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Bust to boom? How Nine lived to fight another ratings year

Nine’s owners CVC and Goldman Sachs lost big in yesterday’s deal. Crikey intern Nicholas McCallum breaks down what happened, and who now owns the former “number one” TV network.

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New York Times | COMPANIES|

Goldman Sachs and the missing $580 million

Loren Feldman explains the fascinating decade-long legal battle between investment kings Goldman Sachs and technology company Dragon Systems over the $580 million business deal that crumbled.

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Analyst forecasts grim for News Corp’s paper business

Goldman Sachs, one the two bankers handling the forthcoming News Corporation split, is forecasting a sharp fall in newspaper operating earnings in the 2013 financial year.

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The Muppets take on Goldman Sachs

Enraged that the nefarious whiskey-sipping suits at Goldman Sachs call their clients “muppets,” the anti-Muppet defamation league takes action. Muppets vs. Goldman Sachs from Neal McDonough

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Goldman Sachs exec’s public resignation and other classic dummy spits

Goldman Sachs executive Greg Smith’s resignation letter can be seen as a growing trend, particularly in the United States, for departing employees to attack the culture of the company they are leaving. Let’s have a look at five high-profile examples.

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New York Times | COMPANIES|

Why I quit Goldman Sachs

It’s the NY Times article that everyone is talking about — Goldman Sachs executive director Greg Smith resigned from the investment bank today, revealing that staff there call their clients “muppets” and ignore their best interests to make GS more money.

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Maley: a frenzy of blind market optimism

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.

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Local government’s right to take a stand

Crikey readers have their say.

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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.

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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.

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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.

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Investment bankers and dictators — what’s the difference?

Is monies earned by investment bankers really any more legitimate than monies stolen by dictators?

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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.

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Salon | COMPANIES|

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.

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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.

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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.

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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

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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.

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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.

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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.

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$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.

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New York Times | COMPANIES|

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.

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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 …

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New York Magazine | LINKS|

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.

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Columbia Journalism Review | COMPANIES|

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.

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