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Tag: Goldman Sachs

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 READ MORE

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


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 READ MORE

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 READ MORE

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 READ MORE

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 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

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

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

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

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

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

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

Posted on Apr 28, 2010 READ MORE

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

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