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.
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.
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.
What happens when the smartest guys in the room are shown to be the dumbest? They sue.
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.
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 ...
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.
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 -- 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.