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)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.
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.
Not many big hitters from the financial sector have managed to stay afloat, let alone turn a profit, since the economic crisis kicked in, but George Soros has done quite well for himself. Soros made $1.1 billion last year, and he's not even at the top of the list of hedge fund managers who beat the odds in 2008.
Well, that didn't work out. In pushing for a new financial industry bailout, Treasury Secretary Geithner came across like a banker trying to do a politician's job. Obama owes us some hands-on involvement.
Having two presidents is starting to feel like having no president, and that's the situation we'll face until Inauguration Day. Heaven help us.
Getting a grip on the economic catastrophe that rocked the country during the fall of 2008 is no easy feat, what with so many players, back-room deals, bills, upswings and meltdowns to consider. Updated
What's a hundred billion dollars between capitalists? The Fed and the Treasury are once again throwing good cash after bad business. This time the culprit is Citigroup, which could get bailed out -- courtesy of you -- to the tune of $100 billion. And with that, we'd like to announce that Truthdig is officially too big to fail. Update: Done deal.