Goldman Sachs CEO Lloyd Blankfein says the Libor scandal's "biggest impact" is a blow to the integrity of the financial system "that has already been undermined so substantially."
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.
Greg Smith left Goldman Sachs yesterday. After more than a decade at the firm, the executive left in a bit of a huff.
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.
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.
A group of hackers got to financial giant Goldman Sachs Tuesday, publishing the personal information of numerous employees, including CEO Lloyd Blankfein.
Goldman Sachs Chief Executive Lloyd Blankfein is facing pressure from an activist shareholder group to relinquish his title as chairman of the board.
Shares of the biggest U.S. banks fell to fresh 52-week lows Tuesday following talk this week that Bank of America may need to recapitalize.
Goldman Sachs CEO Lloyd Blankfein has retained the services of prominent defense attorney Reid Weingarten.
The CEOs of the nation's leading banks, including Goldman Sachs and JPMorgan Chase, sent a letter to the White House and Congress on Thursday urging them to hurry up and reach a debt agreement.
The New York Attorney General has broadened an investigation into banks that sold mortgages to investors, zeroing in on seven banks and four bond insurers, according to a source familiar with the matter.
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.
The time-honored employee stock option has seen better days.
Observations, questions, and commentary on today's business news headlines:
Prepping for a television show like Squawk Box is a bit like cramming for a test: Each night I need to review piles of news stories and analysts' reports on the business issues of the day.
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 Lloyd Blankfein secured a much-needed victory at the company's annual shareholder meeting Friday -- winning the support of his investors.
Hell may hath no fury like shareholders of Goldman Sachs scorned.
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.
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.
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.
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.
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 CEO Lloyd Blankfein will testify Tuesday that his firm didn't mislead investors and didn't bet against the housing market, according to his opening remarks released Monday.
Goldman Sachs' moment of public flogging is here.
Goldman Sachs bet aggressively against the U.S. mortgage market, but also profited at the expense of some clients, according to a series of company documents released by lawmakers Monday.
Internal Goldman Sachs e-mails released on Capitol Hill Saturday show how the firm used bets on mortgage securities in a bid to profit as the housing market began to plummet several years ago.
Two shareholders have sued top Goldman Sachs officials, including chief executive Lloyd Blankfein, in lawsuits related to fraud charges issued last week by the Securities and Exchange Commission.
An investment giant is back in the black after the federal bailout, but Goldman Sachs has some explaining to do.
Not so long ago, it would have been heresy to say Goldman Sachs should take a cue from Citigroup. But as Goldman's sins come to light, Lloyd Blankfein could do worse than to follow Vikram Pandit's path to redemption.
Goldman Sachs executives endured a barrage of questions from the investment community and reporters Tuesday for its role in creating a complex mortgage security which has since prompted federal fraud charges against the company.
Goldman Sachs chief executive Lloyd Blankfein gave employees a motivational pep talk via voicemail this weekend, following fraud charges filed by the Securities and Exchange Commission.
Goldman Sachs defended its controversial employee bonuses and multi-billion dollar relationship with AIG in its annual report released Wednesday, while downplaying its short-selling in the mortgage market.
Stocks erased big losses by the close Friday, with technology shares leading the advance, following a three-session rout that had taken the market to its lowest point since last fall.
Goldman Sachs stunned many in the Wall Street community Friday by awarding chief executive Lloyd Blankfein $9 million as his year-end bonus, far less than many were anticipating, and none of it in cash.
JPMorgan Chase Chairman and CEO Jamie Dimon will take home a nearly $16 million bonus in restricted stock and options for leading the bank to a big profit last year.
When Jon Winkelried first ventured inside Goldman Sachs it was early spring of 1981, and the future co-president of the 141-year-old firm was just finishing up the fourth year of his five-year undergraduate/MBA program at the University of Chicago. He had come to New York City in the hopes of securing a summer internship, but the firm's hallways felt alien to him. While only 20 miles due west of Wall Street, the town of Millburn, N.J., where Winkelried grew up, was a world away. His mother was a schoolteacher, his dad the product of a Jewish, working-class neighborhood in Newark who managed local parking garages.
It took long enough, but with his proposal to break up the banks, President Obama has finally presented a way to reform Wall Street that matches the scale of the problem.
Four top bank chief executives told a panel probing the financial crisis Wednesday that they made mistakes but didn't realize how bad they were at the time.
Wyclef Jean The Grammy Award-winning musician and producer has set up a relief fund for earthquake victims in Haiti and has returned to his native country. He was born there in 1972. His family moved to Brooklyn, New York, when he was 9 and later to New Jersey.
As lawmakers start trickling back to Washington, a panel tasked with investigating the financial crisis is set to make its first big splash.
The odds aren't on its side, but a bonus tax could happen in the United States too.
How much should Goldman Sachs pay Lloyd Blankfein?
The public relations gurus who are advising Goldman Sachs Chief Executive Officer Lloyd Blankfein might want to give him some new advice. Shut up!
As the world knows, the public is up in arms about the compensation being paid at financial companies that owe their very existence to massive government help. Ordinary citizens, earning ordinary pay (or none at all), burn to see bankers and Wall Streeters get rudely cut down to size. But what many people don't focus on is that lower pay for these corporate fat cats would simply mean more money for the shareholders who own their companies. At heart, it's this year's rebound in profits that is causing the commotion. Earnings at Goldman Sachs, currently everybody's favorite piñata, are up 70%; guessing what CEO Lloyd Blankfein will make has suddenly become a parlor game. Maddeningly for anyone already mad, the government spurred the profits by keeping interest rates low and allowing financial firms to fund their operations cheaply.
Goldman Sachs earned an eye-popping $3.2 billion last quarter. Now it's decided to share some of that with the little guys.
The national rage directed at Wall Street seems to be intensifying.
Furor over bonuses shouldn't obscure the role Goldman Sachs plays in fostering global economic growth, CEO Lloyd Blankfein said Friday.
Banking giant Goldman Sachs is facing a bonus scandle. ITN's John Sparks reports.
Goldman Sachs reported on Thursday that it had nearly quadrupled its profits in the third quarter compared with a year ago, driven by a jump in trading revenues and strong returns on its own corporate investments.
Anyone expecting Lloyd Blankfein to issue a nostra culpa for all the financial crises in modern economic history will have been disappointed.
Don't believe Lloyd Blankfein when he says he feels your bonus pain.
Aristotle said tragedy should provide catharsis. The shock of the play was supposed to purify the audience. By that standard, the current financial crisis is more like a lesson in botany than Greek drama.
For the first time, Brazil, Russia, India, and China -- dubbed the BRIC nations -- held a summit this week to discuss the global economy and their role in it.
One of the few remaining mysteries from the fall of Bear Stearns is where's Alan Schwartz? Schwartz, as you may remember, was the affable M&A banker who had the misfortune of becoming Bear Stearns CEO in January 2008, two months before the 85-year-old firm collapsed.
Wall Street chieftains long ago stopped marking the progression of the financial crisis with sports analogies. That's because they got it completely wrong when they did so last spring. The game was clearly not in the early fourth quarter, as Goldman Sachs boss Lloyd Blankfein suggested, nor in the "eighth or ninth inning," as John Mack, who runs Morgan Stanley, asserted.
Banks may need money - they just claim that they don't want it from the U.S. government anymore.
Goldman Sachs suffered its first loss as a publicly traded company Tuesday, serving as yet another reminder that no corner of Wall Street has escaped the ongoing financial crisis.
Global stocks wavered Monday on news that Japan's economy, the second largest in the world, had fallen into recession.
With some $3.4 billion in revenue, Goldman Sachs's commodities desk is not just a cash cow - it has also been a launchpad for CEO Lloyd Blankfein and president Gary Cohn.
Second quarter earnings fell about 10 percent, but the world's largest investment bank still easily beat lowered Wall Street expectations
The average rate of pay for top executives came down last year though CEOs at larger companies received substantial raises, according to a study released Thursday.
PALM BEACH, Fla. -- New England owner Robert Kraft, hustling to a meeting this morning at the annual NFL meetings at this mecca of wealth, stopped in his tracks when he saw a former Patriots employee off the lobby of The Breakers hotel. Kraft stuck out his hand and warmly shook Thomas Dimitroff's.
Big investors are pressuring companies to let them have some input on executive compensation. But will it actually rein in eye-popping pay packages?
Maybe the financial system isn't on the verge of collapse after all.
Lloyd Blankfein worries. True, as CEO of Goldman Sachs, he stands at the summit of the financial world. He just led his firm to its best year ever. He was paid $68.7 million in 2007 - record for a Wall Street chief - and recently bought a $26.5 million apartment at 15 Central Park West, the Robert A.M. Stern-designed building that also houses Sting and Sandy (Weill). But still, Lloyd Blankfein worries. "If you're really poor at what you do, maybe there's a 9% chance that you'll have a problem," he frequently says. "If you're really, really good, maybe there's a 3% chance." Or he says, "If you're on a beach and a tsunami hits, you'll drown whether you're a small child or an Olympic swimmer." Or he says simply, "Some things will go bad no matter how good you are."
They may have ridden to the rescue of Citigroup and Merrill Lynch in the past couple of months, but the rise of so-called sovereign wealth funds - huge state investment vehicles from places like Russia, Kuwait and Singapore with billions of dollars to invest - has sparked a nervous reaction in the U.S. and prompted official calls for the funds to be subject to an international code of conduct.
Goldman Sachs Chairman and CEO Lloyd Blankfein will take home nearly $68 million in restricted stock, options and cash, making it the largest bonus ever given to a Wall Street CEO.
Despite financial market volatility, Wall Street bonuses will be robust again this year. CNN's Maria Ines Ferre reports.
It's been another banner year for Goldman Sachs employees.
TowerGroup's Ralph Silva discusses what he makes of Goldman Sachs' record results after such a volatile year.
So marks another banner year for Goldman Sachs employees.
Goldman Sachs CEO Lloyd Blankfein could take home as much as $70 million this year, according to a published report.
It's the latest entry into the annals of ridiculous wealth, and some of Wall Street's biggest names are getting ready to move in: Brand-new 15 Central Park West has been causing a fuss ever since it sold out its $2 billion worth of real estate in less than two years. Hedge funder Daniel Loeb raised eyebrows when he paid $45 million, or $4,200 a square foot, for his pad on the "tower" side two years ago, but it turned out to be a value play: Sandy Weill paid $6,200 a square foot for his.
Credit markets continued to weigh on the minds of some high-profile Wall Street CEOs Tuesday, with at least two key execs warning of more gloom in the months ahead.
Stocks rallied Tuesday, as Wal-Mart's earnings report, upbeat comments from Goldman Sachs' CEO and falling oil prices gave investors a reason to return after a tough period that left the Dow below 13,000 for the first time this fall.
Goldman Sachs Group Inc. on Thursday reported third-quarter results well ahead of Wall Street projections, as the world's largest investment bank realized gains from takeover advice and the sale of its holdings in an energy company.
Just how red-hot is the current worldwide expansion? "This is far and away the strongest global economy I've seen in my business lifetime," U.S. Treasury Secretary Hank Paulson declared on a recent visit to Fortune's offices.
MARKETS: Business is Back! April was such a charm! And here we are in May and the beat goes on. Like this on Wednesday: "Orders to U.S. factories surged in March by the largest amount in a year..." (Business is back!) TWX and YUM earnings were tasty and so we have another record for the Dow, crossing (Jordan) 13,200 for the first time. What was really nice to see was that the NAZ and S&P outpaced the Dow, because so much of the rally recently was big stocks outperforming (and playing catch up really with) the rest of the market. Finally the folks who've been saying that big caps looked cheap are looking smart.....Third time's a charm with Cablevision, right? Dolans are paying out $36.26 a share. Can you believe they originally offered $27 last fall? Good for the board to get up, stand up, get up for your rights!....Hey what are you doing this weekend, The (Kentucky) Derby or BRK's annual meeting? Hard to do both, trust me.....
The pay packages of top hedge fund managers dwarfed the biggest salaries on Wall Street, according to a report Tuesday.
MARKETS: There you have it, in a nutshell, the whole trading year - all wrapped up in the first session of the year. Stocks started Tuesday strong, but ended up just a smidge: Dow up 11(actually the S&Ps fell a point plus) on concerns about the soft housing sector. Interestingly I was talking to one of the most famous hedge fund managers in the world (think Soros or Robertson, but not one of those two and I can't name him right yet), and he was saying that while the trend for U.S. stocks in his mind is up for 2007, he has this nagging underpinning of worry. He isn't sure what the bugbear is and that makes him uneasy. So it could be housing, but I say it's NEVER the 18-wheeler you see coming two miles away that kills you. It's something that sneaks up on you: from nat gas prices to Long Term Capital to (heaven help us), 9/11. On the other hand, it's a healthy rally that climbs a wall of worry. I'm concerned though, as is Lloyd Blankfein (CEO Of Goldman Sachs), that there just aren't any risk premiums o...
It's the time of the year when city staff anticipate their year-end bonuses. Following a record year, employees of investment bank Goldman Sachs & Co. will be paid unprecedented amounts. In London, average staff earnings, including bonus, are as high as $627,500 (319,000 pounds).
Goldman Sachs is handing out big, fat holiday gifts to its employees this year, with an average 25 percent hike in pay per employee, resulting in a record-high compensation package.
Was down on the floor of the NYSE during the 9/11 moment of silence yesterday and, boy, was that emotional. Producer Ashley says they should keep the two pillars of light up every night, instead of building the Freedom Tower. Hmmm.....
Goldman Sachs may be bidding adieu to Chairman and Chief Executive Henry Paulson, but don't expect Paulson's exit to mark any slowdown in the company's stellar growth, making Goldman Sachs a hot bet for investors.
Larry Fink, co-founder and CEO of money-management firm BlackRock, which just agreed to merge with Merrill Lynch's investment-management business, is in a car on his way from Manhattan to central N...
DAVID CALHOUN General Electric LEADING HEADHUNTERS AGREE: The No. 1 draft pick in the game of grabbing top executive talent--the most lusted-after managerial star who isn't already a CEO--is David Calhoun of General Electric. "He's the top of the list," says Gerry Roche of executive search firm Heidrick & Struggles. "He's the complete package," says Roche's archrival, Tom Neff of SpencerStuart. In this game, if Roche and Neff say you're it, you're it.
If I weren't afraid to assert anything with any kind of confidence, I would tell you that I'm the most insecure person in the world.
There is little about Wall Street that still feels larger than life. The scandals of the last bull market have smudged much of the luster, and consolidation has dulled some of the history, making t...
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