The Wall Street Examiner » Goldman Sachs http://wallstreetexaminer.com Be prepared. Stay ahead of the herd. Fri, 10 Feb 2012 21:00:31 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 NY Fed Sells Assets, Drains Reserves and Shrinks Balance Sheet, But At What Cost? http://wallstreetexaminer.com/2012/01/19/ny-fed-sells-assets-drains-reserves-and-shrinks-balance-sheet-but-at-what-cost/ http://wallstreetexaminer.com/2012/01/19/ny-fed-sells-assets-drains-reserves-and-shrinks-balance-sheet-but-at-what-cost/#comments Thu, 19 Jan 2012 18:07:51 +0000 Lee Adler http://wallstreetexaminer.com/?p=70129 http://wallstreetexaminer.com/2012/01/19/ny-fed-sells-assets-drains-reserves-and-shrinks-balance-sheet-but-at-what-cost/feed/ 1 Goldman Sachs Group Inc. (NYSE: GS) Earnings: How the Mighty Have Fallen… http://wallstreetexaminer.com/2012/01/17/goldman-sachs-group-inc-nyse-gs-earnings-how-the-mighty-have-fallen/ http://wallstreetexaminer.com/2012/01/17/goldman-sachs-group-inc-nyse-gs-earnings-how-the-mighty-have-fallen/#comments Tue, 17 Jan 2012 22:17:52 +0000 Kerri Shannon http://moneymorning.com/?p=61812 http://wallstreetexaminer.com/2012/01/17/goldman-sachs-group-inc-nyse-gs-earnings-how-the-mighty-have-fallen/feed/ 0 Fiscal Policy: Kind of a Drag http://forums.wallstreetexaminer.com/topic/1032653-fiscal-policy-kind-of-a-drag/ http://forums.wallstreetexaminer.com/topic/1032653-fiscal-policy-kind-of-a-drag/#comments Wed, 11 Jan 2012 14:25:02 +0000 Bears Chat at The Wall Street Examiner http://forums.wallstreetexaminer.com/topic/1032653-fiscal-policy-kind-of-a-drag/ http://wallstreetexaminer.com/2012/01/11/fiscal-policy-kind-of-a-drag/feed/ 0 Wall Street Is Bracing for Dismal 4th Quarter http://forums.wallstreetexaminer.com/topic/1031767-wall-street-is-bracing-for-dismal-4th-quarter/ http://forums.wallstreetexaminer.com/topic/1031767-wall-street-is-bracing-for-dismal-4th-quarter/#comments Sat, 07 Jan 2012 20:12:35 +0000 Bears Chat at The Wall Street Examiner http://forums.wallstreetexaminer.com/topic/1031767-wall-street-is-bracing-for-dismal-4th-quarter/ http://wallstreetexaminer.com/2012/01/07/wall-street-is-bracing-for-dismal-4th-quarter/feed/ 0 Peak Heist http://www.wallstreetexaminer.com/blogs/winter/?p=4337 http://www.wallstreetexaminer.com/blogs/winter/?p=4337#comments Thu, 22 Dec 2011 18:53:17 +0000 Russ Winter http://www.wallstreetexaminer.com/blogs/winter/?p=4337 http://wallstreetexaminer.com/2011/12/22/peak-heist/feed/ 0 13 Fund Managers Who Lost Among the Most Money http://forums.wallstreetexaminer.com/topic/1025997-13-fund-managers-who-lost-among-the-most-money/ http://forums.wallstreetexaminer.com/topic/1025997-13-fund-managers-who-lost-among-the-most-money/#comments Thu, 15 Dec 2011 14:30:57 +0000 Bears Chat at The Wall Street Examiner http://forums.wallstreetexaminer.com/topic/1025997-13-fund-managers-who-lost-among-the-most-money/ http://wallstreetexaminer.com/2011/12/15/13-fund-managers-who-lost-among-the-most-money/feed/ 0 Hedge Fund Abuses Hurt All Investors http://forums.wallstreetexaminer.com/topic/1025777-hedge-fund-abuses-hurt-all-investors/ http://forums.wallstreetexaminer.com/topic/1025777-hedge-fund-abuses-hurt-all-investors/#comments Wed, 14 Dec 2011 20:48:06 +0000 Bears Chat at The Wall Street Examiner http://forums.wallstreetexaminer.com/topic/1025777-hedge-fund-abuses-hurt-all-investors/ http://wallstreetexaminer.com/2011/12/14/hedge-fund-abuses-hurt-all-investors/feed/ 0 Mr. Parasite Goes To Washington http://wallstreetexaminer.com/2011/12/11/mr-parasite-goes-to-washington/ http://wallstreetexaminer.com/2011/12/11/mr-parasite-goes-to-washington/#comments Sun, 11 Dec 2011 21:43:58 +0000 Cody Penn Dent http://wallstreetexaminer.com/?p=64736 http://wallstreetexaminer.com/2011/12/11/mr-parasite-goes-to-washington/feed/ 6 Corzine, Condensed (‘Implode’s “Instant Counter-Spin”) http://wallstreetexaminer.com/2011/12/08/corzine-condensed-%e2%80%98implode%e2%80%99s-%e2%80%9cinstant-counter-spin%e2%80%9d/ http://wallstreetexaminer.com/2011/12/08/corzine-condensed-%e2%80%98implode%e2%80%99s-%e2%80%9cinstant-counter-spin%e2%80%9d/#comments Thu, 08 Dec 2011 21:53:54 +0000 The Implode-o-Meter Blog http://blog.ml-implode.com/?p=1520 http://wallstreetexaminer.com/2011/12/08/corzine-condensed-%e2%80%98implode%e2%80%99s-%e2%80%9cinstant-counter-spin%e2%80%9d/feed/ 0 Maverick Judge Jed Rakoff Stares Down The Street http://wallstreetexaminer.com/2011/12/05/maverick-judge-jed-rakoff-stares-down-the-street/ http://wallstreetexaminer.com/2011/12/05/maverick-judge-jed-rakoff-stares-down-the-street/#comments Mon, 05 Dec 2011 10:00:31 +0000 Keith Fitz-Gerald http://moneymorning.com/?p=59971
Well, no more.

Thanks to Judge Jed Rakoff we may see some real regulatory action leading to good old-fashioned investigations, perp walks, and even jail for the guilty.

I'm not talking just about the Bernie Madoffs or the Raj Rajaratnams either. I'm talking about potentially CEOs and even entire corporate boards.

Judge Rakoff recently rendered a 15-page decision rejecting the U.S. Securities and Exchange Commission's (SEC) $285 million settlement with Citigroup Inc. (NYSE: C) over toxic mortgages, calling it "neither reasonable, nor fair, nor adequate, nor in the public interest."

This is important because settlements like these have been a farce for years - little more than the financial equivalent of a parking ticket and having about as much impact.

In fact, in a world where banking secrecy is paramount and investment firms like Goldman Sachs Group Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC) and others rule the roost, they're little more than obfuscations of the truth.

The investigations into these banks are toothless or highly secretive at best. Rarely does the public see anything even remotely resembling full disclosure.

Instead we're supposed to be placated by headlines insinuating that the SEC, the National Futures Association (NFA) and more than 20 other regulatory agencies are looking out for our best interests.

Who are they kidding?

A Drop in the Bucket

Remember the $550 million fine Goldman was forced to pay for its role in toxic credit default swaps (CDOs)? At the time it was the largest ever levied.

SEC officials couldn't stumble over themselves fast enough nor get enough sound bites. I recall lots of PR shots with earnest-looking people evidently proud of themselves for having made Goldman pony up at the time.

And the mainstream press loved it. But there was one tiny problem.

The firm booked $13.3 billion that year. Paying off the SEC in a settlement that neither admitted nor denied wrongdoing was an acceptable cost of doing business that amounted to a mere 4% of revenue.

The proposed Citi settlement was much the same. It would have required Citi to give up $160 million of alleged ill-gotten profits, $30 million of interest, and a $95 million kicker for negligence.

Bear in mind, Citi reported full-year net income of $10.6 billion on revenue of $60.5 billion in 2010 which means that, like the Goldman fine, the settlement is a drop in the bucket at a mere 1.50% of net income.

I think Judge Rakoff's ruling has been a long time coming. [To continue reading, please click here...]]]> http://wallstreetexaminer.com/2011/12/05/maverick-judge-jed-rakoff-stares-down-the-street/feed/ 1