Richard Bove's alarmist, snarky defense of big banks.
Why wasn't Goldman Sachs on trial alongside Fabrice Tourre?
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 Paulson & Co., also bet on its failure.
The shocking news that Goldman Sachs is greedy
Twenty five years ago I quit a job on Wall Street to write a book about Wall Street. Since then, every year or so, UPS has delivered to me a book more or less like my own, written by some Wall Street insider and promising to blow the lid off the place, and reveal its inner workings, and so on. By now, you might think, this game should be over.
Why alleged collusion between private equity firms, like Bain Capital, matters to ordinary people.
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.
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.
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