Goldman Sachs

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MF Global Ignored Warnings, Couldn't Match Shoes

Jon Corzine thought regulators' warnings were wrong

(Newser) - Those interested in the bankruptcy of MF Global—the biggest Wall Street collapse since Lehman—will be fascinated and maybe a little depressed to read the New York Times ' look at what went wrong. The big takeaway is that the brokerage company run by Jon Corzine ignored regulators' warnings...

Andrew Ross Sorkin on Jon Corzine: Leave Goldman Sachs, Lose the Golden Touch
Life's Perilous When You're Not Goldman Sachs
ANDREW ROSS SORKIN
Nov 1, 2011 10:39 AM CDT

Life's Perilous When You're Not Goldman Sachs

Jon Corzine learned that the hard way, Andrew Ross Sorkin writes

(Newser) - When Jon Corzine left Goldman Sachs, he spoke openly about turning MF Global into a “mini-Goldman.” It’s, um, not working out too well . Ask insiders why Corzine got away with so heavily leveraging the company to make risky trades, and they all say the same thing, Andrew...

Euro Crisis Fells First US Victim: MF Global

Financial firm files for bankruptcy

(Newser) - Europe’s debt crisis has reached American shores: MF Global, a financial firm headed by former New Jersey governor Jon Corzine, filed for bankruptcy this morning. The company had bet $6.3 billion on European sovereign debt, driving away investors and causing its stock to fall 67% last week. Though...

Wall Street Exec Pleads Not Guilty to Insider Trading

Rajat Gupta could face serious prison time if convicted

(Newser) - A former board member of Goldman Sachs and Procter & Gamble pleaded not guilty this afternoon to federal charges accusing him of acting as "the illegal eyes and ears in the boardroom" for a friend. The friend, of course, is billionaire hedge fund founder Raj Rajaratnam, who was sentenced...

Insider Trading Probe Nabs Ex-Goldman Sachs Director Rajat Gupta
 Ex-Goldman Exec 
 Charged With Fraud 
UPDATED
Oct 26, 2011 10:26 AM CDT

Ex-Goldman Exec Charged With Fraud

Rajat Gupta accused of leaking info to Galleon director

(Newser) - Former Goldman Sachs director Rajat Gupta surrendered to federal authorities today to face charges related to insider trading, the AP reports. Gupta appeared in Manhattan federal court and was charged with one count of conspiracy to commit securities fraud and five counts of securities fraud. The longtime McKinsey & Company...

Goldman-Occupy Battle Heats Up Over Dinner Invitation

Credit Union loses hosts by honoring protesters

(Newser) - Ask Goldman Sachs to fund an event honoring "Occupy Wall Street," and what do you get? Lost funds, nasty emails, and a fresh look at the debate raging between bankers and protesters. It all started earlier this month when a New York credit union, known for lending to...

Goldman Posts $428M Loss
 Goldman Posts $428M Loss 
Oct 18, 2011 8:22 AM CDT

Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

(Newser) - It was a bad three months to be a vampire squid: Goldman Sachs reported a $428 million third-quarter loss today, or 84 cents a share—far worse than the 16 cents per share that analysts were expecting, according to Reuters . The blow came largely thanks to $2.48 billion in...

Wall Street Will Lose 10K Jobs
 Wall Street Will Lose 10K Jobs 
SAYS REPORT
Oct 11, 2011 11:25 AM CDT

Wall Street Will Lose 10K Jobs

New York comptroller predicts blow to economy

(Newser) - It looks like a lot of Wall Street denizens will be joining the ranks of the unemployed soon, New York’s state comptroller warns in a report released today, predicting that the securities industry will shed nearly 10,000 jobs by the end of 2012. The industry has already cut...

Derided Goldman Boss Backs Out of Barnard Speech

Scheduling conflict cited as protests loomed

(Newser) - Goldman Sachs CEO Lloyd Blankfein has pulled out of a controversial lecture at Manhattan's Barnard College. Students at the Columbia University-affiliated institution had planned protests and workshops to coincide with Blankfein's visit, declaring the week to be "School the Squid" week, in reference to Rolling Stone writer...

Feds Poised to Sue Banks Over Mortgages


 Feds Sue 
 Big Banks 
 Over Mortgages 
UPDATED
Sep 2, 2011 4:18 PM CDT

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

(Newser) - The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New ...

Blankfein Lawyers Up, Goldman Stock Falls

CEO hires hotshot DC attorney Reid Weingarten

(Newser) - Lloyd Blankfein has gone and hired himself a lawyer, reports Reuters . The Goldman Sachs CEO, whose firm is facing ongoing investigations into its role in the financial crisis, has retained high-powered DC defense attorney Reid Weingarten, whose past clients have included an Enron exec and a former secretary of agriculture....

Goldman Axing US Staff, Hiring in Singapore

Move seen as bet against US economy

(Newser) - Goldman Sachs is planning a major hiring spree in Singapore, even as it prepares to slash its headcount in the US to cut costs. The financial giant is so worried about criticism over the job shift that it has taken the unusual step of notifying lawmakers about its hiring plans,...

Goldman Sachs May Face Bribery Charge in Libya Deal

Securities regulators investigating attempt to help Gadhafi recoup money

(Newser) - Securities regulators are looking into the possibility that Goldman Sachs may have broken anti-bribery laws by offering to pay Libya’s Sovereign Wealth Fund $50 million in penance for losing almost all of the money it invested with them. The deal was never actually completed, but just offering it may...

Goldman Preps Counterattack on Senate Report

Subcommittee's numbers are wrong, firm says

(Newser) - Goldman Sachs is ready to take a stand against a Senate subcommittee report that slammed the firm for allegedly misleading clients . Goldman will argue that the report exaggerates the firm’s 2007 bets against the housing market; it may release documents that support its belief that the subcommittee’s investigation...

Felix Salmon: New York Times May Have Hacked Into Private Emails for Fabrice Tourre Story
Times May Have Crossed
Line by Snooping Emails
felix salmon
Jun 1, 2011 1:00 PM CDT

Times May Have Crossed Line by Snooping Emails

Fabrice Tourre story based on laptop found in trash

(Newser) - The New York Times today has a lengthy backgrounder on the case of Fabrice Tourre, the young Goldman Sachs trader sued by the SEC on allegations of fraud. What has caught the eye of most bloggers, though, isn't any revelations in the story but the way it was sourced:...

Libya Lost $1B Investing With Goldman

2008 investment slammed by financial crisis

(Newser) - Libya handed $1.3 billion in Goldman Sachs in 2008 for a range of investments—but as the financial crisis took hold, the money lost 98% of its value, a Wall Street Journal investigation finds. Goldman made a deal with Moammar Gadhafi’s sovereign-wealth fund as it sought “to...

Gadhafi Stashed Cash on Wall Street

Deals appear to have been legal

(Newser) - Moammar Gadhafi has a hefty chunk of Libya's money parked right here on Wall Street. The advocacy group Global Witness has released a document revealing that Libya’s sovereign wealth fund has invested $53 billion with help from Goldman Sachs, JP Morgan, HSBC, and European bank Société Gé...

Goldman Expects Barrage of Subpoenas

Move could presage criminal charges

(Newser) - Goldman Sachs officials believe federal prosecutors are about to slap them with a series of subpoenas as it follows up on the scathing report on the company from the Senate Permanent Subcommittee on Investigations. Sources tell the Wall Street Journal that they expect the Justice Department to come knocking within...

Facebook Posts Killer Earnings: Report

IPO speculation heats up as word leaks that earnings could hit $2B

(Newser) - Speculation about a Facebook IPO heated up today, after sources who have seen the company's recent financials told the Wall Street Journal that its earnings were a lot better than expected. The company is now on pace to earn more than $2 billion this year before taxes, interest, depreciation,...

Senate Probe: Goldman Sachs Shafted Clients, Lied to Us

Recommends perjury charges for Blankfein

(Newser) - Goldman Sachs may have criminally misled its clients when it sold them mortgage-backed securities without mentioning that Goldman itself would profit if they failed, the Senate’s Subcommittee on Investigations has concluded, recommending that the Justice Department and SEC consider pressing charges. The panel also recommended perjury charges against CEO...

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