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By Chris Abani

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Tag: Goldman Sachs

Fabulous Fab
AP / Charles Dharapak

‘Fabulous Fab’ Puffed Up, Even as Senate Dresses Him Down

Calling him “short, slight and looking as though he were on a break from prep school,” The Washington Post’s Dana Milbank devoted his entire column Wednesday to the “arrogance” of Goldman Sachs wunderkind Fabrice “Fabulous Fab” Tourre, as well he should have done.

Posted on Apr 27, 2010 READ MORE


ENTER_ALT_TEXT

Goldman Sachs Bigwigs Dispute Charges

Step right up and you’ll see spectacles that will amaze from Tuesday’s face-off between senators and Goldman Sachs boss men, such as the awesome Fabrice Tourre denying “categorically” that he misled clients by selling them mysterious bundled financial entities tied to doomed mortgages.

Posted on Apr 27, 2010 READ MORE


Goldman execs
AP / Charles Dharapak

Senators Grill Goldman Execs About Their ‘Shitty Deal’

Tuesday was not a fun day to be a top executive at Goldman Sachs. Sen. Carl Levin and his posse from the Permanent Subcommittee on Investigations made sure of that during a lengthy interrogation session, which included quite a zinger ... (continued)

Posted on Apr 27, 2010 READ MORE


Party Crasher

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Posted on Apr 25, 2010 READ MORE


Goldman CEO to Perform Community Service as Treasury Secretary

A Treasury Department spokesperson said that by performing community service as treasury secretary, Lloyd Blankfein will do less harm to the economy because he will have significantly less power than he had as chairman of Goldman.

Posted on Apr 25, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Obama the Naive?; Defending Banking

This week’s show certainly gets lively as the panelists debate whether Wall Street’s work benefits the nation—and the world at large—or just its denizens’ own bank accounts. Also, they take up Obama’s performance as Wall Street’s pied piper and engage in another on-air tussle over the Catholic Church’s crisis.

Posted on Apr 23, 2010 READ MORE


Titan Over Wall Street

Perhaps Obama could have scored more popularity points if he had ordered a few financiers to be led out of the Cooper Union auditorium in handcuffs.

Posted on Apr 22, 2010 READ MORE



Live Chat: Robert Scheer on Goldman Sachs

Read a full transcript of Robert Scheer discussing with readers his latest column, the crooks at Goldman Sachs and the prospects of financial reform.

Posted on Apr 22, 2010 READ MORE


SEC building
Wikimedia Commons / AgnosticPreachersKid

Key Testimony May Hinder SEC’s Goldman Sachs Suit

On Wednesday, a day after Goldman Sachs stock took a dip as the SEC’s lawsuit against the financial giant loomed large, The Wall Street Journal suggested that Goldman could catch a break in the case ... (continued)

Posted on Apr 21, 2010 READ MORE


Just Doing My Job

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Posted on Apr 21, 2010 READ MORE


Goldman Sachs
AP / Mark Lennihan

Goldman Plays, We Pay

The story of the financial debacle will end the way it began, with the super-hustlers from Goldman Sachs at the center of the action and profiting wildly. Never in U.S. history has one company wielded such destructive power over our political economy, irrespective of whether a Republican or a Democrat happened to be president.

Posted on Apr 20, 2010 READ MORE


Colbert

‘Colbert Report’: The SEC Shafts Goldman Sachs

Stephen Colbert is outraged at the Obama administration’s attempt to thwart banks’ promotion of risky investments. After all, risky investments are like risky sex, and “if you make the banks wear a condom, they won’t be able to feel it when they’re f*&#ing us over.”

Posted on Apr 20, 2010 READ MORE


Goldman building
Flickr / laverrue

Goldman Sachs Posts Big Profits as SEC Suit Awaits

Goldman Sachs has demonstrated a remarkable ability to keep pulling in the profits—and bestowing bonuses on company execs—regardless of the state of the global economy, and despite what the bank might have done to damage it in the first place. On Tuesday ... (continued)

Posted on Apr 20, 2010 READ MORE


Goldman’s Shell Game

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Posted on Apr 19, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Goldman Fraud?; Financial Reform; Tax Day Tea Party

The SEC has taken its first action against Goldman Sachs for alleged investor fraud—will it help efforts for financial reform and regulation? Or will the financial giant just be slapped with a fine and then allowed to continue business as usual?

Posted on Apr 16, 2010 READ MORE


Geithner
AP / Jose Luis Magana

Geithner Pushes to Restrict, Not Ban Derivatives

In a letter to a ranking Senate Democrat, Treasury Secretary Timothy Geithner called for restrictions on derivatives—those financial instruments whose value is derived from other instruments—but stopped at an outright ban on the trading practices that helped lead to the current financial crisis.

Posted on Apr 16, 2010 READ MORE


Goldman Sachs
AP / Mark Lennihan

SEC Slaps Goldman Sachs With Fraud Suit

In a move that may signal the beginning of the end of Goldman Sachs’ golden era, the Securities and Exchange Commission filed a civil suit Friday against the banking behemoth, accusing the company of selling customers subprime mortgage derivatives ... (continued)

Posted on Apr 16, 2010 READ MORE


Greece Isn’t Europe’s Only Problem

Today’s European crisis was precipitated by Greece acting with possibly reckless honesty, and Germany behaving badly.

Posted on Mar 30, 2010 READ MORE


Colbert

‘Colbert Report’: Greece, Frightening

Sure, Goldman Sachs CEO Lloyd Blankfein once crowed that his firm was “doing God’s work,” but, as Stephen Colbert points out here, Blankfein never actually specified which God he was talking about. Perhaps it was Hades, Greek god of the underworld. Given the state of the Greek economy, that may not be too much of a stretch.

Posted on Mar 4, 2010 READ MORE


Competition in Ignominy

There is a lot of money to be made by big international banks in impoverished small, and even medium-size, countries in times of world crisis.

Posted on Mar 2, 2010 READ MORE


FDIC Helping Banks Turn Profit

Want to see how the FDIC works with banks to help them turn a nifty profit on short sales and foreclosures? Check out this video from the folks at Think Big, Work Small in which they detail how it happens.

Posted on Feb 27, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Health Care Huddle, Goldman/Greece

Was any progress made at Thursday’s health care summit on Capitol Hill? Is Goldman Sachs bringing down the global economy? Is it Wall Street gone wild or just the progress of capitalism? And is the U.S. trouncing Toyota because the federal government owns GM? So many questions, but luckily the “Left, Right & Center” lineup is ready for all of them on this week’s show.

Posted on Feb 26, 2010 READ MORE



Flickr / antiparticle

Fed Looking Into Goldman Sachs’ Role in Greek Debt Crisis

It’s not the only financial institution involved, but Goldman Sachs features prominently among the companies that the Federal Reserve is investigating in relation to Greece’s recent debt calamity, Fed chief Ben Bernanke told the Senate Banking Committee on Thursday.

Posted on Feb 25, 2010 READ MORE


Treasury Department
AP / Evan Vucci

No Banker Left Behind

They do have a license to steal. There is no other way to read Tuesday’s report from the New York state comptroller that bonuses for Wall Street financiers rose 17 percent to $20.3 billion in 2009. Of course that is less than the $32.9 billion for bonus rewards back in 2007, when those hotshots could still pretend that they were running sound businesses. 

Posted on Feb 23, 2010 READ MORE



Flickr / World Economic Forum

My Big Fat Wall Street Bankers

The logic of global capitalism is everywhere. New investigations are showing that the same Wall Street tactics—and companies—that ushered our own economy to economic collapse have emerged to exacerbate Greece’s current financial crisis.

Posted on Feb 14, 2010 READ MORE


Thain
U.S. Department of State

Former Merrill Lynch CEO Thain Tapped to Head CIT

John Thain is back. The ex-CEO of Merrill Lynch, who also once held top posts at Goldman Sachs and the New York Stock Exchange, has returned to the Wall Street fold, this time as chairman and CEO of the CIT Group. However, this time, one imagines, he won’t have a $35K commode at his disposal.

Posted on Feb 8, 2010 READ MORE


Blankfein
AP / Mark Lennihan

Goldman’s Hand in AIG’s Collapse

Recently disclosed internal documents and an audio recording regarding a 2008 securities standoff between Goldman Sachs and insurance giant AIG appear to be the smoking guns necessary to pinpoint Goldman’s culpability in the mortgage meltdown and the collapse of AIG.

Posted on Feb 6, 2010 READ MORE



commons.wikimedia.org / Ramy Majouji

Obama Wants a Wall Street Recovery Tax

President Barack Obama wants to slap a new tax on the country’s largest financial institutions in an ostensible attempt to “recover every single dime” given away in 2008’s Wall Street bailout. The tax was met with predictable fat-cat jeers, despite the fact that the industry has largely recovered from the crisis. 

Posted on Jan 14, 2010 READ MORE



AP / Richard Drew

Wall Street Will Be Back for More

When the bailout trillions run out, Wall Street’s maladjusted gamblers will come back for more until our currency becomes junk. Not that any of these people, who exhibit the same traits as psychopaths, have thought this through.

Posted on Jan 10, 2010 READ MORE


Obama and McCain
AP / Haraz N. Ghanbari

McCain Gets It, Obama Doesn’t

Maybe I got it wrong. During the presidential campaign I wrote columns blasting Sen. John McCain for siding with the big bankers on deregulation, citing his choosing ex-Sen. Phil Gramm, currently a vice chairman of the Swiss-owned banking giant UBS, as his presidential campaign chair.

Posted on Jan 6, 2010 READ MORE



Flickr / saebaryo

Goldman Sachs Duped Investors, Investigation Finds

McClatchy reporters have been digging into the shady offshore dealings of Goldman Sachs and what they found in the records of the financial-meltdown villain is as maddening as you’d expect. (continued)

Posted on Dec 30, 2009 READ MORE


Blankfein
AP / Mark Lennihan

Has Goldman Sachs Gotten Greedier?

Was there ever a time when Goldman Sachs was more, um, ethical and client-centric than greedy and profit-driven, as its reputation now suggests? That’s debatable, but whatever its previous corporate ethos might have been, all signs point to Goldman’s current chairman and CEO, Lloyd Blankfein, as the major driving force behind the firm’s push for building bigger profits quicker these days.

Posted on Dec 16, 2009 READ MORE


Obama and banking leaders
AP / Susan Walsh

Obama to Banks: It’s Payback Time

On Monday at the White House, President Barack Obama reminded a group of big banking honchos (or “fat cats,” as he called them Sunday) about last year’s bailout and advised them to get busy helping the taxpayers who helped with their recovery. Well, good luck with that one.

Posted on Dec 14, 2009 READ MORE



Flickr / antiparticle

No Year-End Bonuses for Goldman Sachs Execs

Goldman Sachs has had a record year in terms of employee earnings—The Wall Street Journal says Goldman’s 31,000 worker bees brought in an average of more than $700,000 each in 2009—and that would be better news for the firm if it hadn’t been on the receiving end of major federal funding from last year’s bailout.

Posted on Dec 10, 2009 READ MORE


Bank of America Set to Repay TARP Debt

Bank of America has been cleared by the U.S. government to repay the $45 billion in TARP funds it received last year at the height of the banking crisis, and BofA may be preparing to do so before 2009 comes to a close. That said, it’s not a foregone conclusion that the transaction will take place this month, even though the company has some built-in motivation to quickly make good on its payback promise.

Posted on Dec 2, 2009 READ MORE


Geithner
AP / Jose Luis Magana

Still Doing God’s Work on Wall Street

Jail, anyone? Perhaps that’s too harsh, and at any rate premature, but is anyone ever going to be held accountable for the behind-the-scenes sweetheart deals that passed tens of billions of taxpayer dollars through the AIG shell game to the very banks that caused the financial meltdown?

Posted on Nov 25, 2009 READ MORE


SNL

Goldman Sachs Becomes ‘SNL’ Punchline

Those entitled Wall Street types at Goldman Sachs are apparently oblivious to the fact that they’re having some PR issues of late—either that, or they don’t really care. Either way, “SNL” stars Amy Poehler and Seth Meyers make them the brunt of their jokes in this clip from last weekend’s show.

Posted on Nov 9, 2009 READ MORE



White House / Pete Souza

Geithner’s Fed Made AIG Pay Banks to the Max

That Timothy Geithner must love the big banks he spends all day talking to. Back when he was in charge of things, the Federal Reserve Bank of New York forced AIG to pay off Wall Street tycoons for all those toxic bets, even though the mega-insurer was busy trying to negotiate a better deal.

Posted on Oct 28, 2009 READ MORE


Geithner
AP / Gerald Herbert

Zooming In on the Year’s Biggest Hoax

Who are these people? I am not referring to the pathetic parents of “Balloon Boy,” whose fake drama I have been unable to escape while on the treadmill this week, thanks to my gym’s insistence on tuning its flat-screen TVs to Wolf Blitzer’s nonstop self-parody.

Posted on Oct 21, 2009 READ MORE


Dick Gephardt
AP / Al Behrman

Dick Gephardt, Corporate Lobbyist

If it seems contradictory (read: hypocritical) that former Rep. Dick Gephardt, at one time a self-styled anti-lobbying, pro-labor crusader, would become a lobbyist for Visa and Goldman Sachs, well, that’s because it is. Oh, and you can strike “pro-environment” off of Gephardt’s list of political poses, too.

Posted on Oct 19, 2009 READ MORE



infiniteunknown.com

When They Call, Geithner Answers

It’s unsurprising to say the least: A Freedom of Information Act request has discovered that Treasury Secretary Timothy Geithner is in daily two-way communication with a small group of Wall Street CEOs—at Citigroup, JPMorgan, Goldman Sachs—while lawmakers like Rep. Xavier Becerra are forced to leave messages for him.

Posted on Oct 8, 2009 READ MORE


Too Big to Jail

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Posted on Sep 25, 2009 READ MORE


Obama
AP / Charles Dharapak

Obama’s Presidency Isn’t Too Big to Fail

A president has only so much capital to expend, both in tax dollars and public tolerance, and Barack Obama is dangerously overdrawn. He has tried to have it all on three fronts, and his administration is in serious danger of going bankrupt.

Posted on Sep 15, 2009 READ MORE


Fuld
Flickr / World Resources Institute Staff

Lehman Execs: Where Are They Now?

It’s been nearly a year since Lehman Brothers went belly-up, effectively kicking off the financial implosion of fall 2008. However, despite the firm’s catastrophic demise, some Lehman execs managed to land on their feet. Tuesday’s Wall Street Journal gives an update about their current activities.

Posted on Sep 8, 2009 READ MORE


banking protest
AP / Mark Lennihan

Banking Bandits Get Their Reward

By now everybody must know that the top banking executives responsible for our economic meltdown have no shame. Otherwise they would not have dared give themselves such hefty bonuses as a deeply perverse reward for actions that caused millions of Americans to lose their jobs and homes.

Posted on Aug 4, 2009 READ MORE



Collage: Flickr / david.nikonvscanon and Staples.com

A Rebound Without Recovery

The arithmetic of this recession still looks pretty dismal and the politics and psychology of it are starting to become disconnected from reality in a scary way.

Posted on Jul 28, 2009 READ MORE


Blankfein
AP / Mark Lennihan

‘Government Sachs’ Strikes Gold ... Again

Connect the dots: Goldman Sachs made $3.44 billion in profit this past quarter, while the U.S deficit topped $1 trillion for the first time in the nation’s history and appeared to be headed toward doubling that figure before the budget year is out. Since most of the increase in the federal deficit is due to bailing out the banks and salvaging the greater economy they helped destroy, why is the top investment bank doing so well?

Posted on Jul 14, 2009 READ MORE


GS building
taisha.org

Big Money for Goldman Sachs

Fresh off the bailout, Goldman Sachs raked in $3.44 billion in net profit this quarter, beating analysts’ already high expectations, and the firm’s success will pay off for employees in the form of generous bonuses. Not surprisingly, pro-Goldman types think this is all good news.

Posted on Jul 14, 2009 READ MORE



Flickr / antiparticle

Goldman Sachs Execs Dumped Stock Like Crazy

Goldman Sachs is expected to announce a windfall quarter, thanks no doubt to billions in bailout money, but many people at the firm aren’t puffing their chests out. According to the Financial Times, Goldman executives dumped close to $700 million in stock between September 2008 and April 2009—after taxpayers came to the rescue.

Posted on Jul 13, 2009 READ MORE


pink slip poster
Flickr / aflcio2008

Wall Street Pay Fattens as Rest of U.S. Suffers

Unemployment rose to 9.5 percent last month, the highest level in 26 years. Meanwhile, Wall Street payouts are not dropping. Goldman Sachs will be shelling out a whopping $20 billion to its employees this year. As we enter the 20th month of this recession, unemployment is becoming a way of life for many, and the very same people who created this mess are still reaping the profits.

Posted on Jul 2, 2009 READ MORE


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