Richard Bove's alarmist, snarky defense of big banks.
The SEC Nails a Minnow While the Whales Go Free
August 06, 2013
Last week, a jury in New York City convicted former Goldman Sachs trader Fabrice Tourre on six civil counts of securities fraud, for selling a toxic mortgage-backed bond to investors without disclosing that an architect of the deal, hedge fund Paulso
The Trouble with Wall Street
February 04, 2013
Twenty five years ago I quit a job on Wall Street to write a book about Wall Street.
Wall Street Is Probably Preparing to Crawl Back to Democrats
November 05, 2012
Wall Street did everything it could to get Romney and the Republicans elected. What will it do if it failed?
Private Equity Exposed: A Lawsuit Blows the Lid Off Shady Deals
October 12, 2012
Why alleged collusion between private equity firms, like Bain Capital, matters to ordinary people.
Romney’s Most Brazen New Move Of All?
October 09, 2012
Mitt Romney is now attacking President Obama and the Dodd-Frank law for being too easy on the “big banks.” Hmmm.
A few months ago, I wrote a cover story about the big hedge fund managers who, after feeling a special bond with Barack Obama in 2007 and 2008, are now contributing heavily to Mitt Romney and the Republicans. A classic example of this type is Paul Tudor Jones, a highly successful Greenwich fund manager who was an early Obama backer last time around but has already given more than $200,000 to Romney's SuperPAC, Restore Our Future. Well, it looks like Mr.
The Big Split
March 14, 2012
In May 2007, when Barack Obama was but an upstart challenger of Hillary Clinton, he attended a gathering of several dozen hedge fund managers hosted by Goldman Sachs at the Museum of Modern Art in New York. It was not a fund-raiser, just a chance for Obama to introduce himself to the investment wizards who had helped turn the hedge fund sector into the most lucrative and alluring corner of the financial universe. And the first question for Obama was as blunt as one would expect from this crowd.
This morning, the Internet was abuzz over a scathing resignation letter—in the form of a New York Times op-ed—from a Goldman Sachs official named Greg Smith. Smith claims that over the last several years, the moral culture at the firm has soured.
Who's to Blame for the Economy's Lost Year?
December 22, 2011
The daily research report from the economists at Goldman Sachs asks a question I grappled with as I finished my forthcoming book: How should we apportion blame for the 2-2.5 percentage points by which growth fell short of most economists' expectations this past year? The Goldman team divvies it up as follows: The supply shocks that arose from the Arab spring (in the form of higher gas prices) and the Japanese earthquake (which wreaked havoc on supply chains) shaved 3/4 of a percentage point off GDP growth. Shrinking state and local budgets crimped GDP growth by 1/2 of a percentage point. The