Goldman Sachs

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Fraud Fine Is Chump Change for Goldman

$500M penalty amounts to just 2 weeks of profits

(Newser) - The SEC is boasting that the $550 million settlement it agreed to with Goldman Sachs is the "largest-ever penalty paid by a Wall Street firm." That may be true, but that doesn't mean it's actually going to chasten Goldman. Top put things in perspective, Pro Publica notes that...

Goldman Pays $550M to Settle SEC Fraud Case

It's the largest such fine in history

(Newser) - Goldman Sachs has agreed to pay $550 million to settle civil fraud charges that accused the Wall Street giant of misleading buyers of mortgage-related investments. The deal calls for Goldman to pay the Securities and Exchange Commission fines of $300 million. The rest of the money will go to compensate...

Attacked, Accused of Fraud: Goldman Is Doing Just Fine

Clients are loyal, despite charges that Goldman screwed clients

(Newser) - So you were thinking that all the hideous press, the hostility from Congress, the accusations of fraud were surely hurting the bottom line at Goldman Sachs? Not a chance, Andrew Ross Sorkin writes today in the Dealbook column in the New York Times . Big clients—the ones that count—don't...

Feds Slap Foot-Dragging Goldman With Subpoena
Feds Slap Foot-Dragging Goldman With Subpoena
EFFORT TO RUN OUT THE CLOCK
Jun 8, 2010 5:39 AM CDT

Feds Slap Foot-Dragging Goldman With Subpoena

Sachs stalls commission, then dumps millions of documents

(Newser) - Goldman Sachs is giving investigators the run-around in their probe into the roots of the financial crisis, a federal commission says. The Financial Crisis Inquiry Commission says the firm, asked for information on its dealings, first dragged its feet and then dumped hundreds of millions of pages of documents on...

Clients Lose Big on Goldman's 2010 Advice

Bank profited all last quarter, but its trading tips have stunk

(Newser) - Goldman Sachs made money on trading every single day last quarter, but anybody following its advice wasn't so lucky. Seven of Goldman's nine “recommended top trades for 2010” have been money-losing duds, Bloomberg reports, with the worst of them dropping as much as 14%. “This says that Goldman's...

Morgan Stanley Hit With Criminal Investigation

Prosecutors looking into mortgage deals

(Newser) - Looks like Goldman Sachs might have some company. Federal prosecutors have launched a criminal investigation into some of Morgan Stanley's mortgage derivative deals, the Wall Street Journal reports. Morgan Stanley created several mortgage-backed CDOs that it then bet against. Some it marketed itself, while others were sold by Citigroup and...

Blankfein Keeps Both Goldman Sachs Top Jobs

Shareholder proposal to split chairman, CEO duties fails

(Newser) - Lloyd Blankfein will remain both the chairman and CEO of Goldman Sachs, after defeating a shareholder proposal to split the posts . Only 19% of shareholders voted to award the chairmanship to another Goldman employee, despite the SEC complaint filed last month accusing Goldman of securities fraud. The proposal predated the...

Blankfein to Shareholders: We'll Rebuild Reputation

Goldman Sachs could split up top job today

(Newser) - Lloyd Blankfein faced a room full of Goldman Sachs shareholders today and vowed to rebuild the company's reputation and "renew the core principles that has sustained us for 141 years," reports the Wall Street Journal . He promised to set up a business standards committee and address the questions...

Bankers Now Think Citi Less Risky Than Goldman

Criticism sends Goldman debt costs higher

(Newser) - One is the most profitable, successful bank on Wall Street, the other came within a hairsbreadth of nationalization. Who would you rather lend money to? Apparently, right now investors are going with the latter. As of Monday, Goldman Sachs' debt was yielding 2.73%, to just 2.29% for Citigroup,...

Goldman Sachs to Change Its Ways

Announces change to policies for institutional investors

(Newser) - With federal pressure at an all-time high, Goldman Sachs is planning to change its policies for dealing with institutional clients, a move which could presage an attempt to settle the SEC's fraud suit against it. Goldman would now instruct employees to ensure clients fully understand the risks associated with whatever...

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets...

Buffett: I 'Love' Goldman Investment

Oracle gets behind Blankfein at shareholder meeting

(Newser) - Warren Buffett has no plans to sell Berkshire Hathaway's stake in Goldman Sachs as the investment bank fights civil fraud charges, saying today that he "loves" his $5 billion investment because it generates 10% interest a year. The Oracle of Omaha spoke today during Berkshire's annual shareholders meeting—but...

Warren Buffett to Sound Off on Goldman Sachs

Berkshire Hathaway honcho promises 'extensive' remarks

(Newser) - Goldman Sachs might want to brace itself. Warren Buffett, who just happens to be one of the firm's biggest investors, is ready to “fire at will” during the Berkshire Hathaway shareholders meeting this weekend, the Wall Street Journal reports. “I expect to get multiple questions about Goldman,”...

Feds Open Criminal Probe Into Goldman Trades

Prosecutors investigate possible securities fraud

(Newser) - Goldman's legal troubles are deepening. Federal prosecutors at the US Attorney's Office in Manhattan have opened a criminal probe into the Wall Street giant's mortgage trading, reports the Wall Street Journal . Prosecutors are looking for evidence of securities fraud but haven't decided whether to bring charges. The SEC, which has...

Looking to Settle, Goldman Launches Lobbying Blitz

Firm steps up effort to woo lawmakers, repair battered image

(Newser) - Goldman Sachs' lobbying efforts have gone from cavalier to frenzied as it faces what could be the worst crisis in its history. The firm has assembled a high-powered team of Washington insiders to do battle, even as the New York Post reports that, in wake of the beating Goldman took...

Stewart Rips Senate on Goldman Grandstanding

'August' chamber uses bad words, but it's all show

(Newser) - If senators are so torn up about Goldman Sachs ripping off consumers, why don't they do something about it instead of whining and airing their "impotent rage" on national TV? In reality, they're too busy "spending every minute kissing the asses of any wrinkled constituent with $20,"...

Goldman Gains $549M as Execs Are Grilled

Firm one of few winners as market nosedives

(Newser) - Goldman Sachs gained $549 million in value as its executives were grilled for 10 hours yesterday in a Senate hearing. The firm's shares closed up 1.2% after the day's trading on the New York Stock Exchange while most other stocks tumbled, BusinessWeek reports. Some analysts believe the rise reflects...

Blankfein Defends Turf, Is 'Hearing Martian'

Goldman CEO doesn't give ground to Senator Levin

(Newser) - Goldman Sachs CEO Lloyd Blankfein dueled with Sen. Carl Levin as the final witness in today's daylong grilling of company execs. The two went round and round, then round and round again, the same fundamental point without "speaking the same language," writes Frank Ahrens, who's live-blogging the proceedings...

Translation: Goldman Sachs to English
 Translation: 
 Goldman Sachs to English 
OPINION
Apr 27, 2010 2:15 PM CDT

Translation: Goldman Sachs to English

Bankers' lingo reveals firm's real intentions, if you know how to read it

(Newser) - The Senate panel investigating Goldman Sachs will have an easier job if it embraces one profound truth, Jonathan Weil writes for Bloomberg : "What you must realize, foremost, is that Goldman's employees speak their own distinct language." Some translations:
  • Sophisticated, as in "among the most sophisticated mortgage investors
...

Fabulous Fab: 'I Regret the Emails'

Goldman Sachs exec Fabrice Tourre faces Senate panel

(Newser) - Fabrice Tourre, the 31-year-old trader who is the only company official directly accused in the SEC suit against Goldman Sachs, testified today that he does not recall telling investors a Goldman hedge fund client had bought into an investment that soured. "I deny categorically the SEC's allegation," Tourre...

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