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Goldman’s Big Squeeze

December 10, 2010
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Goldman’s Big Squeeze

Sen. Carl Levin released some e-mails yesterday by Goldman Sachs boys showing how the firm tried to manipulate markets in the spring of 2007. The WSJ buried the story and mis-headlined it. (HT CJR) But Naked Capitalism has a better take on what seems to have happened. Wonk Warning: Naked Capitalism isn’t for beginners,...
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Financial Reform Passes; Goldman Settles

July 16, 2010
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Financial Reform Passes; Goldman Settles

The settlement is interesting, though, because Goldman doesn’t get to say it did nothing wrong, and it does have to cooperate in further investigations. Reports so far suggest that’s about El Fabuloso, but I think there could be more in store.
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Goldman’s Switcharoo on AIG

June 30, 2010
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Goldman’s Switcharoo on AIG

As AIG’s former wonderboy, Joe Cassano, tells congress that he regrets nothing and by the way, is still right, Gretchen Morgenson and Louise Story of the New York Times are telling us something we didn’t already know about the $180 billion AIG bailout.  No, not that it really was meant to benefit a few...
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Financial Reform Bill is Done

June 25, 2010
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Financial Reform Bill is Done

As expected, the bill contains no curb on too-big-to-fail institutions.
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Loophole Nation

June 24, 2010
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Loophole Nation

Without a loophole to grab hold of, every entrepreneur is threatened.
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Fraud at the Bottom

May 14, 2010
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Fraud at the Bottom

Go with the fraud and make big bux or fight & get fired, earning the right to battle for your job back in court for five or six years, with a less-than-10-percent shot at winning.
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Posted in Crash Course | 208 Comments »

Grand Theft Paycheck

April 30, 2010
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Grand Theft Paycheck

in 2009 the FBI investigated 5,316 bank robberies, recovering approximately $8 million out of a total of $46 million that had been stolen—less than a week’s pay for Paulson.
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Shit!

April 28, 2010
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Shit!

Props to the NT Post for today’s front page headline: “Sachs of $#!T”. The  hieroglyph makes an appearance again on the jump page. For more shit, see this video. Meanwhile, buy-my-shitpile-dot-com has morphed into some kind of inexplicable hemorrhoid video compilation, with all possible spellings of that word. Better to spend some time with this...
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Posted in Crash Course | 610 Comments »

Sympathy for the Goldman?

March 6, 2010
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New York Times Opinionator blogger William D. Cohan steps in it today with this long plea for a presidential pardon for ex Goldman Sachs arbitrageur Robert Freeman, who two decades ago pleaded guilty to mail fraud, served four months in Club Fed, and paid his million dollar fine with a personal check. It was...
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Greece and Goldman: Sowing the Wind

February 16, 2010
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On Saturday night the New York Times posted an interesting piece on Goldman Sachs’ connection to the unfolding Greek tragedy. For those who have missed it, for the past week or two capital markets have been fretting over what they cheekily call “the PIIGS”—Portugal, Italy, Ireland, Greece, and Spain. The operative concern is too...
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The Fed Told AIG Not to Disclose Payments to Goldman et.al.

January 7, 2010
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Here’s the government trying to hide the bad deal it made on taxpayers’ behalf. The e-mails leave no doubt: Tim Geithner gave the banks, including a foreign bank, at least $13 billion extra U.S. taxpayer dollars over and above the amount AIG execs were negotiating. Bloomberg got it first. NYT‘s Dealbook gives you the...
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AIG Is Getting Its Money Back?!

October 29, 2009
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AIG Is Getting Its Money Back?!

The Wall Street Journal has an interesting story today explaining that AIG has gotten back several billion dollars in collateral it posted last year against losses in the credit-default swap market. But, most of the “bad” contracts, which now look not-so-bad, were “closed out” by the government bailout, meaning that AIG lost that money...
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