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Fair Game: W.T.O. and Barriers to Financial Change

Sat, 17 Mar 2012 00:00:00 -0700

New York Times - By Gretchen Morgenson - Mar. 17 (Opinion) - The battle to remake the financial markets faces new obstacles in — of all places — the World Trade Organization. Even now, after all we’ve been through, something is still wrong with Wall Street. That’s the takeaway from the extraordinary — and extraordinarily public — resignation of Greg Smith from Goldman Sachs last week. His criticism of Goldman, made in an Op-Ed article in The New York Times, suggested that some of the business practices and inherent conflicts in the financial industry are as troubling today as they were before all of those taxpayer bailouts.

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The Good, Bad and Ugly of Capitalism

Sat, 17 Mar 2012 00:00:00 -0700

New York Times - By Joe Nocera - Mar. 17 (Opinion) - Goldman Sachs displayed one side of capitalism this week that seemed to strike a chord with many. Starbucks is displaying a different side.

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When a Congressman Becomes a Lobbyist, He Gets a 1,452 Percent Raise (On Average)

Wed, 14 Mar 2012 00:00:00 -0700

The Nation - By Lee Fang - Mar. 14 (Special Report) - Selling out pays. If you’re a corporation or lobbyist, what’s the best way to “buy” a member of Congress? Secretly promise them a million dollars or more in pay if they come to work for you after they leave office.

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Greg Smith Leaves Goldman Sachs, But It's Not Just A Goldman Problem

Wed, 14 Mar 2012 00:00:00 -0700

Huffington Post - By Mark Gongloff - Mar. 14 (News Analysis) - To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. There is really nothing else you should be reading right now, if you haven't read it already, than

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Guy Who Rented All 94 Rooms of Aspen Hotel for Party Scores Awesome New Goldman Job

Mon, 12 Mar 2012 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Mar. 12 (Special Report) - The main character in that tale was an individual named Jeffrey Verschleiser, a former Bear Stearns executive who was instrumental in helping blow up that venerable firm. Verschleiser among other things was reportedly involved with an elaborate Wall Stre

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China Has Largest Trade Deficit Since 1989 as Imports Rebound From Holiday

Sat, 10 Mar 2012 00:00:00 -0800

Bloomberg - Mar. 10 (News Report) - China reported its biggest trade deficit since at least 1989 in February as Europe’s debt crisis crimped exports and imports rebounded after a weeklong holiday. The shortfall was $31.5 billion, the customs bureau said on its website today. Imports rose 3

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Is the SEC Covering Up Wall Street Crimes?

Wed, 17 Aug 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Aug. 17 (Investigative Report) - Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after

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Government holds too many distressed, foreclosed homes. Rent 'em!

Sun, 26 Jun 2011 00:00:00 -0700

Christian Science Monitor - Jun. 26 - If Fannie Mae and other agencies sold their more than 1 million distressed or foreclosed homes, it would glut the market. But it could rent them. ...

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Speculating About Oil

Tue, 07 Jun 2011 00:00:00 -0700

Power Line - By John Hinderaker - Jun. 07 (News Analysis) - Again, what we are talking about here is a "risk premium" arising from events in the Middle East--events which presumably were not engineered by American oil companies. ThinkProgress's report on oil speculation is riddled with errors, many of them howlers. That web site's basic problem is that its writers are neither intelligent nor experienced in business. Therefore, they are utterly unqualified to write about topics like commodity pricing. In this instance, however, ThinkProgress's conduct is worse than incompetent: it released a report that tried to blame "speculators" for the current increase in oil prices. Its only support for that claim consisted of quotes that were falsely attributed to Goldman Sachs. The entire report, therefore, was premised on a lie.

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Federal Reserve Lending Revelations Intensify Criticism Of Central Bank's Secrecy

Thu, 26 May 2011 00:00:00 -0700

Huffington Post - By William Alden - May. 26 (News Report) - In the midst of the global financial crisis in 2008, the Federal Reserve lent Goldman Sachs, Credit Suisse and Royal Bank of Scotland at least $30 billion each at interest rates as low as 0.01 percent with no public disclosure of the details, Bloomberg News reported on Thursday. The latest revelations about the covert infusions of credit provided by the Fed to some of the world's largest banks has amplified accusations that the central bank is a power unto itself, operating according to its own devices and in the interest of major financial institutions -- and beyond accountability to taxpayers.

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The People vs. Goldman Sachs

Fri, 13 May 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - May. 13 (Editorial) - To recap: Goldman, to get $1.2 billion in crap off its books, dumps a huge lot of deadly mortgages on its clients, lies about where that crap came from and claims it believes in the product even as it's betting $2 billion against it. When its victims try to run out of the burning house, Goldman stands in the doorway, blasts them all with gasoline before they can escape, and then has the balls to send a bill overcharging its victims for the pleasure of getting fried.

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Rajaratnam Guilty on All Counts in U.S. Insider-Trading Case

Wed, 11 May 2011 00:00:00 -0700

Bloomberg - By David Glovin, Patricia Hurtado, Bob Van Voris - May. 11 (News) - Raj Rajaratnam , the hedge-fund tycoon and Galleon Group LLC co-founder at the center of a U.S. insider-trading crackdown, was found guilty of all 14 counts against him in the largest illegal stock-tipping case in a generation.

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How Goldman Sachs Created the Food Crisis

Sat, 30 Apr 2011 00:00:00 -0700

Foreign Policy - By Frederick Kaufman - Apr. 30 (Opinion) - It took the brilliant minds of Goldman Sachs to realize the simple truth that nothing is more valuable than our daily bread. And where there's value, there's money to be made.

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How Wall Street Thieves, Led by Goldman Sachs, Took Down the Global Economy -- Their Outsized Influence Must be Stopped

Tue, 26 Apr 2011 00:00:00 -0700

AlterNet - By Les Leopold, AlterNet - Apr. 26 - If we don't bust up Big Finance, there soon will be another financial crisis that will destroy what's left of our middle-class way of life.

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Asia stock markets lower amid Japan, Libya jitters

Mon, 28 Mar 2011 00:00:00 -0700

Seattle Times - Mar. 28 (News) - Asian stocks were mostly lower Monday as Japan's struggle to stabilize a leaking nuclear reactor dragged on for a third week and a fierce rebellion in OPEC-member Libya against leader Moammar Gadhafi fanned pessimism.

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When Cuts Don't Cut It

Fri, 04 Mar 2011 00:00:00 -0800

Real Clear Politics - By Eugene Robinson, - Mar. 04 (Opinion) - WASHINGTON -- After slamming Democrats for not focusing on "jobs, jobs, jobs," Republicans have decided to ignore their own winning message in favor of "cuts, cuts, cuts." This is bad economics -- and bad politics. If you don't believe me, read a new NB

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At Davos, Era of Contrition for Bankers May Be Ending

Wed, 26 Jan 2011 00:00:00 -0800

New York Times - By Jack Ewing - Jan. 26 (News Analysis) - At an off-the-record session, top bankers from the United States and Europe were pushing back more assertively against attempts by regulators to cramp their style.

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Goldman Blames Media Attention For Killing Off Its U.S. Facebook Offering

Tue, 18 Jan 2011 00:00:00 -0800

TechCrunch - Jan. 18 (Opinion) - Goldman Blames Media Attention For Killing Off Its U.S. Facebook Offering

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GOLDMAN UNDER FIRE: Megabank Reveals New Information On Trading Activities

Wed, 12 Jan 2011 00:00:00 -0800

Huffington Post - By Shahien Nasiripour - Jan. 12 (News Report) - Wall Street giant Goldman Sachs generated at least 18 percent of its revenues last year through trading and investing for its own benefit, according to a regulatory filing made Tuesday detailing the first nine months, flatly contradicting the firm's previous claims that such speculative activity made up a much smaller slice of its business.

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Facebook Deal Spurs Inquiry

Wed, 05 Jan 2011 00:00:00 -0800

Wall Street Journal - By Jean Eaglesham, Aaron Lucchetti - Jan. 05 (News Report) - The SEC is examining whether disclosure rules for privately held firms need to be rewritten as a result of recent deals allowing investors to buy shares in Internet companies such as Facebook and Twitter.

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Goldman Invests in Facebook at $50 Billion Valuation

Mon, 03 Jan 2011 00:00:00 -0800

New York Times - By Andrew Ross Sorkin, Evelyn M. Rusli - Jan. 03 (News) - New money will give Facebook power to steal away employees, develop products and possibly pursue acquisitions, all without being publicly traded.

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A Real Jaw Dropper at the Federal Reserve

Thu, 02 Dec 2010 00:00:00 -0800

Huffington Post - By Sen. Bernie Sanders - Dec. 02 (Opinion) - At a Senate Budget Committee hearing in 2009, I asked Fed Chairman Ben Bernanke to tell the American people the names of the financial institutions that received an unprecedented backdoor bailout from the Federal Reserve, how much they received, and the exact terms of this assistance. He refused. A year and a half later, as a result of an amendment that I was able to include in the Wall Street reform bill, we have begun to lift the veil of secrecy at the Fed, and the American people now have this information.

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U.S. Orders Diplomats to Stop Telling Truth Until Further Notice

Thu, 02 Dec 2010 00:00:00 -0800

borowitzreport.com - By Andy Borowitz - Dec. 02 (Comedy News) - In the first major policy fallout from the WikiLeaks disclosures, the State Department has ordered all U.S. diplomats to “cease and desist telling the truth until further notice.” “We are working overtime to try to make sure that leaks like these don’t happen again,” Secretary of State Hillary Clinton told reporters. “But until we’ve got the leaks plugged, it’s incumbent on all our diplomats to put on their lying caps.” Secretary Clinton noted that since many US diplomats are major political donors with long careers in the business world, “this shouldn’t be a reach for them.”

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Will Murdoch be tempted to buy Yahoo?

Fri, 15 Oct 2010 00:00:00 -0700

The Guardian - Oct. 15 (Opinion) - I saw that suggestion floated ages ago, not least because of Murdoch's antipathy to Google. But the Reporter is now claiming to have a source who claims that private equity firms have pitched the idea to News Corp. It would involve News Corp rolling

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Make Wall Street Risk It All

Thu, 07 Oct 2010 18:18:08 -0700

New York Times - By By WILLIAM D. COHAN - Oct. 07 (Opinion) - Would bankers blow up the economy if their own wealth was on the line?

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