After nearly 150 years of whiz-bang multibillion-dollar Wall Street investment banking, Goldman Sachs is, for the first time, wading into the humdrum world of savings and checking accounts, by (sort of) putting its name on a consumer banking platform. [More]
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Goldman Sachs To Pay $5B To Settle Charges Of Selling Troubled Mortgages Ahead Of The Financial Crisis
By 4.11.16
Federal and state prosecutors are closing yet another chapter in its investigation related to banks’ roles in the financial crisis. To that end, Goldman Sachs has agreed to pay $5.06 billion to settle claims it misled mortgage bond investors during the period leading up to the crisis. [More]
From Apple To Walmart, Over A Dozen Of The Biggest Businesses In The U.S. Sign On To White House Climate Pledge
By 7.27.15
A huge number of the world’s nations are coming together in Paris this December to negotiate an agreement to stem emissions and forestall further climate change. Ahead of this winter’s United Nations talks, however, some well-known names here at home are pledging their own contributions to the cause. [More]
For-Profit College Enrollment Is Down Following Scandals & School Failures
By 3.31.15
With increasing scrutiny from lawmakers, regulators, consumer advocates and the general public, the past five years have been hard on a for-profit college industry that had enjoyed years of happily feeding at the federal student aid trough. There have been changes to schools’ often excessive advertising budgets, damning reports of abuse, and soon-to-be-implemented rules requiring for-profit programs to demonstrate their effectiveness. The fractures in a business model that has attracted some of the biggest names in investment have become more evident, especially when comparing previously robust enrollment numbers with the most recent figures. [More]
Morgan Stanley To Pay $2.6B To Settle Charges Of Selling Troubled Mortgages Leading Up To The Financial Crisis
By 2.26.15
The Department of Justice has struck a multi-billion dollar deal with Morgan Stanley in what is expected to be one of the last major steps in resolving investigations related to banks’ roles in the subprime mortgage crisis. [More]
Goldman Sachs, Morgan Stanley Ready To Drop $247 Million In Mail To Victims Of Foreclosure Abuses
By 4.29.13
Back in January, Goldman Sachs and Morgan Stanley announced a $557 million settlement “for deficient practices in mortgage loan servicing and foreclosure processing.” Later this week, the chunk of that money earmarked for payouts to affected consumers will be going out in the mail. [More]
Bank Of America, Comcast Among Familiar Names In List Of Least Reputable Companies
By 2.14.13
Once again, the folks at Harris Interactive have released their Reputation Quotient Report, which rates public perception of 60 highly visible companies. Regular readers of Consumerist will not be shocked to see which companies brought up the rear this year. [More]
Goldman Sachs, Morgan Stanley Hit With $557 Million Settlement Over Foreclosure Practices
By 1.16.13
While most of the headlines about abusive or half-baked foreclosure practices have focused on the huge retail banks — Wells Fargo, Bank of America, Citi, Chase, et al. — the big investment banks haven’t exactly been let off the hook. [More]
Former Goldman Sachs Staffer: Company's Mortgage Mod Process Was "Total Disaster"
By 4.11.12
In 2009, tens of thousands of homeowners with mortgages serviced by Goldman Sachs subsidiary Litton Loan Servicing entered into trial loan modifications. But fewer than 12% of those same people ever received permanent adjustments to their mortgages, not because they didn’t qualify, but because Litton’s system for handling paperwork was a horrendous mess. [More]
Goldman Sachs Executive Resigns Via Column In New York Times
By 3.14.12
Greg Smith, a Goldman Sachs executive, has resigned in a rather unique way, he’s written a very frank op-ed column in the New York Times, thereby fulfilling a fantasy held by every single person who has ever felt like quitting a job in a spectacular fashion. Mr. Smith, was head of Goldman’s United States equity derivatives business in Europe, the Middle East and Africa. He also managed the summer intern program in sales and trading. “I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work,” he says. [More]
Apple & Google Are Corporate Kings Of Consumer Opinion, Big Banks Fail To Impress
By 2.13.12
When it comes to trusting corporations, it seems we’re a lot more likely to have high opinions of the ones that provide us with shiny toys and zippy technology, rather than big bad banks and other financial institutions. That is, according to an annual public opinion poll on corporate brands. [More]
Goldman Sachs Loses Money For First Time Since Financial Crisis Began
By 10.20.11
For the first time since the advent of the financial meltdown, and for only the second time since 1999 when it became a publicly traded company, Goldman Sachs has — Gasp! Horror! Shock! — lost some money. [More]
NY Attorney General Investigating Pre-Bust Hijinks At Bank Of America, Goldman Sachs & Morgan Stanley
By 5.17.11
Just when you think the beleaguered bankers of the world can finally stop dealing with pesky investigations into their roles in the recent financial ugliness (some would call it a global economic meltdown), some Columbo-like snoop has to say, “Just one more thing” and open up all new cans of worms. The latest can-opener is New York state Attorney General Eric Schneiderman, who has reportedly begun a broad investigation of Goldman Sachs, Bank of America and Morgan Stanley. [More]
Goldman Actually Borrowed From Fed Discount Window 5 Times, Contradicting Bank Claims
By 4.1.11
Looks like Goldman has been a more frequent visitor to the Federal trough than they’ve been letting on. Despite testifying before Congress that they had only accessed the Federal Reserve’s discount window, which lets banks borrow cash from the government quickly and on favorable terms, just once, Bloomberg reports that recently released data shows they actually took at least five overnight loans from the Fed between September 2008 and 2010. [More]
Sex At Goldman Sachs Is Cool As Long As You Report It
By 9.22.10
On the (high) heels of a sex-discrimination lawsuit filed last week by three female current and former Goldman Sachs employees, The Daily Beast takes a look at the investment firm’s official and unofficial internal policies on dating and sex. Basically, a far worse crime than a boss groping a subordinate is a subordinate not reporting it. No news yet though on what their internal policies are on screwing America in the workplace. [More]
New Trailer For "Inside Job" Financial Crisis Documentary
By 8.31.10
Get ready to slake your thirst for populist rage. Inside Job is a new documentary coming out in October that aims to expose the truth about the true architects of the financial implosion of 2008. You can probably guess from the title whom they’re fingering. Matt Damon is the narrator and it’s released by Sony Pictures Classics. Here’s the trailer: [More]
NYC Wants A Grocery Store, Goldman Sachs Wants A Glorious Ballroom
By 8.2.10
Some New York City locals feel that they were promised a grocery store and maybe a hardware store when Goldman Sachs was approved to buy a building in their neighborhood, and are extremely upset to find out they’re getting a trio of restaurants from Danny Meyer, a ballroom and a conference center. [More]
Goldman Might Settle All SEC Probes With One Lump Sum
By 7.15.10
To avoid a costly and extended legal process and staunch further image degradation, Goldman Sachs is talking to the SEC about tying up their big probe and all their little probes in a little bow. [More]
