(Black Enterprise) — Spencer is co-head of equity derivative sales for one of the world’s most powerful investment banks, managing the business and overseeing a team that executes trades on clients’ behalf and offer trade advice in the Japanese market. Spencer also oversees the day-to-day operations of the sales team and business planning. Read More…
(New York Times) — Battered by volatile markets and a sharp reduction in trading gains, earnings at Goldman Sachs dropped 83 percent in the second quarter to 78 cents a share, making it the worst quarter for the giant investment bank since the depths of the financial crisis in late 2008. Read More…
(Wall Street Journal) –An Australian hedge-fund manager filed a lawsuit seeking more than $1 billion in damages from Goldman Sachs Group Inc., accusing the Wall Street firm of fraudulently selling a “now notorious” financial instrument called Timberwolf. The collateralized debt obligation collapsed when housing prices tumbled in 2007, resulting in steep losses to the $78 million invested […]
(NYTimes.com) — As the housing crisis mounted in early 2007, Goldman Sachs was busy selling risky, mortgage-related securities issued by its longtime client, Washington Mutual, a major bank based in Seattle. Although Goldman had decided months earlier that the mortgage market was headed for a fall, it continued to sell the WaMu securities to investors. […]
// // (CNBC.com) — The trading operations of Goldman Sachs and JPMorgan Chase made money every single business day in the first quarter, a feat that was a first for the companies and underlines the boom in Wall Street’s investment banking revenues. Goldman’s[GS 144.1134 0.2834 (+0.2%) ] trading desk recorded a profit of at […]
(WSJ) — Some executives and powerful alumni of Goldman Sachs Group Inc. are talking about whether Chief Executive Lloyd C. Blankfein can survive the legal and public-relations storm swirling around the company, according to people familiar with the situation. The conversations being held among some partners, managing directors and other current and former executives are […]
(Fortune) — Warren Buffett offered his strongest defense yet of Goldman Sachs, saying he doesn’t believe the investment bank acted improperly in a sale of subprime-related securities at the heart of a Securities and Exchange Commission fraud case. “I do not hold against Goldman at all that an allegation has been made,” Buffett said Saturday […]
(Daily Finance) — Warren Buffett, widely regarded as an investment genius, is little noted for his polished PR skills, yet he’s a Teflon investment guru that attracts little whiff of scandal. He’s widely thought of as a man of sterling ethics, and yet he dove into Wall Street twice — first with Salomon Brothers and […]
(NewYorker.com) — A major Wall Street firm is accused of misleading clients by concealing key conflicts of interest. E-mails suggest that an employee touted its wares in public while slamming them in private. The scandal is front-page news, and observers anticipate severe damage to the firm’s reputation. We could be talking about Goldman Sachs today. […]
The public has made up its mind that Goldman did something wrong. It is possible to abhor Goldman Sachs but still believe in capitalism.
The bull bandwagon is bursting at the seams as everyone is bullish for just about the same reasons.
(WSJ.com) — It’s a fair bet that the SEC lawsuit against Goldman Sachs won’t be the last of its kind. After all we’ve just come out of the biggest financial crisis in 80 years. As the regulators lift the rocks they’ll find plenty to go after. So what does this mean for investors? Should you bail […]