Post Tagged with: "Goldman Sachs"
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
DON’T Let Goldman Be Goldman
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
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
The Age of The Trader
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
Were the Goldman Senate hearings show trials or the precursor to reform?
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
Goldman’s public purpose and where I have problems with the Abacus deal
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
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
Business as usual on Wall Street and political posturing in Washington
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
Links: 2010-04-28 Greece Goldman Greed (and Fear)
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
Pain
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:
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