Goldman Sachs has been charged with fraud by the SEC. Which is not surprising, banks do dodgy things all the time and get fined and everyone moves on. But Goldman’s attempts to justify the fraud may be its death warrant, writes Steve Waldman.
Goldman Sachs
Business As Usual: Calling all housing alarmists … newspaper ad revenues continue plummet …
Goldman Sachs giving advice? Oh, pllllease … Where are all the property bubblers? … Former TV CEO has a legal win … Newspaper ad revenues continue to take it in the neck … and more business briefs from around the world.
It pays to be a Goldman
Being related to a Goldman Sachs exec certainly has its perks. Like, the several children of top Goldman execs who are earning US$200,000 plus, although their roles aren’t made clear publicly.
Greece to Europe: subsidise our pain, now
Not only does Greece want Europe to underwrite its debt, it wants total control over how it draws down on that debt and how it uses it.
Citibank’s “tough patooties” customer service charter
In an uncharacteristic display of appreciation, Citibank boss Vikram Pandit thanked US taxpayers for bailing out the world’s once biggest financial institution — then slapped them with a new credit card fee.
Business As Usual: How Woolies kicked a big goal … a veritable buffet of Buffett … warm inner glow in the UK
The lowdown on the Woolworths’ results, Warren Buffett puts in his two bob’s worth, growth in the UK, Japan’s travelling nicely and other business news of the day.
Business As Usual: Canwest tricks … Banks down the gurgler … Land of hope and glory
There’s a bunfight going on over Canwest’s TV businness; US banks are still struggling, as is the property market; Ireland is still short of a quid; and the sherry is at the ready as the country waits for the latest economic figures.
How the banks raped and pillaged us
Banks have learnt absolutely nothing from the GFC, argues Rolling Stone in a damning and fascinating look into how the big US banks gorge themselves while America goes hungry. Is another crash coming?
Guy Rundle: Greece, the birthplace of the second wave of the GFC
The European Union has given Greece until the end of February to tell it what it already knew — that its accounts are Swiss cheese.
Should banks profit off Greek deception?
After news that Goldman Sachs and J.P Morgan helped Greece cover up their debt, Floyd Norris asks if the banks who aided Greece’s lies made any money and if so, should they be allowed to keep it?
How Goldman helped Greece hide its debt
The NYT exposes how Goldman Sachs and other Wall St players helped European governments hide their mounting debts for years, using tactics “akin to the ones that fostered subprime mortgages in America”.
US Treasury boss goes into bat (and print) for himself
Former US Treasury Secretary and Goldman Sachs CEO Henry Paulson on Tuesday undertook a strident defence of his management of the US economy during the height of the financial crisis.
How Goldman killed AIG
The NYT reveals how a dispute between Goldman Sachs and AIG, which it calls “one of the most momentous in Wall Street history”, bled the embattled insurer dry, ultimately forcing the US government to bail it out to the tune of $180b.
Lobbyists, US big hitter slam ATO over private equity tax row
The private equity tax row continues as lobbyists and one of the richest men in the US lash the Australian Taxation Office’s attempts to levy income tax on certain private equity profits.
rumour 
Goldman Sachs CEO’s $100 million pay-day
Word from the World Economic Forum is that Goldman Sachs is planning to pay its CEO Lloyd Blankfein a $100 million bonus, despite Barack Obama’s recent stern rebuke over bailed-out banks and big bonuses.
Is it anti-Semitic to pick on Goldman Sachs?
Is Goldman Sachs a “Jewish” firm? And is it possible to critique the company’s bankers and executives without being accused of descending into stereotypes about Jews and money?
Blackbean souvlaki bonds, anyone?
Media reports suggest that Goldman Sachs may be just the saviour that the Greek economy, and the European market, needs right now.
Improved Volcker plan still doesn’t go hard enough
With the mooting of the Volcker Rule, it appears that finally the Obama Administration is taking the long-awaited stick to Wall Street.
US banking basket case: not much left in the Citi kitty
Lumbering banking giant Citibank lost $US1.6 billion last year — peanuts really compared to the still-shocking $US27.7 billion lost in 2008.
Wall St bankers explain their stuff ups
The NY Times has a nifty interactive feature on the four big bankers who headed to Capitol Hill to testify at the Financial Crisis Inquiry Commission. Hear in their own words how hurricanes, regulators, risk and overspending of mortgages all contributed to causing the GFC.
Goldman Sachs still the golden option
Despite Goldman Sachs’ reputation as the bad boy of Wall Street, MBA grads are still heading there in droves. Is it the hope of multi-million dollar bonuses or something else?
Goldman employees make hay: 500-grand-a-head kind of hay
Goldman would be crazy to not make as much hay as it can while the sun continues to shine. And by “making hay”, we mean “paying its very smart employees billions of dollars to take calculated risks with shareholder and taxpayer money”.
Big lie theory explains how the bubble inflates
Why are seemingly rational people paying so much more for property than they did even as recently at 10 years ago? They fall for the “property lie”: the myth that property “never falls in value” and will be “more expensive next year”.
Goldman finally turns (slightly) scrooge on bonuses
After much flack for their exorbitant executive remuneration, this Christmas the top 30 Goldman Sachs execs will be receiving their bonuses in stocks that cannot be sold for five years, not cash.
Selling Goldman Sachs: the hardest job on Wall St?
Meet Lucas Van Praag, the PR guru tasked with reshaping Goldman Sachs’ image from “evil empire” to “friendly neighbourhood multinational banking conglomerate”. He’s paid over $1m a year for the job, but… he can keep it.
