The IRA Analyst Sun 2009-12-13 09:11 EST
To us, the confirmation hearings last week before the Senate Banking Committee only reaffirm in our minds that Ben Bernanke does not deserve a second term as Chairman of the Board of Governors of the Federal Reserve System.
AIG; BAC/TARP; Ben Bernanke; Goldman Sachs; IRA Analyst; striking.
New Deal 2.0 Mon 2009-11-30 13:44 EST
he issue has been festering for months: Why were AIG's counterparties -- including Goldman Sachs, JPMorgan Chase, and UBS -- paid 100 cents on the dollar when the feds rescued the insurance giant, helping raising the cost of the bailout to nearly $200 billion? A new report issued by Special Inspector General Neil Barofsky now reveals that government officials, notably then -- New York Fed President and current Treasury Secretary Timothy Geithner, grievously damaged the nation and capitulated to the very banks they should have been supervising.
zero hedge Wed 2009-11-25 11:40 EST
The full SIGTARP report on AIG and its counterparty payments has been released. It contains all you need to know about the NYFED's bailout of Goldman Sachs. We are currently going through the report, and will post our findings as we have them...the most critical conclusion presented by Neil Barofsky: The SIGTARP blasts the Fed's ongoing desire to keep everything hidden and under a layer of opacity, as it keeps on lying to taxpayers that all is fine with the US economy, and urges investors to part with their hard-earned dollars and "invest" in toxic husks of zombie companies, when it knows full well that the entire financial system is constantly on the cusp of yet another collapse, and the market ponzi scheme could collapse at any minute.
Demands Federal Reserve Transparency; Neil Barofski's AIG Counterparty Payment Report Released; Zero Hedge.
Jesse's Café Américain Thu 2009-11-19 10:51 EST
Tim Geithner should be given the option to resign immediately, or be fired. He is either incompetent, too conflicted to do his job with the banks properly, or possibly both. Stephen Friedman should be investigated for $5.4 million in profits made through potential insider trading. His breach of fiduciary responsibility as chairman of the NY Fed is shocking. The entire integrity of the Federal Reserve bank should be called into question. There is no place for the Fed to be the primary regulator of the financial system given their penchance for secrecy and cronyism, and their inability to manage their own shop from such scandalous conflicts of interest...
14; Crisis Profiteering; gifts; Goldman Sachs; Jesse's Café Américain; taxpayer funds; Tim Geithner's.
Thu 2009-11-19 10:26 EST
In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation's premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies. Only later did investors discover that what Goldman had promoted as triple-A rated investments were closer to junk...
Jesse's Café Américain Fri 2009-10-23 19:27 EDT
This is worth reading. Wall Street's Naked Swindle by Matt Taibbi. Closing quote from this story: "The new president for whom we all had such high hopes went and hired Michael Froman, a Citigroup executive who accepted a $2.2 million bonus after he joined the White House, to serve on his economic transition team -- at the same time the government was giving Citigroup a massive bailout. Then, after promising to curb the influence of lobbyists, Obama hired a former Goldman Sachs lobbyist, Mark Patterson, as chief of staff at the Treasury. He hired another Goldmanite, Gary Gensler, to police the commodities markets. He handed control of the Treasury and Federal Reserve over to Geithner and Bernanke, a pair of stooges who spent their whole careers being bellhops for...
Jesse's Café Américain; Matt Taibbi; Wall Street's Naked Swindle.
Fri 2009-10-23 08:55 EDT
(Goldman Sachs, Financial Times, The Wall Street Journal, Rolling Stone, John Rogers, John Whitehead, AIG, Neil Barofsky, Troubled Asset Relief Program, Morgan Stanley, Hank Paulson, Lloyd Blankfein, John Thain, Lehman Brothers, Standard & Poor's, Tim Geithner, JPMorgan Chase, Jon Winkelried, David Solomon, Richard Friedman, Jamie Dimon, Robert Rubin, Dan Jester, Eric Dinallo, Hank Greenberg, Edward C. Forst, Neel Kashkari, Edward Liddy, Stephen Friedman, Sidney Weinberg, TARP, Joseph --Stiglitz, Lucas van Praag, Frank Suozzo, Mike Morgan, Matt Taibbi, Edith Cooper, Byron Trott, Warren Buffett, Barney Frank, John Thornton, Michael Lewis, Larry Summers, Barack Obama, Rahm Emanuel, Robert Hormats, Eliot Spitzer) Inside Goldman Sachs, America's most successful, cynical, envied, despised, and (in its view, anyway) misunderstood engine of capitalism. [2009-07-26]
2009-07-26; Goldman Sachs evil; good; just; New York magazine.
Mish's Global Economic Trend Analysis Fri 2009-10-23 08:47 EDT
The number of articles and opinions on Goldman Sachs earnings, bonuses, and influence pedaling over the past several days is quite stunning. Many have pointed out the problems; few have expressed outrage over what is happening in general, not just at Goldman Sachs... I am outraged and not just about Goldman Sachs, but about a process that allows, even encourages political pandering, by time and time again rewarding leveraged riverboat gamblers and failed institutions and at taxpayer expense...
zero hedge Mon 2009-10-12 10:13 EDT
Zero Hedge is starting a multi-part overview of Goldman Sachs' Electronic Trading client-focused product suite, to demonstrate just how extensively embedded in modern market architecture are Goldman's various DMA and "liquidity" facilitation schemes, and the depths of dark pool domination via Goldman's global order router, and other specific topical offerings.
Goldman Sachs Electronic Trading; overview; Part 1; Zero Hedge.
The Baseline Scenario Sat 2009-10-10 12:59 EDT
...If you run a big troubled bank, you need a man on the inside -- someone who will take your calls late at night and rely on you for on the ground knowledge. Preferably, this person should have little first-hand experience of the markets (it was hard to deceive JP Morgan and Benjamin Strong when they were deciding whom to save in 1907) and only a limited range of other contacts who could dispute your account of what is really needed. Goldman Sachs, JPMorgan, and Citigroup, we learn today, have such a person: Tim Geithner, Secretary of the Treasury...
Jesse's Café Américain Sat 2009-10-10 11:52 EDT
The most leveraged bank by far is the-investment-bank-which-must-not-be-named. It is followed by J.P. Morgan on a percentage basis, but JPM is far larger nominally than these charts indicate because of its much larger capital base. Its in the nature of the difference between a cardshark (GS) and a pawnshop (JPM). Or perhaps just the capital requirements of the short versus the long con. [Goldman Sachs astronomical credit exposure, trading revenue, derivatives exposure]
Beta Monsters; Dangerous Banks; Jesse's Café Américain; world.
Fri 2009-07-24 00:00 EDT
Goldman Sachs Shareholders Rebuff Firm's Board for First Time - Bloomberg.com
Tue 2009-06-16 00:00 EDT
bank; Citibank; compassion; failure; Goldman Sachs; HSBC USA; Huntington; JPMorgan chasing; New Data Reveals Largest; Risk; SunTrust; Weiss Research; Wells Fargo.
Tue 2009-06-16 00:00 EDT
