goldman sachs

Goldman Riskier Than Citigroup

Goldman Riskier Than Citigroup

By Ben Popken 5.6.10

Bond markets slammed Goldman Sach this week, making the firm pay more for cashizzle then even the bailed-out Citigroup. Goldman’s yield rose to 2.79 percentage points over Citigroups’ 2.29. At the end of March, before the legal and regulatory headaches began, Citigrouop’s spread was wider than Goldman’s by .45 percentage points. Higher yields on debt usually indicate a higher risk of default or other negative credit events. Concerns continue to mount over how long and how deep the firm will be tainted by the SEC’s civil lawsuit and the investigation by federal prosecutors, and what other skeletons the scrutiny might shake out.

Blankfein’s Bonds Are Riskier Bet Than Pandit’s: Credit Markets [Bloomberg]

The 23 Best Big Companies To Work For

The 23 Best Big Companies To Work For

By 5.2.10

While there are the Comcasts and the Cash4Golds out there, it’s heartening to know that there are actually companies deemed to be “good” to work for. Exciting! Thanks for putting together a list of 23 of those magical companies, Fortune! [More]

Feds Said To Be Opening Criminal Investigation Of Goldman

Feds Said To Be Opening Criminal Investigation Of Goldman

By marcperton 4.30.10

As if Goldman Sachs didn’t already have enough problems with the SEC’s civil probe of the firm and senators screaming at execs about the “shitty deals” offered to clients, word is out now that federal prosecutors are investigating the company. According to reports out this morning, the investigation is just starting up, and no charges have been made against the company.

Senator To Goldman Sachs: "Why Did You Push A Shitty Deal?"

Senator To Goldman Sachs: "Why Did You Push A Shitty Deal?"

By marcperton 4.27.10

We don’t normally put expletives in our headlines, but when a Senator says the word nearly a dozen times in an open hearing, who are we to argue? And, we have to admit, Senator Carl Levin (D-MI) certainly makes a compelling case when he reads back Goldman Sachs internal emails and concludes that the company’s “top priority was selling that shitty deal.” Video after the jump.

Somali Pirates Disclose They're A Goldman Sachs Subsidiary

Somali Pirates Disclose They're A Goldman Sachs Subsidiary

By Ben Popken 4.27.10

A mosquito-boat’s worth of Somali pirates stunned the courtroom today when they disclosed their entire piracy enterprise was in fact a subsidiary of Goldman Sachs. [More]

Did Paulson Violate The Fair Credit Reporting Act?

Did Paulson Violate The Fair Credit Reporting Act?

By cwalters 4.27.10

When the SEC announced its fraud complaint against Goldman Sachs, people noted that the penalties involved would involve money, not jail time. But an attorney writing for seekingalpha.com argued over the weekend that John Paulson, the hedge fund manager who worked with GS to create “synthetic derivatives,” accessed FICO scores to create his financial product and therefore violated the Fair Credit Reporting Act (FCRA)–which could mean a penalty as high as $1 billion, and even jail time if the FTC or Justice Department decides to go after him. [More]

10 Things You Don't Know About The Goldman Sachs Case

10 Things You Don't Know About The Goldman Sachs Case

By Ben Popken 4.26.10

The media spin cycle is churning out its typically tepid hogwash about the SEC’s suit against Goldman Sachs. The Big Picture skewers 10 myths about the case and gets to the heart of the matter: Goldman is screwed. Here’s why: [More]

SEC Wants Disclosures For Asset Backed Securities Written In Python

SEC Wants Disclosures For Asset Backed Securities Written In Python

By cwalters 4.20.10

“Waterfall” provisions of asset backed securities are the rules that explain the flow of funds in the transaction, and they are are very hard to read. Blogger/professor Jayanth Varma calls them “horrendously complicated,” leading trustees to make mistakes or pull stunts that investors never expected. To remedy this, the SEC is proposing that the provisions be written in a programming language, filed on EDGAR, and made available as downloadable Python source code. [More]

SEC Charges Goldman Sachs With Fraud

SEC Charges Goldman Sachs With Fraud

By Ben Popken 4.16.10

The SEC today announced civil fraud charges against Goldman Sachs and VP Fabrice Tourre. The chargea allege that Goldman ripped off investors by allowing a client who bet against the housing market to pick the mortgage securities being sold to other investors who were also investing in the housing market. [More]

Bankers Back To Congratulating Themselves, Bonuses Up 17%

Bankers Back To Congratulating Themselves, Bonuses Up 17%

By 2.23.10

In these tough times, it’s easy to forget about the struggling bankers out there as you dodge their SUVs on your walk to the unemployment office. So it’s a good thing they have someone looking out for their financial interests — themselves. [More]

Wall St. Helped Hide Greece's Debt, Now It's Kablooie!

Wall St. Helped Hide Greece's Debt, Now It's Kablooie!

By Ben Popken 2.16.10

Looks like Goldman turned the Parthenon into a gunpowder magazine for a second time; Greece’s recently revealed debt crisis is rattling the world economy and familiar culprits are at play: Wall Street banks, off-the books loans, derivatives, and other occult financial instruments. I guess we blame the consumer on this one too? [More]

Lawsuit: Goldman's Bonuses Eclipsed Earnings

Lawsuit: Goldman's Bonuses Eclipsed Earnings

By Ben Popken 1.8.10

Goldamn Sachs gave out more in bonuses than it earned in income last year, according to a lawsuit filed by a pension plan. The suit says that Goldman’s revenue was inflated by government bailouts, yet it continued to pay out 50% of revenue as bonuses. [Reuters] [More]

Goldman Secretly Bet On Housing Crash

Goldman Secretly Bet On Housing Crash

By Ben Popken 11.2.09

A 5-month investigation by McClatchy Newspapers has found that Goldman secretly bet on the housing crash, went out and pimped the dickens out of assets it knew were junk, and may have broken securities laws in doing so. McClatchy found that Goldman…

Goldman Sachs Thinks Walmart And Amazon Are Gonna Kick Best Buy's Ass

Goldman Sachs Thinks Walmart And Amazon Are Gonna Kick Best Buy's Ass

By 8.12.09

Best Buy has been downgraded to neutral from “buy” by Goldman Sachs on concerns that Amazon.com and Walmart are poised to begin a serious asskicking.

NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income

NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income

By 7.31.09

New York Attorney General Andrew Cuomo’s report on the bonus structures of the banking industry is out and — oh my— it’s damning. The AG says that 3 banks, Goldman Sachs, Morgan Stanley, and JP. Morgan Chase, paid out bonuses that ” were substantially greater than the banks’ net income.”

JPMorgan Chase Wants To Repay Bailout Money

JPMorgan Chase Wants To Repay Bailout Money

By 5.19.09

JPMorgan Chase, Morgan Stanley and Goldman Sachs are seeking permission to repay government bailout funds, says Reuters.

Bailed Out Bank Executives Got $1.6 Billion

Bailed Out Bank Executives Got $1.6 Billion

By 12.23.08

A study by the Associated Press says that executives at bailed out banks got $1.6 billion in salaries, bonuses, and other benefits — including cars, personal use of company jets, and country club memberships.

Goldman Furious Over Our Posting Insider's Confession About Ripping Off Non-Profits

Goldman Furious Over Our Posting Insider's Confession About Ripping Off Non-Profits

By Ben Popken 11.12.08

Goldman-Sachs read my post, “Goldman Rips Off Non-Profits, Endowments, Foundations, And Charities” about a conversation I had with a Goldman-Sachs trader where he boasted about ripping off charitable organizations with excessive fees, and they’re hopping mad. Here is the lovenote sent by Melissa Daly, VP of Corporate Communications:

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