Goldman Sachs SEC

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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.... More »

Fraud Fine Is Chump Change for Goldman

$500M penalty amounts to just 2 weeks of profits

(Newser) - The SEC is boasting that the $550 million settlement it agreed to with Goldman Sachs is the "largest-ever penalty paid by a Wall Street firm." That may be true, but that doesn't mean it's actually going to chasten Goldman. Top put things in perspective, Pro Publica notes that... More »

Goldman Pays $550M to Settle SEC Fraud Case

It's the largest such fine in history

(Newser) - Goldman Sachs has agreed to pay $550 million to settle civil fraud charges that accused the Wall Street giant of misleading buyers of mortgage-related investments. The deal calls for Goldman to pay the Securities and Exchange Commission fines of $300 million. The rest of the money will go to compensate... More »

Attacked, Accused of Fraud: Goldman Is Doing Just Fine

Clients are loyal, despite charges that Goldman screwed clients

(Newser) - So you were thinking that all the hideous press, the hostility from Congress, the accusations of fraud were surely hurting the bottom line at Goldman Sachs? Not a chance, Andrew Ross Sorkin writes today in the Dealbook column in the New York Times . Big clients—the ones that count—don't... More »

Morgan Stanley Hit With Criminal Investigation

Prosecutors looking into mortgage deals

(Newser) - Looks like Goldman Sachs might have some company. Federal prosecutors have launched a criminal investigation into some of Morgan Stanley's mortgage derivative deals, the Wall Street Journal reports. Morgan Stanley created several mortgage-backed CDOs that it then bet against. Some it marketed itself, while others were sold by Citigroup and... More »

Goldman Sachs to Change Its Ways

Announces change to policies for institutional investors

(Newser) - With federal pressure at an all-time high, Goldman Sachs is planning to change its policies for dealing with institutional clients, a move which could presage an attempt to settle the SEC's fraud suit against it. Goldman would now instruct employees to ensure clients fully understand the risks associated with whatever... More »

Looking to Settle, Goldman Launches Lobbying Blitz

Firm steps up effort to woo lawmakers, repair battered image

(Newser) - Goldman Sachs' lobbying efforts have gone from cavalier to frenzied as it faces what could be the worst crisis in its history. The firm has assembled a high-powered team of Washington insiders to do battle, even as the New York Post reports that, in wake of the beating Goldman took... More »

Goldman Gains $549M as Execs Are Grilled

Firm one of few winners as market nosedives

(Newser) - Goldman Sachs gained $549 million in value as its executives were grilled for 10 hours yesterday in a Senate hearing. The firm's shares closed up 1.2% after the day's trading on the New York Stock Exchange while most other stocks tumbled, BusinessWeek reports. Some analysts believe the rise reflects... More »

Translation: Goldman Sachs to English

Bankers' lingo reveals firm's real intentions, if you know how to read it

(Newser) - The Senate panel investigating Goldman Sachs will have an easier job if it embraces one profound truth, Jonathan Weil writes for Bloomberg : "What you must realize, foremost, is that Goldman's employees speak their own distinct language." Some translations:
  • Sophisticated, as in "among the most sophisticated mortgage investors
... More »

Fabulous Fab: 'I Regret the Emails'

Goldman Sachs exec Fabrice Tourre faces Senate panel

(Newser) - Fabrice Tourre, the 31-year-old trader who is the only company official directly accused in the SEC suit against Goldman Sachs, testified today that he does not recall telling investors a Goldman hedge fund client had bought into an investment that soured. "I deny categorically the SEC's allegation," Tourre... More »

Goldman Sachs Screwed Clients as Bubble Burst

Senate panel will scold execs, reveal evidence in hearing today

(Newser) - Goldman Sachs sold investors a mountain of securitized subprime mortgages throughout the housing boom, but when things started to turn sour, they bet against those assets furiously—sometimes while still selling them, according to documents the Senate Permanent Investigations Subcommittee intends to browbeat the company with today. “They have... More »

Blankfein Will Deny Goldman Bet Against Clients

Goldman Sachs CEO plans to strike apologetic tone in Senate testimony

(Newser) - The CEO of Goldman Sachs will tell a Senate panel tomorrow he understands Americans' distrust of the bank, but its "functions are important to economic growth and job creation." Lloyd Blankfein's remarks, released ahead of the eagerly awaited hearing, are his most accommodating yet, reports the New York ... More »

Let's Not Have a World of 'Greed Without Limits'

Goldman case is a referendum on modern America

(Newser) - The case against Goldman Sachs is about far more than the legalities involved, writes Matt Taibbi. It may "turn into a final referendum on the greed-is-good ethos that conquered America sometime in the 80s," he writes in an op-ed for the Guardian . That ethos has been worming its... More »

Banks Gamed Rating Agencies Using Their Models

High ratings were reverse-engineered for lousy packages

(Newser) - With rating agencies under fire for giving good ratings to terrible investments, Gretchen Morgenson and Louise Story argue in the New York Times today that it wasn't all their fault. In a push for transparency, the likes of Moody's, Sandard & Poor's, and Fitch made public the computer models they... More »

Lloyd Blankfein: Fraud Case Will 'Hurt America'

Goldman Sachs CEO rails against SEC in call to clients

(Newser) - Lloyd Blankfein called up a host of top Goldman Sachs clients yesterday and told them in no uncertain terms where the SEC could stick its fraud charges. Blankfein complained that the case was politically motivated, and would “hurt America,” one of the clients tells the Financial Times . “... More »

Lawsuit: Merrill Lynch Did Same Deal as Goldman

Dutch bank points out similarities to US judge

(Newser) - Pro Publica has reported that Goldman Sachs wasn't the only bank hawking built-to-fail mortgage investments, and now it has emails accusing Merrill Lynch of the practice. The Dutch bank Rabobank is suing Merrill, and as soon as it saw the charges against Goldman, it sent an email to the US... More »

Goldman Crony: Investors Didn't Do Homework

Paulson goes on offensive to reassure hedge fund members

(Newser) - John Paulson—the hedge fund billionaire at the center of the deal that's brought misery on Goldman Sachs—has escaped criminal charges. But the Wall Street Journal reports that he's sweating at least a little to keep investors in his massive Paulson & Co. fund from jumping ship. He had... More »

SEC Shouldn't Knife Goldman on a Split Vote

Fraud charges too serious to bring without even 5 people onboard

(Newser) - When the SEC charged Goldman Sachs with fraud, it rocked global markets and cost Goldman shareholders $12 billion—all for a charge that only 3 of the 5 SEC commissioners could agree to. That just seems wrong to Henry Blodget of Business Insider . “Fraud is a serious charge,”... More »

Goldman Case Splits SEC Along Party Lines

Decision came after months of secret negotiations failed

(Newser) - The decision to go after Goldman split the SEC along party lines and came only after months of secret talks broke down. Though the commission generally aims for unanimity, they voted, 3-2, to proceed with the civil suit despite opposition from two Republican members. The tiebreaker was an Independent commissioner... More »

Goldman Hires Former White House Counsel for SEC Fight

Gregory Craig has strong ties to Obama, Democrats

(Newser) - Goldman Sachs has hired a big gun to help get them out of big trouble. The beleaguered bank has tapped Gregory Craig, President Obama's former legal counsel, to help them fight a civil suit brought by the SEC last week. Craig, who served for Obama's first year, is an attorney... More »

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