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Tag: Goldman Sachs


White House/Pete Souza

Gag Me With Lawrence Summers

President Obama thinks his former economic adviser is brilliant, but as Summers’ second trip through the revolving door between Washington and Wall Street reveals, he’s just greedy.

Posted on Jul 29, 2013 READ MORE


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peasap (CC BY 2.0)

More Than $100 Billion in Subsidies for Too Big to Fail Banks

A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation’s six largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—$102 billion since 2009.

Posted on May 10, 2013 READ MORE



Ian Muttoo (CC BY-SA 2.0)

The Housing Market Recovery Is ‘A Complete Hoax’

Homeownership is at its lowest level in 18 years, but housing prices are rising. Why? Because banks are creating real estate scarcity by buying up homes and selectively stalling foreclosures.

Posted on May 3, 2013 READ MORE


Raft of Doom









Posted on Mar 20, 2013 ENLARGE    



Randy Le'Moine Photography (CC BY-ND 2.0)

2012: Bonuses for the Bull

While profits tripled and layoffs commenced in the banking industry last year, Wall Street divided at least $20 billion in gifts made of cash and stock among its employees.

Posted on Feb 26, 2013 READ MORE



AP/Charles Dharapak

It’s Good to Be a Goldman

Here’s a get-out-of-jail-free card, and while we’re at it, take this obscenely huge bonus for having wrecked the economy.

Posted on Feb 1, 2013 READ MORE



Flickr/Paul Hocksenar

The Natural Gas Bubble

The natural gas industry is waging an aggressive public relations campaign to bolster investor confidence, despite evidence showing that shale gas is an unreliable resource and that the production process releases large amounts of methane into the atmosphere.

Posted on Jan 4, 2013 READ MORE



Flickr/Fortune Live Media

CEO’s Demand Austerity to Fix Budget, Not End to Corporate Welfare

A group of corporate CEOs that contributed to the burgeoning deficit crisis want the poor and elderly to largely pay for the mess the greedy Wall Street fat cats helped create.

Posted on Nov 26, 2012 READ MORE



AP/Carolyn Kaster

The Enemy of My Enemy Is My President

Barack Obama must have done something right, or the hucksters at Goldman Sachs wouldn’t hate him so.

Posted on Oct 11, 2012 READ MORE



Ryan VP Buzz, Romney’s ‘War on Religion’ Charge, and More

A look at the day’s political happenings, including a new tax defense from Mitt Romney and what is possibly the most ridiculous claim ever about President Obama.

Posted on Aug 9, 2012 READ MORE



AP/Scott Applewhite

Truthdigger of the Week: Ex-TARP Investigator Neil Barofsky

In late 2008, Neil Barofsky was appointed the Treasury Department’s investigator of the bank bailouts. In the time since, he has suffered dismissal and deprecation from his colleagues and the corporations they’re supposed to regulate.

Posted on Aug 4, 2012 READ MORE



activefree (CC BY 2.0)

Goldman Sachs to Invest Millions in Inmate Rehabilitation

Goldman Sachs has announced its intention to invest $9.6 million in a prisoner rehabilitation program at New York City’s notorious Rikers Island jail in a move that could net the company a $2.1 million return.

Posted on Aug 4, 2012 READ MORE



kullez (CC BY 2.0)

To Catch a Bankster

Traditional investigations by regulators of all the suspect hanky-panky in the banking industry have produced nothing in the way of fundamental reform and protected the worst repeat offenders. So why not bribe big bankers to turn one another in?

Posted on Jul 21, 2012 READ MORE



Wired Photostream (creative commons)

Facebook Sued by Investors Over IPO

Facebook faced more bad news Wednesday in the wake of its botched initial public offering. Shareholders filed a lawsuit against the social networking company, lead underwriter Morgan Stanley and several other Wall Street banks, alleging that they misled them about Facebook’s revenue projections ahead of the IPO.

Posted on May 23, 2012 READ MORE


‘Job Blackmail’ and ‘Piracy’ Give Corporations Your Tax Money

Across the U.S. over the last 20 years, deals struck between big businesses and state governments have diverted at least $5.5 billion in state income taxes from workers’ paychecks into their employers’ bank accounts. David Cay Johnston reports.

Posted on Apr 21, 2012 WATCH & LISTEN


Muppets Demand Justice From Goldman Sachs

The Muppets will not stand for the kind of insult that Goldman Sachs execs, according to famous defector and detractor Greg Smith, heaped on their felty heads by calling clients “Muppets” in a derogatory fashion.

Posted on Mar 27, 2012 WATCH & LISTEN



DonkeyHotey (CC-BY)

Gated Intellectuals, Fortress America, and the Politics of Occupy

A group of right-wing extremists would have the American public believe it is easier to imagine the end of the world than the end of a market society.

Posted on Mar 21, 2012 READ MORE


Goldman Sachs Pandora









Posted on Mar 20, 2012 ENLARGE


Goldman Sachs Muppets









Posted on Mar 17, 2012 ENLARGE


‘Left, Right & Center’: Going for Brokered?

Who benefits if Republicans head to Tampa, Fla., at the end of August without a decisive winner? President Obama’s poll numbers are down with gas prices up. But what can he do about it?

Posted on Mar 16, 2012 WATCH & LISTEN



bbc.co.uk

Truthdigger of the Week: Greg Smith

Yes, as a high-level executive for Goldman Sachs for more than a decade, Greg Smith was part of the toxic culture he decried in the resignation letter printed in Wednesday’s New York Times and re-posted around the world. Thus, he was part of the problem.

Posted on Mar 15, 2012 READ MORE



AP / Mark Lennihan

At Last, Some Decency on Wall Street

By the time you read this, the PR hacks of Goldman Sachs will be vigorously pressing their efforts to destroy the reputation of whistle-blower Greg Smith.

Posted on Mar 14, 2012 READ MORE



AP / Mark Lennihan

Goldman Sachs Exec Exits With a Bang

We’re guessing that outgoing Goldman Sachs executive director Greg Smith’s last day on the job Wednesday was pretty awkward, given what he had to say about his employer in a scorching Op-Ed article printed in The New York Times for the occasion.

Posted on Mar 14, 2012 READ MORE



Mr. Fish

Thank You for Standing Up

We can vote for Romney or Obama, but Goldman Sachs and ExxonMobil and Bank of America and the defense contractors always win. However, the iron grip of corporations over our lives will, eventually, be broken.

Posted on Jan 23, 2012 READ MORE


Season’s Greetings From Occupy Harvard

Harvard’s “Occu-Elves” deliver lumps of coal to “naughty boys,” including the school’s former president, Lawrence Summers, and Robert Rubin, two men who helped engineer the economic meltdown.

Posted on Dec 19, 2011 WATCH & LISTEN



Jessierocks (CC-BY)

Time’s Person of the Year: The Protester

For “once again becoming a maker of history” two sleepy decades after political soothsayer Francis Fukuyama declared Western liberalism the end point in the evolution of human society, Time magazine named “The Protester” 2011’s Person of the Year.

Posted on Dec 14, 2011 READ MORE



Poster by R. Black

Occupy Movement Invades West Coast Ports

Protesters successfully shut down some operations in three major ports spanning the Western United States on Monday. Coordinated action in Washington, Oregon and California was designed to interfere with commerce, bolster the spirits of the evicted and—why not?—inconvenience Goldman Sachs.

Posted on Dec 13, 2011 READ MORE



YouTube

Truthdigger of the Week: Laurie Penny

Every social movement needs to guard against the inevitable attempts of mainstream media sources to warp its message, defend its targets and recast its members as lazy, crazy or fringy malcontents. Luckily for the Occupy movement, British journalist Laurie Penny is more than capable of taking on, and taking down ... (more)

Posted on Nov 25, 2011 READ MORE


British Journalist Squares Off Against Former Goldman Partner

A rich banker who appears to have learned none of the lessons of 20th-century economic history. A newscaster who snickers at an impassioned argument. And a reporter dismissed as a young girl who will one day learn better. This exchange between a former Goldman Sachs executive, a BBC correspondent and British journalist Laurie Penny ... (more)

Posted on Nov 23, 2011 WATCH & LISTEN



Peter Woodbridge (CC-BY)

OWS Prepares for Winter Hibernation

As members of the OWS encampment in New York City head into what promises to be a brutal winter, activists with differing notions about where the movement should go next can all agree on one thing: survival. (more)

Posted on Nov 12, 2011 READ MORE


The People v. Goldman Sachs

Last Thursday, Chris Hedges, Cornel West and others held a mock trial of Goldman Sachs in Zuccotti Park.

Posted on Nov 8, 2011 WATCH & LISTEN



AP / Bebeto Matthews

Finding Freedom in Handcuffs

The wealthy and the powerful behind the glass at Goldman Sachs laughed and snapped pictures of us as if we were creatures in a cage, which in fact we soon were.

Posted on Nov 7, 2011 READ MORE



David Shankbone (CC-BY)

Chris Hedges Arrested in Front of Goldman Sachs

The New York Daily News reports that at least 15 Occupy Wall Street protesters were arrested after about 300 marched from Zuccotti Park to the front door of Goldman Sachs. Among them was Truthdig columnist Chris Hedges.

Posted on Nov 3, 2011 READ MORE


Money Wars: Goldman Sachs vs. OWS

In this clip from Tuesday’s “Democracy Now!” we hear the story of Goldman Sachs’ recent move to back out of a fundraiser for the Lower East Side People’s Federal Credit Union after the financial giant caught wind that the event would pay tribute to the Occupy Wall Street movement. But, as Amy Goodman and investigative reporter … (more)

Posted on Oct 25, 2011 WATCH & LISTEN



AP / Mark Lennihan

Goldman Sachs Sags in Third Quarter

Even bad news has a way of turning around fast for Goldman Sachs. The financial giant was forced to concede Tuesday that it did not, for once, defy the laws of market physics as it has done even in the throes of the ongoing recession (you can keep your sketchy recession timeline, New York Times), and that it had ... (more)

Posted on Oct 18, 2011 READ MORE



Fortune Live Media (CC-BY)

Nine Wall Street Big Shots Who Cashed In on the Crisis

With Americans across the country realizing that they are not the only ones fed up with the CEOs, bankers and policymakers responsible for the current damage to the U.S. economy, now is a good time to read up on the Wall Street executives who profited most from the bubble and federal bailout. (more)

Posted on Oct 9, 2011 READ MORE



Flickr / woodleywonderworks (CC-BY)

Government Lawsuits Against Big Banks Are a Go

Federal regulators filed lawsuits against 17 financial institutions Friday afternoon for allegedly misrepresenting the poor quality of mortgage securities they sold to Fannie Mae and Freddie Mac at the height of the housing bubble. (more)

Posted on Sep 3, 2011 READ MORE



Flickr / respres (CC-BY)

U.S. Agency Set to Sue Big Banks on Mortgage Deals

The Federal Housing Finance Agency is set to file lawsuits against more than a dozen big banks for allegedly misrepresenting the quality of mortgage securities they were assembling and peddling at the height of the housing bubble. (more)

Posted on Sep 2, 2011 READ MORE



Flickr / Wonderlane (CC-BY)

Buffett Pumps Up Bank of America

Warren Buffett’s company Berkshire Hathaway negotiated a $5 billion investment with Bank of America on Thursday, a vote of confidence in the recently ailing institution. (more) [Earlier Thursday, Truthdig erroneously reported the figure as $5 million.]

Posted on Aug 25, 2011 READ MORE



Flickr / PeterJBellis

An Investment Manager Dishes on the Richest

Rarely do we get to hear criticism of the American oligarchy from within the ranks of its crowning institution: the financial services industry. This anonymous author, who handles investments for the wealthiest 1 percent of Americans, takes us on a brief tour of numbers ... (more)

Posted on Jul 20, 2011 READ MORE



Photo illustration from an image by Colin Grey

The Power Behind a Clean Energy Future

This week on Truthdig Radio in collaboration with KPFK: Why a battery breakthrough is the key to our clean energy future; how boosting the minimum wage could lift the economy; we check in with immigration; and Robert Scheer talks about the sinful love between the tea party and Goldman Sachs. Also: On the ground in Gaza.

Posted on Jul 6, 2011 READ MORE


The Power Behind a Clean Energy Future

This week on Truthdig Radio in collaboration with KPFK: Why a battery breakthrough is the key to clean energy; how boosting the minimum wage could lift the economy; we check in with immigration; and Robert Scheer talks about the sinful love between the tea party and Goldman Sachs. Also: On the ground in Gaza. Update: Full transcript.

Posted on Jul 6, 2011 WATCH & LISTEN



AP / Mark Lennihan

The Tea Party and Goldman Sachs: A Love Story

Face it. We live in two nations, sharply divided by an enormous economic chasm between the super-rich and everyone else. This should be an obvious fact of life for most Americans.

Posted on Jul 5, 2011 READ MORE



Flickr / woodleywonderworks

Big Finance Argues Its Irrelevance

Don’t mistake the claims of relative unimportance coming from the big shots on Wall Street before an audience of federal regulators over the past several months for some sort of newfound humility. (more)

Posted on Jun 12, 2011 READ MORE



Flickr / ILRI

U.S. Colleges Get In on African Land Grabs

American universities are reportedly using endowment funds to buy and lease vast tracts of African farmland, often for piddling prices, in deals that will reward foreign investors handsomely while separating tens of thousands from their homes and farms and providing little or none of the economic benefits promised them, California researchers say.

Posted on Jun 9, 2011 READ MORE



AP / Charles Dharapak

Geithner and Goldman, Thick as Thieves

What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.

Posted on May 31, 2011 READ MORE



Flickr / Thomas Hawk

N.Y. Fed Gave Big Banks Secret Emergency Loans in ’08

In a revelation that should surprise no one, lending records of the Federal Reserve Bank of New York released by a March court order show that the Fed made cut-rate emergency loans of up to $30 billion each to major banks in 2008 without informing Congress, shareholders or the American public. (more)

Posted on May 26, 2011 READ MORE


Madoff
AP / Louis Lanzano

Madoff Speaks

It’s hard to believe that it has already been two years since the implosion of Bernie Madoff’s devastating Ponzi scheme, and it’s hard to comprehend why the fallen financier would choose this moment to unburden himself to New York magazine’s Steve Fishman ...

Posted on Mar 1, 2011 READ MORE



nosha (CC-BY-SA)

Goldman Sachs Under Pressure to Return $2.9 Billion Windfall to Taxpayers

Critics of the financial chop shop, of which there are many, would like to see Goldman Sachs return billions in taxpayer dollars paid out to cover a $20 million bet. The huge payout was passed through AIG, orchestrated by then-Chairman Timothy Geithner’s New York Fed, and publicized by the Financial Crisis Inquiry Commission.

Posted on Feb 16, 2011 READ MORE



Center for American Progress (CC-BY-ND)

Financial Crisis Panel Names Names

Chairman Phil Angelides and the five other Democrats on the 10-person Financial Crisis Inquiry Commission have released their devastating report, which assigns blame for the economic meltdown. They pointed at Treasury Secretary Timothy Geithner (above), among others.

Posted on Jan 27, 2011 READ MORE


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