Yesterday Bloomberg reported that Goldman Sachs profited $2.9 billion for its own account thanks to the taxpayer bailout of American International Group Inc (AIG) according to a congressionally appointed panel.
Posts Tagged ‘Goldman Sachs’
News shocker: Goldman profits from AIG bailout
Friday, January 28th, 2011Complexity, but for what purpose
Thursday, April 29th, 2010Throughout the day of congressional hearings with Goldman Sachs officials this week and in countless news stories, editorials and blogs we keep hearing the word “complexity” when referring to the Abacus 2007-AC1 collateralized debt obligation (CDO) at the heart of the Securities and Exchange Commission’s (SEC) case against Goldman. Albert Einstein is credited with the phrase, “make things as simple as possible but not any simpler.” Basically it means make things clear but do not leave out material details. Some things, rocket science for one, are complex by their nature. But what is the purpose of the complexity of something like the Abacus CDO?
Goldman hearing: Sen. Levin's potty mouth and other tidbits
Tuesday, April 27th, 2010Looking for some drama to spice up your afternoon? Look no further than the Goldman Sachs Show. Specifically, today’s Senate subcommittee hearing investigating Goldman’s role in the financial crisis, in the wake of the SEC charging Goldman with fraud on April 16. New York Times is live-blogging the hearing. Here are some of the juiciest items from the Times blog:
Have the mighty fallen?
Wednesday, April 21st, 2010On the heels of putting up the new Futuresmag.com Poll Question, which asks who will win the Goldman Sachs/SEC smack down , I received results from a survey done by the Argyle Executive Forum, a firm that holds leadership conferences for senior executives, asking a similar question to their clients. I found Argyle’s survey results, especially with its clientele, a bit surprising. The question was:
Big banks' fog follies
Tuesday, December 15th, 2009Did you hear? Citigroup is paying back its $20 billion in TARP money! But as this New York Times editorial points out, big banks’ motives for paying back the government are (surprise, surprise) less than pure; namely, the banks want to get out from under the pay caps and restraints of the bailout. As the Times says:
“The Treasury Department, which seems to have no qualms about Citigroup’s self-proclaimed strength, plans to sell its $25 billion stake over the next six to 12 months… The Treasury Department’s approval is a grim reminder of the political power of the banks, even as the economy they did so much to damage continues to struggle.” (more…)
Ain't no party like a Goldman party
Wednesday, December 2nd, 2009Goldman Sachs’ holiday partying spirit was once again dimmed this year by a Grinch called the economy. Like last year, Goldman’s holiday party was cancelled, but this year, there’s a new twist. According to the Business Insider, Goldman Sachs employees are not allowed to organize private Christmas parties for the firm’s employees at their own homes, even if no firm money goes to pay for them. This Gawker story says that Goldman employees are basically not allowed to party in groups of 12 or more. (more…)
Today's laugh….
Thursday, July 16th, 2009Perhaps it’s satiric humor, but today’s Borowitz Report’s lead story seems close to the truth. The headline is, “Goldman Sachs in talks to acquire Treasury Department.” The tongue-in-cheek story discusses why Goldman, which in reality hit record profits during its period of receiving U.S. TARP money, was looking to purchase the U.S. Treasury Department. One person in the “story” noted:
Mr. Hestron said the only challenge facing Goldman in completing the merger “is trying to figure out which parts of the Treasury Dept. we don’t already own.”
Maybe it isn’t real news, but seems very close to Goldman’s very cozy relationship to the U.S. government.
