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GoldmanSachs
Opinion: Should Companies Be Free to Hide Their Misconduct?
By Mark Grabowski - AOL News(June 30) -- Imagine if the public didn't know about all the corporate wrongdoing leading to BP's oil spill or Goldman Sachs' role in the financial collapse. Without the ensuing public outrage, would the government have responded the same way? Under a recent court ruling, such information may no longer be public. In an unprecedented move overlooked by mainstream media, a federal appellate court ruled that corporations can conceal misconduct uncovered by the government from the public -- such as pollution, hazardous work, and health and safety violations -- simply because they're ...
Banks, CDOs and Prison Futures
By Robert and Donna Trussell - Politics Daily...
Goldman Sachs for Dummies: How the Alleged Fraud Happened
By Joann M. Weiner - Politics DailyYou might feel that you'll never understand why the Securities and Exchange Commission sued Goldman Sachs last month for fraud -- concerning a security named Abacus and a banker named Fabrice Tourre (a.k.a. "Fabulous Fab") -- unless you have an MBA. But, you can. You just need to follow the principles in the popular "For Dummies" books and cut out the jargon and go straight to the facts. ...
Goldman Sachs Fraud Probe Could Bring Criminal Charges
By Tom Diemer - Politics DailyThe Justice Department has started a preliminary investigation of claims that the investment bank Goldman Sachs misled clients by selling them pieces of a complex mortgage deal that the bank expected would fail, the New York Times reported Friday. The investigation could lead to criminal charges on the heels of a civil lawsuit filed against the firm by the Securities and Exchange Commission, which accused Goldman Sachs of, in effect, betting against its own investment. At a subcommittee hearing this week on Capitol Hill, angry senators repeatedly asked Goldman executives, including CEO Lloyd ...
Goldman Sachs' 'Fabulous Fab' Denies Fraud Charges at Hearing
By Patricia Murphy - Politics DailyFabrice Tourre, the Goldman Sachs executive recently charged with fraud by the Securities and Exchange Commission, denied all accusations against him during an appearance before a U.S. Senate subcommittee Tuesday. "I deny categorically the SEC's allegations and I will defend myself in court against this false claim," he told the senators. Tourre has worked at Goldman since 2001 and described to the panel his role in investing for "sophisticated financial institutions" to manage their credit and market risks. "For the average person, the utility of these products may not be obvious," he said. ...
Senators Assail Goldman on Conflicts of Interest
By Joseph Schuman - AOL NewsANALYSIS (April 27) -- An increasingly frustrated Republican Sen. Susan Collins wanted a yes-or-no answer. Did Fabrice Tourre, the Goldman Sachs executive accused of securities fraud in a government lawsuit against the firm, think Goldman owed a good-faith effort to all the company's investors? "I understand that you do not have a legal fiduciary obligation. But did the firm expect you to act in the best interests of your clients as opposed to acting in the best interests of the firm?" she asked during questioning about a series of deals that featured heavy investor losses on bonds backed ...
Washington in 60 Seconds -- GOP Says Send Congresswoman 'Back to the Kitchen'
By Patricia Murphy - Politics DailyGood morning, Capitolists! We're all for a good political mailer, but we must cry foul over a recent GOP flier sent to Ohio voters, calling on them to vote against Democratic Rep. Betty Sutton, or as the flier puts it, "Let's take Betty Sutton out of the House and send her back to the kitchen." Sutton reacts to the mailer at Emily's List blog, saying, "I'm in the 'kitchen' right now, writing this blog post. So, even if you get me in the kitchen. . . . I will continue to fight for progress and for jobs and for policies that will work with and for the people I am so honored to serve." Snaps, ...
Goldman Sachs Executives Face a Grilling by Senate Panel
By Patricia Murphy - Politics DailySeven Goldman Sachs executives will appear before the Senate Permanent Subcommittee on Investigations on Tuesday, the panel behind some of the most infamous Congressional investigations in modern history, including crackdowns on organized crime, child pornography, the United Nations' oil-for-food scandal and the McCarthy hearings. Goldman chief executive Lloyd Blankfein and his colleagues will explain -- under oath -- their firm's role in pumping up the market for mortgage-backed securities that seemed like a sure bet, while they worked behind the scenes with a hedge fund to reap huge profits ...
Financial Reform Puts Republicans on the Spot
By Joseph Schuman - AOL News(April 26) -- Even as they lost today's Senate vote on overhauling financial regulation, the Democrats expected to get a win. They probably did. The chamber's Republicans held together in opposing a vote to let debate on the measure proceed toward a final roll call, depriving Democrats of the needed 60 votes to override such a filibuster, and that was just fine for the Democrats. "It will reveal who believes we need to strengthen oversight of Wall Street, and who does not," Senate Majority Leader Harry Reid said shortly before the vote. "It will demonstrate who believes we need to ...
Republicans Block Wall Street Reform in the Senate
By Patricia Murphy - Politics DailyAll Republican senators and two Democrats voted Monday to block the Senate from considering a bill to add significant new regulations to Wall Street firms, banks and other financial institutions. The vote, 57 to 41, fell short of the 60 votes the Democrats needed to shut off a filibuster and begin debating the measure, which now will go back for additional changes to win at least some Republican support. Although Republicans had enough votes to block the measure on their own, Sen. Ben Nelson of Nebraska broke ranks with his party on the vote, while Senate Majority Leader Harry Reid voted ...
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