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27 posts tagged with GoldmanSachs.
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Sachs Tapes

The NY Federal Reserve is supposed to monitor big banks and prevent another financial crisis. But when Carmen Segarra was hired, what she witnessed inside the Fed was so alarming that she bought a tiny recorder, and started secretly taping. This American Life reports. [more inside]
posted by chavenet on Sep 26, 2014 - 60 comments

How complex are corporate structures?

Visualisations of corporate ownership for six banks: Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, JP Morgan and Wells Fargo.
posted by frimble on Aug 2, 2013 - 31 comments

“Not many antagonize Goldman just for the hell of it,”

The Lonely Redemption Of Sandy Lewis
“The complicity on Wall Street is sickness!” Mr. Lewis says. He fixes you with his laser stare. “If you think the big firms are being honest” — his tone slides streetwise — “well, sweetheart, go think something else!” The temptation is to dismiss Mr. Lewis, 73, as a crank, except he once ruled as an eccentric genius of arbitrage, with a preternatural feel for the tectonic movements of the markets. He has railed for decades about venalities now on daily display. Rude truth is his currency.
[more inside]
posted by the man of twists and turns on Jul 9, 2013 - 7 comments

"That lawsuit, believe it or not, is still going on."

Where Banks really Make Money On IPOs
All of these numbers are hypothetical, of course, but the bigger point is simple: if Goldman manages to get kickbacks, in terms of extra commissions, of more than 7% of its clients’ profits, then it has a financial incentive to underprice the IPO. And Goldman’s clients were desperate to give it kickbacks: they didn’t just route their standard trading through Goldman, since that wouldn’t generate enough commissions. Instead, they bought and sold stocks on the same day, at the same price. Capstar Holding, for instance, bought 57,000 shares in Seagram Ltd at $50.13 per share on June 21, 1999 — and then sold them, on the same day, at the same price. Capstar made nothing on the trade, but Goldman made a commission of $5,700. Capstar’s Christopher Rule says that in May 1999, fully 70% of all of his trading activity “was done solely for the purpose of generating commissions”, so that he could continue to keep on getting IPO allocations.
Rigging The IPO Game [more inside]
posted by the man of twists and turns on Mar 11, 2013 - 18 comments

The shocking news that Goldman Sachs is greedy

"Twenty five years ago I quit a job on Wall Street to write a book about Wall Street. Since then, every year or so, UPS has delivered to me a book more or less like my own, written by some Wall Street insider and promising to blow the lid off the place, and reveal its inner workings, and so on. By now, you might think, this game should be over. The reading public would know all it needed to know about Wall Street, and the publishing industry would be forced to look to some other industry for shocking confessions from insiders. Somehow this isn't the case."
posted by vidur on Feb 5, 2013 - 47 comments

"The original shark, it turns out, rotted."

Gold, Golden, Gilded, Glittering - The Unexpected Double History Of Banking And The Art World
In fact, we have long entrusted the task of representing our ideas of value to members of two professions that might seem to have little in common: banking and art. And, in the last seven hundred years or so, it has happened more than once that visual and financial inventors have come up with strikingly similar representations. There is more than a shadow of resemblance between the purchase of the Hirst skull in 2007 and the mortgage-backed-securities debacle that made of Lehman Brothers in the following year one of the great public pictures of vanitas we’ve had. And, when you look further into these intersections, you often find that what is really at stake is a change in the way we feel and understand time.
[more inside]
posted by the man of twists and turns on Jan 7, 2013 - 20 comments

From the Oakland Hills to the Bubble’s Epicenter

First the Bubble. Then the Short. Now the Long.
Some neighborhoods in Oakland are as devastated as any of the worst hit regions across America — Atlanta, Las Vegas, Phoenix. Now the morphing of the housing bust and foreclosure epidemic into a lucrative multi-billion dollar opportunity for major investors is also uncannily centered upon Oakland and the greater Bay Area, where companies flush with hedge fund cash are buying up homes by the thousands. The entire sweep of the US housing bubble, financial crisis, and foreclosure wave can therefore be told by looking at persons and companies with intimate links to Oakland and the Bay Area. What follows is one account.

posted by the man of twists and turns on Dec 11, 2012 - 41 comments

"You will depart immediately, before we set the dogs on you."

Dave Hartnett was surprised with an award this week for his services to tax avoidance. He was celebrating his retirement as head of the UK's tax and customs department, where he agreed "sweetheart" deals with Goldman Sachs and Vodafone, letting them off outstanding tax bills. Cue some pleasantly awkward confusion as the partygoers realise what is going on.
posted by creeky on Sep 24, 2012 - 58 comments

Goldman Sachs gets away with it

In April 2011, the Senate Permanent Subcommittee on Investigations (PDF) release a report that Goldman Sachs knowingly sold mortgage-backed securities that they believed would fall in value, and then shorted them for billions in profit. The Department of Justice and the U.S. Attorney for the Southern District of New York declined to press charges today.
posted by Hollywood Upstairs Medical College on Aug 10, 2012 - 94 comments

Strange Knobs

Another day, another story of a Goldman Sachs employee quitting. This one, though, isn't filing any op-eds - rather, he's starting up his own custom condom business, TheyFit, which offers 95 different sizes. Warning: puns ahead.
posted by (Arsenio) Hall and (Warren) Oates on Mar 15, 2012 - 37 comments

A Vampire Squid with Muppets

Why I Am Leaving Goldman Sachs. New York Time Op-Ed. March 14th 2012:
TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
[more inside]
posted by Skygazer on Mar 14, 2012 - 150 comments

Like Fake Steve Jobs with more snark

Overheard on the Goldman Sachs elevator Single Link Twitter Feed
posted by zerobyproxy on Jan 10, 2012 - 91 comments

This is The Goldman Sachs Project

"By putting an [unelected] senior adviser at Goldman Sachs in charge of a Western nation, it has taken to new heights the political power of an investment bank that you might have thought was prohibitively politically toxic." This is The Goldman Sachs Project [more inside]
posted by rubyrudy on Nov 18, 2011 - 67 comments

Too big to fail...too big to sue?

TARP is winding down...bring on the lawsuits. Within the next week, the US government is set to sue a dozen banks for billions in losses caused by those banks' misrepresenting the risks of mortgage-backed securities. This is in addition to numerous State Attorneys General suing the banks for failing to reach an agreement in foreclosure abuses. Insurance giant AIG will also be suing BofA to recoup losses over the mortgage bonds. BofA had also agreed to a settlement of $8.5 billion to cover losses from soured mortgage debt issued through Countrywide. Deutsche Bank is suing WaMu. Goldman Sachs already settled with the SEC for $500 million for their fraud and have been sued by othersseeking to recover losses. [more inside]
posted by darkstar on Sep 1, 2011 - 56 comments

The SEC's Memory Hole

Is the SEC Covering Up Wall Street Crimes? "A whistleblower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals."
posted by homunculus on Aug 18, 2011 - 45 comments

Recent innovation and optimism from Goldman Sachs

Reuters reports that Goldman Sachs is storing aluminum in several warehouses outside Detroit. Apparently not much aluminum is actually leaving the warehouses. This may help explain the recent spike in the price of - any guesses? - aluminum. [more inside]
posted by mark7570 on Jul 28, 2011 - 155 comments

Let's find as many suckers as we can as fast as we can, because we'll only make more money as more and more shit hits the fan.

The People vs. Goldman Sachs. Matt Taibbi's latest magnum opus (previous coverage) lays out the full case for federal prosecutions against the Vampire Squid according to Sen. Carl Levin's Senate Subcommittee on Investigations. [Wall Street and the Financial Crisis: Anatomy of a Financial Collapse 650 page pdf].
posted by T.D. Strange on May 11, 2011 - 176 comments

Hang the bankers

"Let's start hanging bankers, I think that could be a solution" (slyt)
posted by 445supermag on Apr 15, 2011 - 76 comments

Anyone for seconds?

How Goldman Sachs gambled on starving the world's poor - and won This was hinted at last August and in 2008
Merrill Lynch's spokesman said: "Huh. I didn't know about that." He later emailed to say: "I am going to decline comment." Deutsche Bank also refused to comment. Goldman Sachs were a little more detailed in their response: they said "serious analyses... have concluded index funds did not cause a bubble in commodity futures prices", offering as evidence a single statement by the OECD.
World Hunger Facts 2010
posted by adamvasco on Jul 5, 2010 - 99 comments

Too big not to fail?

SEC sues Goldman Sachs for fraud. GS has already come under fire for "betting against" financial products it was marketing, a practice that apparently helped it prosper from the real estate bubble but come out relatively unscathed. The SEC now says that one such product was designed specifically so that a Goldman business partner, Paulson & Company, could take a short position on it. Investors were apparently not advised of this fact. Goldman's stock was off more than 10% in the half hour following the announcement. [more inside]
posted by grobstein on Apr 16, 2010 - 48 comments

"This is an open-and-shut case of anti-competitive behavior"

"What happened here in Jefferson County would turn out to be the perfect metaphor for the peculiar alchemy of modern oligarchical capitalism: A mob of corrupt local officials and morally absent financiers got together to build a giant device that converted human shit into billions of dollars of profit for Wall Street" - "Looting Main Street" Matt Taibbi takes an in-depth look into how finance, deregulation, corruption, synthetic rate swaps, and greed decimated Birmingham, AL. [more inside]
posted by The Whelk on Apr 12, 2010 - 42 comments

Wall Street's Bailout Hustle

"The reality is that the post-bailout era in which Goldman [Sachs] thrived has turned out to be a chaotic frenzy of high-stakes con-artistry, with taxpayers and clients bilked out of billions using a dizzying array of old-school hustles that, but for their ponderous complexity, would have fit well in slick grifter movies like The Sting and Matchstick Men. There's even a term in con-man lingo for what some of the banks are doing right now, with all their cosmetic gestures of scaling back bonuses and giving to charities. In the grifter world, calming down a mark so he doesn't call the cops is known as the "Cool Off.""
posted by Pope Guilty on Feb 22, 2010 - 50 comments

Goldman Sachs acquiring media equity

... one wonders why [Goldman Sachs] and [JP Morgan] were so eager to provide "rescue" financings to virtually the entire distressed media space: both companies knew too well that sooner or later they would end up with full equity control over essentially the most coveted industry: thousands of TV stations, radio channels, newspaper and magazines. (via) (previously)
posted by Joe Beese on Sep 23, 2009 - 16 comments

The Devil and Goldman Sachs

Meet financial advisor Mike Morgan. He started an anti-Goldman Sachs website to examine "what part Goldman Sachs and their executives played in the current Global Economic Crisis." The investment bank and its lawyers told him to cease and desist. So Morgan sued Goldman (pdf). The response has been overwhelming. Morgan is now organizing volunteers to go after the other banksters. Want to help? There's a webinar scheduled tonight.
posted by up in the old hotel on Apr 15, 2009 - 40 comments

$16.5 Billion. That's with a B as in booyah!

It's Wall Street bonus season. And, as Henry Blodget writes, the folks who have "the good fortune of working in a hot industry in a favorable market environment" are doing extremely well this year. Notably, Goldman Sachs is breaking records with a $16.5 billion bonus pool. That is roughly $622,000 per employee but some employees do better than others: "[Goldman CEO] Lloyd Blankfein, for one, will probably earn a measly $50 million (loser), whereas Morgan Sze (big man on campus), head of GS's principal strategies group in Hong Kong will go home with a check around twice that." Anyway, whether you're a $120K secretary or a $100M trader, author Michael Lewis has some some tongue-in-cheek advice for dealing with poorer relations.
posted by blue mustard on Dec 20, 2006 - 46 comments

How do you split $11 billion?

How do you split up $11 billion? That's enough to evenly split $500,000 per Goldman Sachs employee. It's bonus season on Wall Street. Extensive interviews with current and former Goldman Sachs employees and a best guess of how all of the money gets disbursed.
posted by suprfli on Nov 28, 2005 - 44 comments

ORIGINAL SIN: How prices of initial public offerings were manipulated by Goldman Sachs through the illegal practice of "Laddering"

ORIGINAL SIN: How prices of initial public offerings were manipulated by Goldman Sachs through the illegal practice of "Laddering" Isn't that enronic!
posted by srboisvert on May 13, 2002 - 10 comments

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