Financial markets were swept up in a frenzy of optimism overnight, as rumours swirled that the eurozone was preparing to radically boost the powers of its bailout fund, writes Karen Maley of Business Spectator.
Goldman Sachs
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The long and the short of it is Goldman Sachs was in the wrong
A 650-page report from a bipartisan US Senate Committee was scathing of Wall Street investment banks, stating Wall Street is a “financial snake pit rife with greed, conflicts of interest, and wrongdoing”. Goldman Sachs copped the brunt of the criticism.
Maley: Goldman hears the QE2 music stop
Risk assets, such as shares and commodities, were sold off heavily overnight, as investors worried about the damage that high commodity prices are inflicting on global growth, writes Karen Maley, of Business Spectator.
US grabs Gupta, the big fish of insider trading
Overnight the US Securities and Exchange Commission revealed it had fingered one of the most senior people in the American business establishment on insider trading charges.
Westpac stays ‘mum’ on emergency $1b loan from US Fed
Sometimes important corporate news is ignored. Shareholders miss it, companies hide it and governments fail to publicise it.
Taking care of business and strippers
It’s relatively common in old boy style businesses — ie. at Goldman Sachs in the US — for events to be held at upscale strip clubs or for sexy dancers to appear. But why do we tolerate this sexism in the office? asks Tracy Clark-Flory.
Macquarie loses its competitive edge as earnings slump 25%
Macquarie’s worsening performance and lacklustre return on equity is the inevitable result of a business that has lost its primary competitive advantage.
Bulls are rearing to go and ready to stage a rally
Overnight saw the release of the latest report by Jim O’Neill, the global chief economist for Goldman Sachs, who provides the most convincing argument for the bullish cause, writes Karen Maley of Business Spectator.
Goldman’s glass half empty
Talk of a double-dip in the US economy is no longer confined to the mutterings of super bears in dark alleys, writes Karen Maley of Business Spectator
Forget CEO pay, investment banks laughing all the way to the bank
During the Global Financial Crisis, when Australian companies clamored to raise precious capital to shore-up their balance sheets, investment bankers and their favoured institutional clients made out like bandits.
US reform guarantees nothing
In a sense it’s a measure of America’s misery that in a new era of deflation and tight credit, it celebrates a Bill that curbs the banks.
Media fury as government, erm, does what it demanded
The Australian and the Financial Review demanded that the Government retreat on the RSPT. Now that the Government has done exactly that, they’re giving it a flogging.
$1 billion: it’s Basis Capital versus the vampire squid
What happens when the smartest guys in the room are shown to be the dumbest? They sue.
Goldman’s still got it
Despite the fraud allegations against Goldman Sachs, its big customers aren’t budging. Why the loyalty? Because they don’t blame Goldman Sachs for the GFC, even if everyone else does.
Business As Usual: Austerity the new cool in UK … and in Italy, too … Brazil waxes lyrical about big oil find …
It’s hair shirts all around in London … Italy cuts public sector hiring and pay … Changes in the wind for US bank ratings … Car sales figures here are up on last year … Brazil waxes lyrical about another big oil find …
The all-you-can-earn Buffett
Warren Buffet is the best investor in the world, the responsible, folksy old timer outsider from Omaha, different from the slick Wall Street guys. Right? Not quite, says NY Mag.
NYT takes on Goldman Sachs
The New York Times has dealt a “devastating” blow to Goldman Sachs, with an extensive front-page report into the company’s conflicted business position and dodgy deals. The article is now the talk of the business world.
Goldman’s secret army
Goldman Sachs may be publicly cheering for tighter financial regulations, but behind the scenes, it has spent $6 million in the last year alone, running an army of DC lobbyists, employing the services of 14 separate lobbying firms.
US banks: perfect or mutants?
US banks — Goldman Sachs, JP Morgan, etc — have recorded perfect trading quarters and massive profits as of late. But rather than be grateful for post-GFC recovery, there’s an awful sense of foreboding.
Digging through the “Dead Presidents” corpses
An investigation is being launched into whether Morgan Stanley deliberately designed and then bet against mortgage deals, nicknamed the “Dead Presidents” deals. Did Morgan Stanley pull a Goldman Sachs?
Are the Big Banks cheating?
Goldman Sachs, Citigroup, JP Morgan, and Bank of America have all scored “perfect quarters” — making money on all 61 trading days this year. Are they really that good — or is the system rigged?
Business As Usual: Job ads pointing downwards … US banks continue to die … Germans to put up 8.1b euros for Greece …
Attention moves to Chona tomorrow, another four US banks bite the dust but its good news for jobs in US and investors giving Europe a miss. Plus, all the best business briefs of the day.
