Post Tagged with: "derivatives"
Goldman Fraud Case With SEC Settled
Goldman Sachs (GS) and the SEC (Securities and Exchange Commission) have announced a settlement of the suit over the Abacus security case which was a civil action charging fraud by Goldman. According to the SEC announcement, which I watched on CNBC, Goldman will pay $550 million in disgorgement and penalties. In spite of this being
Stat of the day: Hungary joins list of sovereigns with highest default probability
There is a lot more exposure to Italy, Ireland and Spain but we know that Thailand was the ultimate source of the Asian Crisis. These things have a way of metastasising – and we have already seen the strains in Spain and Greece. You could really argue that it was Hungary which was infected by a virulent strain of the Spanish Flu – and that contagion has already begun. I think people are concerned for good reason
Goldman may settle fraud case on lesser charge
I expected this (hat tip Scott). Goldman Sachs is hoping to avoid the Securities and Exchange Commission’s charge of fraud by reaching a settlement on a lesser offence and agreeing to a fine of hundreds of millions of dollars, according to people familiar with the bank’s negotiating position. Goldman, which has been accused of civil
Warren Buffett’s Letter to John Dingell Circa 1982
Last year I told you that Berkshire had 62 derivative contracts that I manage. (We also have a few left in the General Re runoff book.) Today, we have 94 of these, and they fall into two categories. First, we have written 54 contracts that require us to make payments if certain bonds that are
Links: 2010-04-29 European crisis, derivatives and much more
If you would like to receive our links in real-time please follow me at @edwardnh or go to our site’s News Feed (on site or rss). Please send links via the contact form on the site. Euro-zone sovereign debt crisis To Save The Eurozone: $1 trillion, European Central Bank Reform, And A New Head
Is Goldman fulfilling its public purpose?
Look back at the prepared testimony that Lloyd Blankfein, Goldman’s CEO offered to the US Senate two days ago. In it he clearly defines what Goldman Sachs public purpose is – what its societal function is. Are they fulfilling that role and if not what do we do about it? To me this is the
Prepared Testimony of Lloyd C. Blankfein for Tomorrow’s Senate Hearing
Below are the prepared remarks of Goldman’s CEO Lloyd Blankfein for his testimony tomorrow before the Senate Subcommittee on Investigations. Fabrice Tourre will also testify. Chairman Levin, Ranking Member Coburn and Members of the Subcommittee: Thank you for the invitation to appear before you today as you examine some of the causes and consequences of
Guest Post: Questions from the Goldman Scandal
This is a post by Bill Black and Eliot Spitzer which originally appeared at New Deal 2.0. Bill Black is an associate professor of economics and law at the University of Missouri – Kansas City (UMKC). He was the executive director of the Institute for Fraud Prevention from 2005-2007. Eliot Spitzer is the former New
Senator Blanche Lincoln’s Derivatives Reform Bill Must Pass
This is a fiery take on derivatives and too-big-to-fail institutions by Randall Wray which originally appeared at New Deal 2.0. Professor Wray believes naked shorting via derivatives should be outlawed. He goes further to say that the largest institutions are not fulfilling their public purpose in loading up on derivatives. L. Randall Wray, Ph.D. is
Links: 2010-04-22 Goldman, derivatives and everything else
If you would like to receive our links in real-time please follow me at @edwardnh or go to our site’s News Feed page. Derivatives-related news FT Alphaville – Izabella Kaminska – Hungarian watchdog fines Deutsche Bank on FX swap deals Janet Tavakoli: ProPublica’s (and NY Times’) "Untold" Magnetar Story Creates Excuses for Wall Street and
John Paulson’s letter to investors defending his firm’s actions in the Abacus deals
Paulson Letter on Abacus
The politics of the Goldman fraud case
When I first wrote about the case against Goldman Sachs for fraud on Friday I said that my reaction was “largely positive” as fraud was a major factor in what led to crisis and it is high time regulators started to acknowledge this. Nonetheless, from my vantage point. The Goldman case is a politically-charged one