Credit Writedowns » Goldman Sachs

William K. Black on MF Global

Edward Harrison — Fri, 09 Dec 2011 04:35:44 +0000

Bill Black was on Capital Account talking to Lauren Lyster about MF Global. As usual, Capital Account delves deep into the real issues. Black never disappoints. Video below

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Video: Mockumentary Presents: Politics in America

Edward Harrison — Mon, 28 Nov 2011 19:00:25 +0000

An in-depth (and cynical) look at the current political environment in America, from the Occupy Wall Street protesters to the President's reaction to the Republican Primary via Omid Malekan, creator of the Quantitative Easing Explained and European Crisis Explained videos Don’t change the change!

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A year later everyone is catching on about Fed policy and net interest margins

Edward Harrison — Tue, 18 Oct 2011 20:00:13 +0000

Last November, in anticipation of QE2, I wrote a post called “How Quantitative Easing and Permanent Zero are Toxic To Bank Net Interest Margins”. The gist of the post was that if the ‘extended period’ for low rates was too long, net interest margins would suffer, especially during a recession. I was looking at Japan and their economic policies and seeing low yields and super-low net interest margins killing bank earnings. Now that we are seeing more movement down on net interest margins (BofA and Wells Fargo both showed margin compression for example), the mainstream media is finally catching on to the connection between Fed policy and net interest margins. You heard it here first though

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Jon Stewart: Grecian Burn

Edward Harrison — Thu, 23 Jun 2011 17:30:12 +0000

Young people and the elderly throw incendiary devices and yogurt to protest Greece's proposed austerity measures

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The $50 Billion Myth – Facebook and Goldman Sachs

Casey Research — Mon, 17 Jan 2011 13:00:00 +0000

By Alex Daley, Casey’s Extraordinary Technology The past few weeks have seen a flurry of news in technology with the mega-sized Consumer Electronics show in Las Vegas ushering in the first new platform for Microsoft Windows in over a decade, the announcement of at least 40 forthcoming mobile phones to be the first class labeled

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High Frequency Trading – Tradenator 2: Settlement Day

Edward Harrison — Thu, 18 Nov 2010 15:35:01 +0000

The same guy who gave us the Quantitative Easing Explained video, produced this hilarious take on high frequency trading last year. The Terminator is out to stop it! Enjoy. Source: malekanoms Related Posts The high frequency trading post I did not write 21 Aug 2009 How much is gold trading for? 7 Dec

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“The Smart Money is Selling Debt”

Edward Harrison — Wed, 27 Oct 2010 12:12:03 +0000

If you are a corporate CFO, now is the time to issue bonds because interest rates are very low, courtesy of the Federal Reserve. And companies are doing that from IBM, to J&J and Microsoft. These companies don’t need the money; they see ‘free money’ in the form of abnormally low rates and decide to

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Goldman’s Gets 25% to 35% of Revenue From Derivatives

Edward Harrison — Sat, 07 Aug 2010 01:53:05 +0000

No wonder Goldman has resisted derivatives regulation so fiercely. A huge percentage of the firm’s revenue comes from these activities (hat tip R.W.). The Wall Street Journal is reporting that as much as a third of the firm’s revenue came from derivatives last year. Goldman Sachs Group Inc. told the Financial Crisis Inquiry Commission that

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Goldman Fraud Case With SEC Settled

John Lounsbury — Fri, 16 Jul 2010 00:30:00 +0000

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

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DON’T Let Goldman Be Goldman

Guest Author — Mon, 12 Jul 2010 20:00:11 +0000

Wallace Tuberville writes that if we let Goldman go back to its old ways, no one wins. This post originally appeared at New Deal 2.0. William D. Cohan’s op-ed piece in the July 7th New York Times had the same title as this article, but for the word “Don’t.” At first glance, I thought the

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Goldman may settle fraud case on lesser charge

Edward Harrison — Fri, 28 May 2010 03:05:27 +0000

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

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The Age of The Trader

Edward Harrison — Sun, 02 May 2010 12:29:18 +0000

I have written a number of posts which point to a shift in the center of power on Wall Street from the client-facing advisory business to the market-making trading business. I think understanding this shift is vital to understanding what caused the financial crisis and to understanding the defense that Goldman Sachs has proffered for

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Were the Goldman Senate hearings show trials or the precursor to reform?

Edward Harrison — Fri, 30 Apr 2010 20:44:01 +0000

On this edition of Peter Lavelle’s ‘CrossTalk’ he asks his three guests including me whether the US Senate hearings humiliating Goldman Sachs are merely a show trial with the aim of watering down global financial reform. Take a look at what we have to say in the video below. The point where I got cut

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Goldman’s public purpose and where I have problems with the Abacus deal

Edward Harrison — Thu, 29 Apr 2010 12:46:40 +0000

As I said yesterday, investment banks are institutions which do fulfil a useful role in society. I would define their role as companies where large institutions and governments receive financial advice and raise capital. Goldman Sachs is an investment bank. As such, Goldman must offer financial advisory services, capital markets origination, and secondary market support

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Is Goldman fulfilling its public purpose?

Edward Harrison — Thu, 29 Apr 2010 01:50:59 +0000

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

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Business as usual on Wall Street and political posturing in Washington

Edward Harrison — Thu, 29 Apr 2010 00:35:53 +0000

In 2007, a credit crisis centred in the US subprime market began. It metastasised into a monstrosity of epic proportions that led to the worst and only synchronized global downturn since the Great Depression three-quarters of a century ago. The result was a massive bailout of the largest financial institutions in America and around the

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Edward Harrison — Wed, 28 Apr 2010 12:55:49 +0000

Goldman Whitman says she regrets now-banned stock deals through Goldman Sachs – San Jose Mercury News Goldman boss Lloyd Blankfein denies moral obligation towards clients – Telegraph David Prosser: Goldman Sachs is just the start of the battle to tame Wall Street – The Independent The Goldman E-mails, or How to Sell Junk – DealBook

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Pain

Edward Harrison — Tue, 27 Apr 2010 21:30:02 +0000

I was on two TV programs talking about Goldman today. That’s actually a first. Of course it’s always nice to asked to speak about finance away from Credit Writedowns and I will provide you with the videos and some commentary later tonight or tomorrow. But, I was thinking as I walked away from the studio:

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Prepared Testimony of Lloyd C. Blankfein for Tomorrow’s Senate Hearing

Edward Harrison — Tue, 27 Apr 2010 00:39:14 +0000

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

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Guest Post: Questions from the Goldman Scandal

Guest Author — Mon, 26 Apr 2010 15:04:29 +0000

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

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Links: 2010-04-22 Goldman, derivatives and everything else

Edward Harrison — Thu, 22 Apr 2010 12:45:32 +0000

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

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John Paulson’s letter to investors defending his firm’s actions in the Abacus deals

Edward Harrison — Thu, 22 Apr 2010 02:19:41 +0000

Paulson Letter on Abacus AC1 Related Posts Goldman Abacus AC1 Pitchbook 16 Apr 2010 The dollar rally spells trouble for some investors 5 Sep 2008 John Meriwether is back, risk must be too 22 Oct 2009 More About: derivatives, Financial Institutions, Goldman Sachs, hedge funds, mortgages

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Why don’t the President’s ethics rules apply to Greg Craig, now at Goldman

Marshall Auerback — Wed, 21 Apr 2010 16:30:18 +0000

"As far as the White House is concerned, it’s case closed for Greg Craig’s newest legal venture representing Goldman Sachs against the Securities and Exchange Commission. Administration spokesmen brushed aside questions about whether it was improper for Goldman to hire Craig, who served as Obama’s chief counsel for nearly a year before leaving due to

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Goldman gets ex-White House counsel

Edward Harrison — Tue, 20 Apr 2010 16:25:44 +0000

Goldman Sachs is launching an aggressive response to its political and legal challenges with an unlikely ally at its side — President Barack Obama’s former White House counsel, Gregory Craig. The beleaguered Wall Street bank hired Craig — now in private practice at Skadden, Arps, Slate, Meagher & Flom — in recent weeks to help

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Is the Goldman case a one-off or the first of many?

Edward Harrison — Tue, 20 Apr 2010 15:04:25 +0000

This is THE issue that everyone wants to know. When I wrote the The politics of the Goldman fraud case and referred to "leeway in how to proceed later against Goldman and other firms using the same practice," I meant that it was not at all clear whether this was a politically-motivated one–off or the

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Edward Harrison — Mon, 19 Apr 2010 21:19:35 +0000

Goldman Sachs: a history of controversy – Telegraph Extra Tax Refunds Giving Consumers A Short-Term Boost – Investor’s Business Daily Excess, Shadow Inventory Threaten Fragile Housing Recovery: Fannie – HousingWire Economist’s View: "Did Goldman Deceive the Collateral Manager?" ASIC considers joining Goldman Sachs probe – Sydney Morning Herald Dylan Ratigan: A Patriot’s Day Call to

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Chris Whalen on “The Age of the Trader”

Edward Harrison — Mon, 19 Apr 2010 20:48:46 +0000

Chris Whalen of Institutional Risk Analytics talks about how the shift in power from I-banking to trading at firms like Goldman has invariably led to conflicts of interest where clients do not come first, something I first broached last summer in "More on why big capital markets players are unmanageable". Back when Wall Street was

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The politics of the Goldman fraud case

Edward Harrison — Mon, 19 Apr 2010 11:12:18 +0000

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

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Links: 2010-04-18 Greece and Goldman

Edward Harrison — Sun, 18 Apr 2010 22:20:00 +0000

Germany, UK demand Goldman Sachs probe| Reuters John Paulson Needs A Good Lawyer – The Baseline Scenario interfluidity » L’Affaire Goldman in price/information terms interfluidity » Goldman-plated excuses Iceland volcano could continue erupting for more than a month, researcher says – Science Daily Vancouver Real Estate Anecdote Archive EU’s Investigation of Goldman Will Be ‘Profound,’

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Links: 2010-04-17 Failure Friday and Goldman Fraud

Edward Harrison — Sat, 17 Apr 2010 17:31:01 +0000

Bank Failure Friday TD Bank, National Association, Wilmington, Delaware, Acquires All the Deposits of Three Florida Institutions FDIC: Failed Bank Information – Bank Closing Information for City Bank, Lynnwood, WA FDIC: Failed Bank Information – Bank Closing Information for Tamalpais Bank, San Rafael, CA FDIC: Failed Bank Information – Bank Closing Information for Innovative Bank,

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Goldman Abacus AC1 Pitchbook

Edward Harrison — Sat, 17 Apr 2010 01:03:29 +0000

Goldman’s Abacus 2007 AC1 Indicative Terms Related Posts SEC Charges Goldman Sachs With Fraud; May The Perp Walks Begin 16 Apr 2010 Memo to Greece: Make war not love with Goldman Sachs 22 Feb 2010 Inside the mind of an investment banker: Greece, Goldman and derivatives 23 Feb 2010 More About: derivatives, Financial Institutions, Goldman

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Vampire squid alert: Goldman is clearly being singled out

Edward Harrison — Fri, 16 Apr 2010 16:51:18 +0000

I just posted on Goldman’s fraud charges this morning with my article "SEC Charges Goldman Sachs With Fraud; May The Perp Walks Begin." Below are my (now updated) thoughts on the case having seen more of the information surrounding the case including the complaint which is embedded in the post linked above. I have also

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SEC Charges Goldman Sachs With Fraud; May The Perp Walks Begin

Edward Harrison — Fri, 16 Apr 2010 14:52:20 +0000

From the SEC: The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter. The SEC alleges that Goldman Sachs structured and marketed

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SEC Charges Goldman Sachs With Fraud; May The Perp Walks Begin originally appeared on Credit Writedowns

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Links: 2010-04-14 WaMu’s lack of faith in Goldman and Greek aid’s legal threat

Edward Harrison — Wed, 14 Apr 2010 12:17:50 +0000

WaMu Chief Killinger Didn’t Trust Goldman Sachs, E-Mails Show – BusinessWeek German threatens legal challenge over Greek aid: report| Reuters FT Alphaville » Greece – ‘It’s not that different’ Observations: Happy or sad, emotions persisted beyond remembering an event in people with amnesia Children who form no racial stereotypes found: Scientific American Interview With Jim

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Links: 2010-04-14 WaMu’s lack of faith in Goldman and Greek aid’s legal threat originally appeared on Credit Writedowns

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Links: 2010-04-05 – Eventual Greek default, muni threat and the end of recession 5 Apr 2010
Links: 2010-02-17 – Revaluing China, Goldman and more 17 Feb 2010
Links: 2010-04-10 Greek crisis, CDO shenanigans and Germany’s forgotten bunkers 10 Apr 2010

Goldman vs. Grassley on Build America Bonds

Edward Harrison — Fri, 26 Feb 2010 02:57:07 +0000

The latest dust-up involving Goldman Sachs involves Build America Bonds. The New York Times reports: Senator Charles E. Grassley of Iowa has asked Goldman Sachs to clarify how much it has collected in underwriting fees as states and cities issue so-called Build America Bonds to raise money for infrastructure projects and create jobs. The senator,

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Goldman vs. Grassley on Build America Bonds originally appeared on Credit Writedowns

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