The Justice Department says after a "careful review" it has determined there is no basis for bringing a criminal prosecution against Goldman Sachs or its employees in regard to allegations set forth in a congressional report.
Back when I was a kid, they were called "whistle-blowers": employees of corrupt companies or government agencies, who went to the press with shocking stories of criminality or abuse.
A Goldman Sachs executive has resigned in a very public manner -- calling the firm "toxic" and disrespectful of its clients in a scathing op-ed piece published in Wednesday's New York Times.
updated: Thu Mar 15 2012 10:18:00
Christine Romans explains the effects of a scathing op-ed in the New York Times from a former Goldman Sachs employee.
Greg Smith left Goldman Sachs yesterday. After more than a decade at the firm, the executive left in a bit of a huff.
The financial world is in an uproar about the New York Times opinion piece by Greg Smith, a former vice president in Goldman Sachs' equity derivatives business.
Bank stocks surged Tuesday ... before the Federal Reserve officially handed out gold stars and demerit badges to the top 19 financial institutions.
Goldman Sachs CEO Lloyd Blankfein has recorded a commercial endorsing the right to same-sex marriage, becoming one of the highest profile corporate executives to weigh in on the controversial campaign.
U.S. stocks were headed for a modestly higher open Wednesday, following reports that the International Monetary Fund may boost its bailout fund to contain Europe's debt crisis.
U.S. stocks advanced to six-month highs Wednesday as investors welcomed the International Monetary Fund plan to boost its bailout fund to contain Europe's debt crisis.
Goldman Sachs reported a fourth-quarter profit of about $1 billion on Wednesday, reversing a loss from the third quarter and topping expectations. But the company's revenue declined from a year ago and missed analysts' forecasts.
Big bank stocks ushered in the New Year by doing something they rarely did in 2011 ... leading the market higher.
With crude oil trading above $100 per barrel for the first time in 5 months, it is pushing news from Europe's debt crisis on the back burner, at least for now.
Former Goldman Sachs and Procter & Gamble director Rajat Gupta was indicted on insider trading charges Wednesday, U.S. prosecutors say.
Goldman Sachs has set aside $10 billion for staff pay so far this year, or roughly $292,000 per employee. That's down $78,000 from last year.
Big banks are engaging in a kind of accounting doublespeak that would make George Orwell blush.
If a company discloses that its profits plunged by nearly 75%, why are its compensation expenses only down about 25%?
Goldman Sachs reported a larger-than-expected quarterly loss Tuesday as volatile financial markets took a toll on the bank's investment portfolio.
U.S. stocks geared up for a mixed open Tuesday, as investors mull over more company earnings, a faster-than-expected rise in producer prices and slower Chinese economic growth.
The latest rule aimed at limiting the types of bets that put the global financial system in peril in 2008 remains murky, at best.
Goldman Sachs Chief Executive Lloyd Blankfein is facing pressure from an activist shareholder group to relinquish his title as chairman of the board.
Corporate America's strong earnings have been pushing stocks higher for more than two years now, but there are early signs that the momentum many companies have had in this miserable economy is beginning to fade away.
Bank stocks sank Friday amid reports that federal housing authorities were planning to sue several financial firms for allegedly misrepresenting the value of mortgage-backed securities. And indeed, after the market closed the government agency that oversees Fannie Mae and Freddie Mac filed suit against 17 big financial institutions.
The Federal Reserve sanctioned Goldman Sachs on Thursday, saying the investment bank must investigate questionable lending and foreclosure practices in its former mortgage unit.
I don't come to praise the big banks. But I am not here to bury them either -- even though several of the larger banks are looking suspiciously zombie-like again.
Swiss bank UBS said Tuesday that it is reducing its staff by 3,500 jobs, including some reductions in the United States, through a mixture of layoffs and "natural attrition."
Goldman Sachs CEO Lloyd Blankfein has retained the services of prominent defense attorney Reid Weingarten.
A federal watchdog for the credit union industry slapped Goldman Sachs with a lawsuit on Tuesday, alleging violations of federal and state laws tied to the sale of mortgage-backed securities.
Goldman Sachs managed $1.3 billion worth of trades in currencies and other investments for the Libyan Investment Authority in 2008, according to a report published Tuesday.
Goldman Sachs cut its year-end target for the S&P 500 and trimmed back its outlook for 2012 earnings.
It's Goldman Sachs' market. We're all just living in it.
Editor's note: The following column is NOT about LinkedIn. Sorry. But we do need some counter programming today.
New York's attorney general is investigating three Wall Street banks for their roles in the mortgage crisis that led to the downfall of the economy, according to a source familiar with the situation.
U.S. stocks ended Thursday's session mostly flat, erasing earlier losses as commodities and energy stocks climbed higher. The gains in oil offset weakness in the banking and technology sectors.
A Senate panel issued a scathing report Wednesday that describes Goldman Sachs as a "case study" of the recklessness and greed on Wall Street that set off the 2008 financial crisis.
About this time a year ago, few people on Wall Street knew who Fabrice Tourre was. That was all about to change very quickly.
Opportunities are often born out of crises. Just ask Eileen Rominger, 55, chief investment officer of Goldman Sachs Asset Management.
The more federal spending Congress slashes this year, the greater the potential drag on economic growth, according to a new analysis from Goldman Sachs.
Goldman Sachs received nearly $3 billion from AIG for "proprietary" transactions after the insurance company had been bailed out by the government, according to a federal inquiry.
The past 12 months have undoubtedly had Goldman Sachs wishing for an invisibility cloak. The bank was sued by the SEC for trading activities, vilified by Congress, and its bonus figures became a lightning rod for Main Street criticism. And that was just 2010 -- already this year it's been lambasted for its bungled Facebook share offering.
Confirming reports that have swirled for weeks, Facebook said Friday that it has raised $1.5 billion from Goldman Sachs and Digital Sky Technologies. The investment gives the company a valuation of approximately $50 billion.
U.S. stocks took a hit Wednesday, as weak results from Goldman Sachs pressured financial shares and weighed on the overall market.
In late 2009, just as Goldman Sachs was being widely slammed for showering billions in bonuses on its employees after receiving a massive federal bailout during the financial crisis, the investment bank announced -- coincidentally or not -- that it was committing $500 million over five years to help small businesses in distressed urban and rural communities across America. Called "10,000 Small Businesses," the program would combine practical business training with loans delivered through community lending institutions. Goldman assembled a distinguished advisory board led by Berkshire Hathaway chairman Warren Buffett, the bank's biggest investor, and Harvard Business School professor Michael Porter, who is well-known for his research on inner city entrepreneurship. The program then dropped out of the news.
Goldman Sachs' American clients looking to buy Facebook shares through the company's exclusive and highly publicized private placement deal are out of luck.
All signs for Facebook appear to be pointing up.
U.S. stocks were poised to kick off the new year with gains Monday, as investors returned from the holidays and awaited a key report on manufacturing. Dow Jones industrial average, S&P 500 and Nasdaq futures were higher ahead of the opening bell. Futures measure current index values against perceived future performance. Stocks ended a roller coaster year with a lackluster showing Friday, but all three major indexes logged double-digit percentage gains for the year. The Dow Jones industrial average finished 2010 up 11%, the S&P 500 climbed 13%, and the Nasdaq rose 17%.
This was not a banner year for Corporate America. Or Corporate Japan. Or Corporate England.
"Doing God's work" is once again a business that investors love.
Banks, investment firms and hedge funds are giving millions of dollars more to Republicans, and abandoning the Democrats they had been supporting just a year ago.
Britain's Financial Services Authority said Thursday it has fined Goldman Sachs International nearly $27 million for not disclosing its investigation by the U.S. Securities and Exchange Commission.
Have you looked at how big bank stocks have done in the past few months? If so, you can be forgiven if you break into a cold sweat and start worrying about a repeat of the fall of 2008.
More than seven months after it was handed down, the Supreme Court's ruling that rolled back limits on corporate participation in elections remains mired in controversy.
After making money on every single trading day during the first three months of the year, Goldman Sachs lost money trading stocks and bonds on 10 days in the second quarter, regulatory filings showed Monday.
I was not asked to testify at the recent hearings of the Senate Permanent Subcommittee on Investigations, probably because I've never worked at Goldman Sachs or anywhere else on Wall Street, or had any involvement whatsoever in the market for synthetic CDOs, all-natural CDOs, or subprime mortgages of any kind. Nonetheless, had I been invited, I would have been pleased to respond to some of the Senators' remarks as follows:
Stocks closed higher Tuesday, recovering from steep loses earlier in the session, as investors looked forward to earnings from Apple and speculated about possible moves by the Federal Reserve.
Goldman Sachs' profit tumbled 82% in the latest quarter, the company said Tuesday, as market turbulence and a recent settlement with the Securities and Exchange Commission kept a lid on results.
The Goldman Sachs trader at the center of a deal that led to the firm's recent settlement with the SEC has asked a federal district court to dismiss fraud charges against him.
Now that Goldman Sachs has likely put its troubles with the Securities and Exchange Commission behind it, can the company finally breathe a sigh of relief?
The SEC is getting a pat on the back for earning a "victory" in the Goldman Sachs fraud case.
Goldman Sachs paid $550 million to settle charges of defrauding investors in a sale of securities tied to subprime mortgages, the Securities and Exchange Commission said Thursday.
In a 22-page complaint filed April 16, the Securities and Exchange Commission charged Goldman Sachs with defrauding investors on real estate securities likely to go bust.
Joseph Cassano, the man who ran the business at the center of AIG's collapse, spoke unapologetically about his tenure during a hearing Wednesday, suggesting he could have perhaps helped save the insurance giant had he been allowed to stay on at AIG.
It's a brave new world for the derivatives market. Or is it?
Goldman Sachs' legal troubles just keep piling up -- and it's becoming a bigger headache for the investment bank and its shareholders.
Earth to Lloyd Blankfein: The jig is up for Goldman Sachs. It's time to settle with regulators before any more damage to the severely wounded stock is done.
A government panel charged with examining the financial crisis said Monday it had subpoenaed Goldman Sachs after what it believed were deliberate attempts by the banking giant to impede its investigation.
With all the public fury aimed at Goldman Sachs these days, it should come as no surprise that an employee or two of the storied investment bank wishes that things were somehow ... different.
Like sharks drawn to fresh blood in the water, it seems that federal regulators have a ravenous appetite and they are set to pounce on big banks.
If you can't fight the federal government, you may as well pay 'em. Especially if you're Goldman Sachs.
After much fanfare, the shareholder meeting at Goldman Sachs ended Friday, much as the world ends in T.S. Elliot's, The Hollow Men: "Not with a bang but a whimper."
Goldman Sachs provided a more detailed view of its legal troubles Monday, acknowledging it faces a series of government probes over some of its business dealings.
Goldman Sachs Lloyd Blankfein secured a much-needed victory at the company's annual shareholder meeting Friday -- winning the support of his investors.
Troubled insurer AIG reported a quarterly profit Friday, as the company's core insurance businesses continued to stabilize.
Hell may hath no fury like shareholders of Goldman Sachs scorned.
The first thing you learn when you start looking at Wall Street, which I've been doing for 40 years, is to never trust the salesmen. What they promise you isn't necessarily what you get. You need to use common sense, watch out for your own interests, and at least make an attempt to understand the fine print.
It has been nearly three weeks since the federal government stunned Wall Street by bringing civil fraud charges against Goldman Sachs.
Back in 2007, before Goldman Sachs had become a 24/7 whipping boy, my colleague, Doris Burke, and I wrote an article showing how Goldman had peddled a particularly wretched issue of mortgage-backed securities to its customers, and had also bet against the kind of mortgages that made up the securities.
If you believe the betters at Intrade, Goldman Sachs CEO Lloyd Blankfein has a 75% chance of keeping his job through the end of the year. But unless you're on the Goldman board, how do you really know? By combing through recent corporate history, we found some warning signs that a CEO is being fitted for his parachute. Here are four that might signal change is in the air.
Goldman Sachs' legal headaches don't start and end with the Securities and Exchange Commission.
The Goldman Sachs hearings on Capitol Hill were painful to watch for many reasons. Lloyd Blankfein, Goldman's CEO, was questioned closely by Senator Carl Levin concerning Goldman's duties to clients. Senator Levin's frustration grew as Mr. Blankfein concentrated his answers on the firm's responsibilities related to trading and market-making, rather than exhibiting a firm grasp on the distinctions in roles the firm plays with its clients in other areas, such as underwriting and asset management.
U.S. stocks were set for a higher open Monday, as investors mulled a major deal in the airline sector and awaited a batch of economic reports.
Warren Buffett offered his strongest defense yet of Goldman Sachs, saying he doesn't believe the investment bank acted improperly in a sale of subprime-related securities at the heart of a Securities and Exchange Commission fraud case.
Goldman Sachs stock tumbled Friday after a pair of analysts cut their rating on the firm amid reports of a federal criminal investigation into the Wall Street investment bank.
Treasury prices rose Friday, as investor worries grew about Greece's aid package and a credit rating agency downgraded Goldman Sachs stock.
The financial story of the week was clearly the epic Goldman Sachs hearing in the Senate.
At Tuesday's epic Goldman Sachs hearing, Senator Carl Levin of Michigan led a public grilling of Wall Street not seen by a government panel since the Depression-investigating Pecora Commission. Fortune wanted to know what Levin thought of the answers he got from executives, including CEO Lloyd Blankfein, whether Goldman can save its reputation, and what his committee has learned from its hearings on the financial crisis.
Federal prosecutors are reportedly looking into whether Goldman Sachs has committed securities fraud.
Goldman Sachs has a public relations problem; of that there is no doubt. Even to those of us who found some of the questions in Monday's Senate hearings as baffling as Goldman's own executives did -- and felt bizarre sympathy at their struggles to answer a number of questions that seemed remarkably off point and ill-worded -- it's nevertheless difficult to miss the whiff of moral bankruptcy hanging about the place.
If you want to know how Lloyd Blankfein is hanging in these days, you could read the SEC complaint against Goldman Sachs, which accuses his firm of fraud. You could watch the late night hosts tee off on yesterday's ten-hour Senate grilling of the Goldman CEO and his underlings. You could scan the emails released by that committee in which Goldman execs verbally cavort over the steal they think they are getting away with. But none of those is as coldly efficient as the mechanism Goldman Sachs itself uses to learn about and profit on the world around it: the markets.
The Goldman Sachs Senate hearing is finally over, but people are still chatting about whether Tuesday's verbal dressing down of Lloyd Blankfein and other Goldman executives was justified or a case of overkill.
Top Goldman Sachs representatives -- including CEO Lloyd Blankfein -- attempted to deflect criticism Tuesday as they faced a blistering cross-examination from lawmakers about the firm's role in the financial crisis.
Goldman Sachs shares gained Tuesday even as lawmakers grilled the Wall Street firm's executives on the role investment banks played in the financial meltdown and on a day the broader stock market tumbled.
Goldman Sachs has more to fear on Capitol Hill than a grilling.
The e-mail messages Fabrice Tourre sent to a girlfriend in late 2007 make it clear that the glib and sometimes arrogant 28-year-old trader was fully aware that the financial "monstruosities" he helped create at Goldman Sachs were entirely bunk.
Goldman Sachs is getting lambasted in front of Congress today over its role in the financial crisis, specifically the SEC's allegations of fraud involving a subprime mortgage investment that tanked.
Pity the poor short-seller. Seriously. That much-maligned creature gets no love at the best of times, and these days are more like the worst.
Goldman Sachs executives can dodge and weave all they want. Casino capitalism, the institution that made Wall Street rich at the expense of everyone else, is finally getting the grilling it deserves.
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