughty words and phrases. Although they've yet to set out specific...

Goldman Sachs Boosts Lobbying Costs 40%

Banks want to shape finance reform

(Newser) - Goldman Sachs is spending more and more in Washington—The bank upped its lobbying spending by nearly 40% in the second quarter and has already spent almost as much in the first half of this year as it did in all of 2009, notes the Huffington Post . The company...

Goldman Profits Dive 83%
 Goldman Profits Dive 83% 

Jul 21, 2010 5:54 AM CDT

Goldman Profits Dive 83%

Investors skittish as post-crisis special conditions evaporate

(Newser) - Goldman Sachs fell short of analysts' estimates yesterday, posting an eye-popping 83% second-quarter drop in net income. Profits fell to $453 million, or 78 cents a share. Goldman executives said the fall in profit came as the exceptional trading conditions following the 2008 financial crisis evaporated, and investors remained pessimistic...

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