Gilt Goldman

Stories

14 Stories

June 2008
- Global Econ Puzzle Awaits New President
  
  Financial Times (UK) | Jun 27, 08 10:42 AM CDT
  
  (Newser) - Whether it's John McCain or Barack Obama, the next president will confront a global economic landscape unlike anything his predecessor confronted, write Robert Hormats and Jim O'Neill. In an op-ed for the Financial Times , the two Goldman Sachs executives explain that the new president's greatest challenge will be the rise of emerging economies, whose share of world GDP has doubled since George W. Bush took office. More »
March 2008
- Goldman Drops 53%, Beats Analysts' Estimates
  
  Bloomberg | Mar 18, 08 7:54 AM CDT
  
  (Newser) - Goldman Sachs today beat analysts' dire predictions even though it reported a 53% drop in first-quarter profits—the worst falloff since 1999—after a $2.1 billion writeoff, reports Bloomberg. Analysts had expected the Wall Street brokerage to see profits drop more than 60%. Goldman said net income was $1.51 billion, down from $3.2 billion a year earlier. More »
- Goldman Sachs Switches Forecasters
  
  Bloomberg | Mar 18, 08 6:39 AM CDT
  
  (Newser) - Goldman Sachs has replaced its famously bullish chief forecaster, Abby Joseph Cohen, with a less upbeat analyst, Bloomberg reports. Cohen will remain as senior investment strategist, handing over the daily predictions to David Kostin. Kostin sees a decline for the S&P 500 to 1160 in the short run, and a rebound to 1,380 by year's end. Cohen, by contrast, predicted in December that the index would reach 1,675 in 2008. More »
- Goldman Analysts Warn of Next Crisis
  
  Wall Street Journal | Mar 3, 08 4:10 PM CST
  
  (Newser) - Commercial real estate could be the next victim of the current economic downturn, and if it is, expect it to cause another full-fledged crisis, the Wall Street Journal reports. Commercial real estate values could fall as much as 26% over the next 2 years, Goldman Sachs analysts predict, leading to another round of huge write-offs and creating "a significantly longer tail than subprime." More »
January 2008
- Goldman Predicts Recession
  
  NPR | Jan 10, 08 12:31 PM CST
  
  (Newser) - Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we don't get income growth, we don't get consumer spending, and we do get a recession,” another firm’s economist told NPR. More »
December 2007
- Goldman Sees Bigger Losses for Big Banks
  
  Wall Street Journal | Dec 27, 07 10:24 AM CST
  
  (Newser) - Goldman Sachs has some bad news for Citigroup, Merrill Lynch, and JPMorgan Chase: An analyst predicts even bigger fourth-quarter writedowns for all three firms than they've already cottoned to, thanks to continued exposure to collateralized debt. The losses will be “significantly larger than investors are anticipating.” How large is that? Try a combined $33.6 billion, the Wall Street Journal reports. More »
- Debut of New Goldman Hedge Fund May Break Record at $10B
  
  Bloomberg | Dec 17, 07 5:55 PM CST
  
  (Newser) - Goldman Sachs will launch a new stock hedge fund next month with as much as $10 billion, making it the biggest hedge fund debut in industry history, Bloomberg reports, and Goldman's first in-house fund of its kind. The fund, Goldman Sachs Investment Partners, will be run by two Goldman department heads, with a staff of 40 from the proprietary equity division. More »
- J'Accuse
  
  New York Times | Dec 3, 07 7:53 AM CST
  
  (Newser) - In an extraordinary New York Times column Republican/libertarian economist, writer, actor, and lawyer Ben Stein accuses Goldman Sachs of being a willing participant in, and even plotting, the collapse of value in the collateralized mortgage obligation (CMO) market. In the last several years Goldman sold $100 billion of the instruments to investors for substantial fees while at the same time shorting CMOs for profit. More »
November 2007
- Goldman Sits High and Dry in Credit Crunch
  
  New York Times | Nov 19, 07 4:48 PM CST
  
  (Newser) - When Goldman Sachs reported $2.85 billion in third-quarter profits, it sounded like an “I told you so.” As most financials reported credit-crunch pratfalls, Goldman alone had read the signs and gone the right way on mortgages. “You’d have to give them an A-plus,” said one Merril Lynch analyst. Many wish they didn’t have to, the New York Times says. More »
- Goldman Leads Wall Street Bonus War
  
  Bloomberg | Nov 19, 07 11:56 AM CST
  
  (Newser) - The Big Five Wall Street securities firms will pay $38 billion in bonuses this year—up from $36 billion last year—while shareholders tote up $74 billion in losses, their worst year since 2002, Bloomberg reports. All but Goldman Sachs lost more than 20% of their market value, says an analyst, but "they're all going to have to fall into line. If Bear and Merrill plead poverty, they're going to lose all of their good people.'' More »
October 2007
- At Goldman, you're either a hero or you're history
  
  BNET | Oct 22, 07
  
  Do you work for Goldman Sachs? If so, I bet you're not sleeping right now - just from sheer excitement. Because this week we have the investment bank's version of Ascension Day, when 100 or so lucky individuals get that personal telephone call from chief executive Lloyd Blankfein offering them partnership. It is a gilt-edged invitation to lead the industry's greatest money-making machine. Since Goldman was founded in 1869, the exact way in which partners are chosen has been clouded in secrecy. But since going public in 1999, it has become increasingly hard for the bank to conceal its secrets,...
September 2007
- Goldman Up Whopping 76% in 3rd Quarter
  
  Wall Street Journal | Sep 20, 07 10:20 AM CDT
  
  (Newser) - Two financial giants posted dramatic earnings this morning: Goldman Sachs wowed investors with a 79% surge in third quarter net income, while Bear Stearns’ dropped 61% thanks to massive hedge-fund losses. The two were on opposite sides of the subprime collapse. Bear Stearns is among the top packagers of mortgage-based securities, which Goldman short-sold for huge gains. More »
August 2007
- Goldman Hedge Fund Gets $3B Infusion
  
  Bloomberg | Aug 13, 07 11:38 AM CDT
  
  (Newser) - A struggling Goldman Sachs hedge fund will get a $3 billion cash infusion, with a third of the bail-out coming from wealthy investors and the rest from the bank itself. Global Equity Opportunities Fund has seen assets drop by 28%, to $3.6 billion, over the last two weeks, as chaos in the financial markets undermined its computer-driven investment formulas, Bloomberg reported. More »
July 2007
- Death Threats Sent to Goldman Sachs
  
  Newsday | Jul 6, 07 12:10 PM CDT
  
  (Newser) - Investment powerhouse Goldman Sachs has been the subject of menacing letters sent to newspapers across the country, prompting an investigation by the FBI. "Hundreds will die," warn the letters that have been traced back to Queens, New York. "We are inside. You cannot stop us." More »