That’s how my friend Jeff described the most recent flap over a banker allegedly using religion to defend the industry.
If you haven’t caught it, Goldman Sachs CEO Lloyd Blankfein was quoted in the Sunday London Times as saying “we have a social purpose,” in referring to the banking industry. What caught everyone’s eye was the [...]

John Gapper had a good piece in the FT yesterday called “Goldman should be allowed to fail.” His conclusion is that Goldman is allowed to game the system. It is a broker-dealer masquerading as a bank. It takes on much more risk than a traditional bank. It engages in different activities. It compensates its staff [...]

If our response focuses only on the symptoms rather than the underlying causes of the crisis, then we shall bequeath to future generations a serious risk of another crisis even worse than the one we have experienced.
-Mervyn King, Governor of the Bank of England

The Bank of England head has come out unequivocally against continuing with [...]

The title of this post is somewhat misleading – designed to be provocative to get you to read what I have to say. Indeed, I am going to defend Goldman Sach’s right to pay what it likes to its employees. But, I am also going to defend your right to be outraged and to look [...]

Meredith Whitney downgraded Goldman Sachs from ‘buy’ to ‘neutral’ today.  Previously, Goldman had been her only buy recommended stock, all of the others rated neutral or ‘sell.’  Why did she do it?
FT Alphaville has the answer:
We are downgrading shares of Goldman Sachs to Neutral from Buy after over a 34% run in price since their [...]

Marshall Auerback sent me a link to a recent Simon Johnson missive about Goldman Sachs. I had already seen and liked this article, but his e-mail prompted me to write this post. My question is: Why is Goldman a bank holding company?
Goldman becomes a bank
The reason Goldman became a bank to begin with is because [...]

Look, everyone and his brother are jumping on the “Goldman is evil” bandwagon these days.  Even the Rupert Murdoch’s Wall Street Journal is talking about Goldman Sachs like they are “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”  Well, I’m not.  I’ve [...]

This comes via Bloomberg:
Goldman Sachs Group Inc.’s second- quarter profit exceeded analysts’ estimates as record trading and stock underwriting led the company to its highest quarterly profit.
Net income in the three months ended June 26 was $3.44 billion, or $4.93 a share, the New York-based bank said today in a statement. That surpassed the [...]

The video linked below is a must-see piece of journalistic skepticism. The duo at Bloomberg News are discussing the recent alleged theft of trading code by a former Goldman employee Sergey Aleynikov who moved to a hedge fund called Citadel Teza, a hedge fund now being sued by Citadel and founded by Misha Malyshev, who [...]

Kate Kelly and Jon Hilsenrath have a story on the front of the Wall Street Journal today demonstrating the real problems with the revolving door between Wall Street and the regulators.  The essence of the story is this:  new York Fed Chairman Stephen Friedman is a director at Goldman Sachs, a company for which he [...]