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Tag: Goldman Sachs


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 READ MORE



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



AP / Carolyn Kaster

Perps in the White House

While it is widely recognized that the banking meltdown has left enormous economic pain and political upheaval in its wake, it is amazing that the folks who created this mess are rewarded with ever more important positions in our government.

Posted on Jan 12, 2011 READ MORE



Goldman Sachs to Gently Tweak Business Practices

Despite drawing the wrong kind of attention to themselves over the last two-plus years with news of murky dealings in “structured products” and concern over the bank’s role in the subprime mortgage crisis, execs at Goldman Sachs apparently ...

Posted on Jan 10, 2011 READ MORE


Zuckerberg
flickr / deneyterrio

Want to Own a Chunk of Facebook?

Well, you may have to wait awhile, unless you’re among Goldman Sachs’ circle of elite customers who were given the investment opportunity Sunday night—an indication of other possible big moves that Goldman and Facebook might make down the line.

Posted on Jan 3, 2011 READ MORE


Goldman’s Massive Bonuses ‘Totally Deserved,’ Says Satan

The gargantuan year-end bonuses paid out to Goldman Sachs executives have received howls of protests from the banking giant’s legion of critics, but not from its most ardent defender: Satan.

Posted on Dec 26, 2010 READ MORE



Wikimedia Commons / Robert Mihaly (CC-BY-SA)

New Data Show Extent of Fed’s Free Money Programs

Thanks to Bernie Sanders and the new financial regulation passed by Congress, we’re learning more about the Federal Reserve’s $3.3 trillion bailout of Wall Street in 2008. It turns out the Fed lent money ... (more)

Posted on Dec 1, 2010 READ MORE



AP / Charles Dharapak

Obama Hires a Hustler

Behind the wonderfully engaging smile of this president there is the increasingly disturbing suggestion of a cynical power-grabbing politician whose swift rise in power reflects less the earnestness of his message and far more the skills of a traditional political hack.

Posted on Oct 19, 2010 READ MORE



sonyclassics.com/insidejob

A Glimpse Into the Heart of a Rotten System

I have now sat through Charles Ferguson’s “Inside Job”— the nonfiction version of Oliver Stone’s “Wall Street: Money Never Sleeps”— and I still don’t fully understand our endless financial crisis. This does not mean that “Inside Job” is a failure.

Posted on Oct 8, 2010 READ MORE



Goldman Sachs Slapped With Hefty Fine in U.K.

Goldman Sachs hasn’t been the most popular name in finance lately on this side of the Atlantic, and now the Brits have jumped into the fray, hitting the banking behemoth with a $31 million fine for keeping its stateside troubles secret from U.K. authorities.

Posted on Sep 8, 2010 READ MORE


ENTER_ALT_TEXT
AP / Charles Dharapak

Big Banks Get Billions, Waters Gets Busted

Broadway and Central Avenue in the Watts area of South Los Angeles are lined with dozens of small, marginal businesses, but hardly any banks. In a capitalist economy, these are streets without capital, losers in the race to the top.

Posted on Aug 9, 2010 READ MORE



Goldman Sachs’ Profit Takes a Major Plunge in Q2

Those of us who have stood aghast and watched as Goldman Sachs seemed to sail almost unscathed through the erupting economic catastrophe of the last two years (thank you, bailout!) might stop now for a moment of pure schadenfreude, as the megabank’s profits took a precipitous dive in the second quarter of this year.

Posted on Jul 20, 2010 READ MORE



More Champagne for Goldman Sachs

You know you have it made when a $550 million settlement with the SEC boosts your stock by $3 billion. Goldman Sachs’ penalty for selling a fancy investment it secretly bet against was about half what was expected, amounting to just 14 days of earnings. You might say they got away with it.

Posted on Jul 15, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Goldman Deal; Midterm Elections; BP Well Capped

The financial regulation bill that finally passed has many flaws; chief among them, says Arianna Huffington in this meeting of the “Left, Right & Center” minds, is that it doesn’t prevent the “too big to fail” phenomenon from happening again.

Posted on Jul 15, 2010 READ MORE


Obama
AP / Pablo Martinez Monsivais

Two More Candidates for the McChrystal Treatment

It’s not working. Time for the president to concede that the economy is at best stagnating and at worst about to take another steep nose dive.

Posted on Jul 6, 2010 READ MORE


David Viniar
AP / Evan Vucci

‘Very Skeptical’ Brooksley Born Takes on Goldman Brass

If there’s one person we’d want to see grill Goldman Sachs bigwigs about certain fishy pre-financial-meltdown practices in which they apparently engaged, such as their failure to give useful details about ... (continued)

Posted on Jul 1, 2010 READ MORE



Photo illustration from White House photo by Pete Souza

Regulators Made Sure Goldman Sachs Got All of Its Bailout Money

A devastating report in The New York Times documents how Timothy Geithner’s New York Fed worked tirelessly to make sure that AIG was forced to pay banks such as Goldman Sachs 100 percent on dubious contracts that might otherwise have been slashed or subjected to lawsuits. (continued)

Posted on Jun 29, 2010 READ MORE


And Nothing But the Truth

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Posted on May 2, 2010 READ MORE


Somali Pirates Say They Are Subsidiary of Goldman Sachs

The pirate leader acknowledged that they merged their operations with Goldman in late 2008 to take advantage of the more relaxed regulations governing bankers as opposed to pirates, “plus to get our share of the bailout money.”

Posted on May 2, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Goldman Grilled; Oil Spilled; AZ Bill

The oil well spill that’s spewing 250,000 gallons of oil daily into the Gulf of Mexico is reaching shores and waterways now. Is “Drill, Baby, Drill” over now? Who will pay the political price? That same question can be asked in light of the Arizona immigration law: Who wins? Who loses?

Posted on Apr 30, 2010 READ MORE



Live Chat: Robert Scheer on the Goldman Hearings

Will the Goldman Sachs hearings really accomplish anything? Are the Democrats just showboating? What are the prospects for real financial reform? Robert Scheer answers these reader questions and more.

Posted on Apr 29, 2010 READ MORE


How Wall Street Creates Socialists

No leftist polemicist could come up with as damning a description of contemporary capitalism as the contents of an e-mail that Goldman’s Fabrice “Fabulous Fab” Tourre sent to his girlfriend.

Posted on Apr 28, 2010 READ MORE


The Fiddler

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Posted on Apr 28, 2010 READ MORE


Blankfein
AP / Charles Dharapak

‘God, What a Piece of Crap’

It was the Perry Mason moment in the unraveling of what was left of Goldman Sachs’ reputation. Only in this case, it involved a grizzled former prosecutor, Sen. Carl Levin, rather than a genial defense attorney.

Posted on Apr 27, 2010 READ MORE


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


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