Goldman Sachs

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Financial World's 'Ray Rice Video' Has Arrived

Regulators seem cowed by banks in recordings obtained by ProPublica

(Newser) - Those interested in why federal regulators seem unable to rein in big banks might want to check out a new ProPublica report and a companion piece airing on public radio's This American Life this weekend. The reports center on secret recordings made by Carmen Segarra, a Federal Reserve specialist... More »

$8.25M Bonus Was Too Small: Ex-Goldman Trader

Deeb Salem told his mom to expect $13M

(Newser) - That sound you hear is the world's tiniest adding machine crunching out a sad song for Deeb Salem. The former Goldman Sachs trader is taking the firm to court, arguing that it didn't give him a big enough bonus in 2010, when it awarded him a mere $8.... More »

JPMorgan Is Being Punished for Not Being Evil Enough

Probe into firm's China hires is ironic, Matt Levine argues

(Newser) - A trove of emails have emerged in JPMorgan Chase's China corruption scandal , and they reveal a deep irony about the case: Essentially, "JPMorgan's mistake was not hiring Chinese princelings fast enough," argues Matt Levine at Bloomberg . The emails reveal that JPMorgan initially had a program preventing... More »

Dow Dumps Bank of America, HP, Alcoa

Nike, Visa, and Goldman Sachs to replace them

(Newser) - The Dow Jones Industrial Average is ditching Hewlett-Packard, Bank of America, and Alcoa, it announced today, in what the Wall Street Journal is calling "the biggest shake-up of the 30-stock index in almost a decade." The Dow will add Nike, Visa, and Goldman Sachs to replace the three... More »

Goldman Sachs Banker Accused of Hamptons Rape

He allegedly assaulted 20-year-old in home he was renting with his wife

(Newser) - A Goldman Sachs managing director has been charged with raping a 20-year-old woman while vacationing in the Hamptons. The incident allegedly took place in a four-bedroom home that Jason Lee, 37, had rented with his wife, the New York Times reports. So far details are thin; police say they responded... More »

Bloomberg News Caught Snooping on Bankers

May have also tapped data from Bernanke and Geithner

(Newser) - Bloomberg LP operates both a multi-platform media organization, Bloomberg News, and a computer system, Bloomberg Terminal, that bankers and traders use to monitor market data. The problem: Bloomberg News reporters can see how and when any customer has been using a terminal, and now it turns out they have been... More »

Foreclosure Victims Get New Round of Botched Checks

Last month 's checks bounced, so maybe this is progress

(Newser) - The very same institutions that apparently couldn't foreclose on homes properly are having a run of it: Following regulators' $3.6 million settlement with 13 banks, the Federal Reserve told Goldman Sachs and Morgan Stanley to send affected borrowers $247 million, doled out in amounts between $300 and $125,... More »

And the Most Reputable Company in America Is...

Amazon takes top spot from Apple, while AIG is the big loser

(Newser) - Which American businesses have the best rep? Look toward the retail and electronics industries, reports MarketWatch , which shares the results of the latest Harris Interactive survey of the country's top 60 companies. It looked at six factors, among them product quality and how employees are treated. Among the leaders:... More »

Goldman Profit Almost Triples

Most of the profit came on its own holdings

(Newser) - Goldman Sachs' earnings almost tripled in the fourth quarter, handily beating analysts' estimates, as investment banking revenues surged. The Wall Street titan earned $2.83 billion after paying preferred dividends, compared with $978 million a year earlier. The bank's debt underwriting business profited from a rally in bonds and... More »

Goldman Sachs: 'a Frat on Steroids'

Marie Myung-Ok Lee recalls her time at the firm

(Newser) - Goldman Sachs recently released its list of the year's promotions, and women make up just 14% of new lifetime partners. In the Atlantic , Marie Myung-Ok Lee writes of her time as an editor at the firm in the '90s, and notes that it was a lot like the... More »

Q3's GDP Growth Could Be Rosiest of Year

Economists expect it will be revised upward, to 2.9%: Bloomberg

(Newser) - The US gross domestic product appears to have actually grown at a 2.9% annual rate between July and September, the fastest quarterly growth seen this year. That rate, via analysts at Goldman Sachs and Barclays, is higher than the Commerce Department's initial estimate of 2.0% —and... More »

Ex-Goldman Exec Gets 2 Years for Insider Trading

Rajat Gupta also has to pay $5M fine

(Newser) - A former Goldman Sachs and Procter & Gamble board member once widely respected worldwide for his business smarts was sentenced today to 2 years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend. Rajat Gupta, 63, of Westport, Conn., was... More »

Why Even a Lame Attack on Goldman Matters

Matthew Yglesias goes to bat for 'moral outrage'

(Newser) - Greg Smith's new book bashing former employer Goldman Sachs has been met with a yawn, its critics complaining that it contains no bombshell revelations not found in his celebrated New York Times op-ed. "Everyone already knows the 'squid' isn't on the side of the angels,"... More »

Goldman Sachs 'Traitor' Rips Wall Street Culture

But critics question Greg Smith's insider account

(Newser) - After rocking the financial world with a New York Times op-ed condemning Goldman Sachs' culture, former company VP Greg Smith is back with a full book : Why I Left Goldman Sachs: A Wall Street Story, out today. Going public was the "only way" to "change the system" that... More »

Goldman Donors Desert Obama

Financial industry throws its weight behind Mitt

(Newser) - Goldman Sachs execs and employees have abandoned President Obama in the biggest corporate campaign finance U-turn on record, a Wall Street Journal analysis finds. The firm's workers gave Obama more than $1 million in 2008—more than any other American corporation—but have given him just $136,000 this... More »

Goldman Mortgage Class-Action Suit Revived

Ruling a victory for investors who say they were misled

(Newser) - Goldman Sachs won't be charged for its role in the financial crisis , but it still faces plenty of lawsuits from clients it's accused of criminally misleading —and the list just got longer. A federal appeals court has decided to revive a class-action suit over mortgage-backed securities, and... More »

Goldman Won't Be Charged Over Financial Crisis

Not enough evidence to pursue fraud cases, feds decide

(Newser) - Looks like Goldman Sachs is off the hook for its role in the financial crisis. The Justice Department and Securities Exchange Commission have ended two investigations into the bank's role in the crisis, concluding that "there is not a viable basis to bring a criminal prosecution with respect... More »

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment... More »

Goldman's New Gig: Actually (Gasp) Lending Money

After punishing quarter, Goldman to lend more to wealthy

(Newser) - Goldman Sachs is expanding into a new business frontier: traditional banking. Goldman is building an in-house private bank that will lend out money to rich people and corporations, the Wall Street Journal reports, with plans to jack its private loan business from $12 billion to $100 billion. Part of the... More »

Ex-Goldman Honcho Guilty of Fraud

Rajat Gupta convicted in insider trading scandal

(Newser) - A former Goldman Sachs director accused of feeding confidential information to a corrupt hedge fund manager has been convicted of conspiracy and three counts of securities fraud. A jury acquitted Rajat Gupta on two other securities fraud counts. Gupta's adult daughters hugged and wept as the verdict was read;... More »

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