Goldman Sachs Nov 21, 2009
Although the investors are not pushing for a huge cut, they feel Goldman, which received $10 billion of taxpayer help during the credit crisis, should better reward them for this year's rebound, the paper said, quoting people familiar with the situation. Goldman spokesman Lucas van Praag said major shareholders had not contacted the company about lowering its bonus pool. (ABC News -- Business)
Carney Shows How Canada Controls Risk So Central Banks Worldwide Can Too Nov 20, 2009
Carney, a former Goldman Sachs Group Inc. investment banker, said the global recovery could be hobbled if China and other major countries keep restricting movements of their currencies ... Carneys background at Goldman Sachs gives him not only practical, but real experience with having dealt in the markets from a different perspective, said , chief executive officer of Toronto-based Bank of Nova Scotia, the countrys third-biggest bank ... He played his cards well, said , a fixed-... (Bloomberg -- Canada)
Goldman names 272 directors Nov 20, 2009
Goldman Sachs, the most profitable securities firm in Wall Street history, named 272 employees to become managing directors on Jan. 1, the most since 2007. The list was disclosed in an internal memo to employees from Lloyd Blankfein, Goldman Sachs s chairman and chief executive officer, and Gary Cohn, the firm s president, that was obtained by Bloomberg News ... Goldman Sachs, which converted to a bank amid last year s financial crisis, has reported record earnings through the first nine months... (New York Post -- Business)
Fighting for the leftovers Nov 20, 2009
Bryan Marsal, head of restructuring firm Alvarez & Marsal, who is overseeing the unwinding of Lehman, blasted firms including Goldman Sachs, Bank of America and Morgan Stanley for inflating the dollar amount of damages they sustained when Lehman filed for bankruptcy on Sept. 15, 2008 ... Bryan Marsal, head of restructuring firm Alvarez & Marsal, who is overseeing the unwinding of Lehman, blasted firms including Goldman Sachs, Bank of America and Morgan Stanley for inflating the dollar amount of... (New York Post -- Business)
JPMorgan May Hear Break-Up Talk in Health Debate Nov 20, 2009
Goldman Sachs Chief Executive Officer struck a similar tone when speaking last week before a banking- industry conference. Right now, there is little chance that legislation such as that proposed by Sanders would pass. (Bloomberg -- Columnists)
Fraud Nation Nov 20, 2009
inexorably and directly to AIG's counterparties"--including Goldman Sachs. According to Bloomberg news this week, Geithner arranged for Goldman Sachs to receive full payment on credit default swaps they had purchased rather than 40 cents on the dollar AIG proposed. A Fed-run entity called Maiden Lane III was used to sell these CDSs, which cost American tax payers at least $13 billion dollars at the time. It is currently estimated that due to a continuing decline in value, this bank favoritism... (Human Events Online)
Brazil `Buy' Ratings Sink to Record Low as Mobius Sees Commodity-Led Gains Nov 20, 2009
Brazils largest Internet retailer, was lowered by Goldman Sachs Group Inc. and JPMorgan Chase & Co. in the past two weeks following a third-quarter profit report that trailed analyst estimates. The Rio de Janeiro-based company trades for 96. (Bloomberg -- Latin America)
Stock futures mixed; Dell in focus Nov 20, 2009
Some of Goldman Sachs Inc's (GS.N) largest shareholders have asked the company to cut the size of its bonus pool and pass along more of its profits to investors, the Wall Street Journal reported, citing people familiar with the situation. General Electric (GE.N) and Vivendi () are at least 1 billion apart in their valuation of the French group's stake in NBC Universal, the Financial Times reported. (Yahoo News -- Press Releases)
Germanys Phoenix Solar plans office in Malaysia Nov 20, 2009
Goldman Sachs expects solar demand in France to expand 125% in 2009 after more than doubling last year ... China leads the region, with growth seen at nearly 500% this year, according to Goldman Sachs. (The Star Online, Malaysia -- Business)
Goldman Sachs Transfers Denis Coleman to Europe as Head of Credit Finance Nov 20, 2009
Goldman Sachs Names Coleman as Head of European Credit Finance - Bloomberg ... Goldman Sachs Names Coleman as Head of European Credit Finance ... Coleman, who joined Goldman Sachs in 1996 and became a partner in 2008, will relocate Dec. 1 to London as head of European credit finance, according to a person familiar with the situation. (Bloomberg -- Europe)
US stocks drop as recovery fears grow Nov 20, 2009
Goldman Sachs said in a note the bill may cause problems for managed-care companies regarding profit margin regulation. The Morgan Stanley Healthcare Payor index fell 1. (Sydney Morning Herald -- Business)
Rolled-gold platinum Nov 20, 2009
Otherwise, the underwriters at JP Morgan, Goldman Sachs JBWere and Deutsche Bank risk getting stuck with a lot of unwanted stock. Of late, it has been rare for shares to trade below the issue price of new shares under a rights issue. (Sydney Morning Herald -- Business)
Big Shareholders Ask Goldman to Cut Bonuses: Report Nov 20, 2009
(Reuters) - Some of Goldman Sachs Group Inc's largest shareholders have asked the company to cut the size of its bonus pool and pass along more of its profits to investors, the Wall Street Journal reported, citing people familiar with the situation. Although the shareholders were not pushing for a huge cut in the bonus pools, they feel that Goldman should better reward shareholders for this year's rebound, the paper said. (ABC News -- Business)
GSI Group Finalizes Agreement With Noteholders to Significantly Reduce Its Debt Nov 20, 2009
- To Implement Pre-Arranged Debt-for-Equity Restructuring, Three Corporate Entities File for Chapter 11 Reorganization - Operations will continue in normal course - Company has ample liquidity. " "We are confident that going into this reorganization process with a pre-agreed upon plan with our noteholders and adequate liquidity will enable us to implement our restructuring in an efficient and timely manner. (Canada Newswire)
Circassia Announces Successful Results From Phase II Clinical Study of ToleroMune(R) Cat Allergy Therapy Nov 20, 2009
Study Identifies Optimal Treatment Approach for Late-Stage Development. As well as benefiting patients, this effect scientifically validates the ToleroMune approach and its novel focus on generating regulatory T cells to shut down this type of IgE-mediated allergic response. (Canada Newswire)
Fed Makes Monitoring Capital Adequacy Foremost Concern Amid Talk of Bubble Nov 20, 2009
president of the Service Employees International Union, led a protest rally of 150 people outside of Goldman Sachs Washington office Nov. 16 ... Goldman Sachs, which converted to a bank-holding company to get Fed backing during the crisis, said Oct. 15 that profit more than tripled to $3. (Bloomberg -- US)
Top Eurobank prepares for 'global economic collapse'... Nov 20, 2009
When Goldman Sachs is issuing you a credit card and Capital One moves into M&A, I;ll respond to your post. Take care. (The Drudge Report)
Babson president part of $500M initiative Nov 20, 2009
In addition, advice, technical assistance, and networking will be offered to participating small business owners through partnerships with national and local business organizations, as well as with Goldman Sachs. Goldman Sachs will invest $300 million through a combination of lending and philanthropic support to Community Development Financial Institutions, increasing the amount of growth capital available to small businesses in underserved communities and expand the capacity of the Community... (Boston Business Journal, MA)
Municipal Bond Yields Slide to Four-Week Low as Sales Outlook Declines Nov 20, 2009
Banks led by Goldman Sachs Group Inc. were selected to handle the offering. S&P and Fitch rate the states general obligation pledge AA and Moodys Investors Service gives Massachusetts an equivalent Aa2. (Bloomberg -- US)
Geithner Under Fire on Economy... Nov 20, 2009
A government oversight report this week charged that the New York Fed caved into demands from Goldman Sachs Group Inc. and other big banks and paid them in full for deals they had made with the insurer ... At the Fed, "there's plenty of political influence going on now -- presidential politics, influence by Goldman Sachs and the banking industry," he said. (The Drudge Report)
Coming today: the wide-screen, touch-controlled iPod? Nov 20, 2009
David C. Bailey, an analyst with Goldman Sachs analyst, said: The product announcement is likely to include a full line-up of revamped iPods, with significantly greater functionality at current price points, including the much-anticipated full-screen video iPod. Apple, a master at building hype around its new products, is remaining characteristically tight-lipped over what exactly it will reveal at this evening s event. (Yahoo News -- Apple Computer)
Thomas Oliver: No recovery without small business Nov 20, 2009
Within the last week, head honchos from the Federal Reserve, the Treasury, Goldman Sachs and Warren Buffett himself have expressed concern that small business isn t responding as needed. And it is needed. (Atlanta Journal-Constitution -- Business)
US at a crossroads Nov 20, 2009
To the delight of the Goldman Sachs, et al, the Fed has created a boom in financial assets, including equities, bonds and commodities. These rallies have stimulated a nearly universal belief that the worst has past. (Asia Times Online)
Cash for Clunkers: 100% Gainers to Sell Now Nov 20, 2009
Our so-called junk rally has been unusually kind to financial fare, with the likes of Goldman Sachs, XL Capital (NYSE: XL), and Ameriprise Financial (NYSE: AMP), for example, sporting huge returns year to date. Never mind the still-fragile state of the economy, not to mention those toxic assets we used to hear so much about: They remain toxic. (MSNBC -- Business)
Analysts split over PNC-Capmark deal Nov 19, 2009
Capmark was created three years ago when an investor group including Wall Street heavyweights Kohlberg Kravis Roberts & Co. and Goldman Sachs bought a subsidiary of General Motors Acceptance Corp. called GMAC Commercial Holding Corp. Capmark s core businesses are lending and mortgage banking, investments and funds management, and servicing. It has about 575 employees in Horsham. (Philadelphia Business Journal, PA)
Hill Democrats Critical Of Bush's Budget Plan Nov 19, 2009
But Paulson, the former chairman of Goldman Sachs who joined the administration last summer, seemed less comfortable with the interrogation, which ranged over a wide array of topics, not all of them familiar ... "This is not like running Goldman Sachs," (D-Mass. (Yahoo News -- U.S. Budget)
Goldman Sachs Apologizes, Gives BackGoldman announces $500M small business program, CEO apologizes for bank mistakes Nov 19, 2009
Goldman Sachs Apologizes, Gives Back - ABC News ... Goldman Sachs Apologizes, Gives Back ... A trader of Goldman Sachs works on the floor of the New York Stock Exchange in this file photo. (ABC News -- Business)
Big Banks Under Attack Nov 19, 2009
Protestors gather during a rally against Goldman Sachs, demanding they redirect bonuses, Monday, Nov. 16, 2009, in Washington. (Manuel Balce Ceneta/AP Photo). (ABC News -- Business)
How you can drive a new Corvette and annoy GM Nov 19, 2009
Goldman Sachs wants to give $500 million to small companies because it feels guilty about its part in the financial crisis. Sorry, bribes won't work. (New York Post -- Business)
Geithner asks banks to loan more Nov 19, 2009
Buffett s is the largest shareholder in Goldman Sachs, which is based in New York. Without increased access to credit for American families and small businesses, growth will be weaker, companies will defer long-term investments, and we will not be able to create a recovery that is self-sustaining and led by private demand, Geithner said. (Boston Globe)
Pagliuca propelled by corporate mind, personal touch Nov 19, 2009
Bain teamed up in the deal with the private equity arm of Goldman Sachs, together investing about $85 million, with the rest of the funds borrowed. During the next three years, Bain made a series of carefully targeted acquisitions, buying a division of E.I. duPont de Nemours and Co. and Behring Diagnostics, another maker of medical testing equipment. (Boston Globe)
Goldman Sachs CEO polishes firm's image Nov 19, 2009
Protesters gather during a rally against Goldman Sachs on Nov. 16, 2009. Lloyd Blankfein. (USA Today -- Money)
Rusal tests Hong Kong's waters Nov 19, 2009
John Moore, a deputy chairman of the Listing Committee, is a lawyer who used to be with Goldman Sachs, and who is now with the London-based firm, Herbert Smith ... Alexander Schrantz is with Goldman Sachs, which has been advisor to Rusal and has assisted in preparing the HKEx listing, until it reportedly withdrew from the underwriting a few days ago, as reported by the Financial Times, which said the US bank declined to comment ... Deputy chairman Moore (Herbert Smith) did not answer, along with... (Asia Times Online)
Leading Economic Index in U.S. Probably Rose for Seventh Month in October Nov 19, 2009
Leading Economic Index in U.S. Probably Rose for Seventh Month - Bloomberg. Updated: New York, Nov 19 04:21 London, Nov 19 09:21 Tokyo, Nov 19 18:21. (Bloomberg -- US)
Goldman's $500 Million Is Day Late, Dollar Short: Mark Gilbert Nov 19, 2009
If he worked for anyone other than Goldman Sachs, Blankfein would probably be out of a job by now. His remark earlier this month to the Sunday Times magazine that bankers are doing Gods work is the kind of indiscretion that loses you the key to the executive bathroom at most public companies. (Bloomberg -- Columnists)
* Goldman Sachs, Buffett team up on charity plan Nov 19, 2009
Goldman Sachs, Buffett team up on charity plan ... Goldman Sachs Group Inc is teaming with billionaire investor Warren Buffett to invest US$500 million to provide thousands of small business owners across the US with college scholarships and boost their access to capital ... In addition, Goldman Sachs executives, in partnership with national and local business organizations, will aid small businesses with advice, technical assistance and professional networking opportunities. (Taipei Times, Taiwan -- World)
Supreme Court: When Do Ideas Deserve Patents? Nov 19, 2009
and financial firms like American Express and Goldman Sachs control hundreds of such business-method patents for everything from search-engine optimization to risk assessment. And if you have ever bought something on Amazon, you've probably used the company's patented 1-Click ordering process. (Time.com)
Lazard Chief Kenneth Jacobs Was Constant Amid 21 Years of Changes at Firm Nov 19, 2009
Jacobs comes to the job with a style tailored around building consensus, said , chairman of the Board of Trustees who worked with the new CEO at Goldman Sachs Group Inc. before he joined Lazard. He doesnt have to yell and scream and table-thump to make his point, said Alper, chairman of EQA Partners LP and a former chief operating officer of Goldman Sachss investment- banking division. (Bloomberg)
Wall Street Plays Hardball Nov 19, 2009
Across the nation, local governments and related public entities, already reeling from the recession, face another fiscal crisis: billions of dollars in fees owed to UBS, Goldman Sachs (), and other financial giants on investment deals gone wrong ... The New Jersey Transportation Trust Fund Authority, for instance, must pay nearly $1million a month at least until December 2011 to Goldman Sachs on derivatives deals tied to municipal debt even though the state retired the debt last year ...... (BusinessWeek)
AIG rescue helped save Goldman Nov 19, 2009
Goldman Sachs could have suffered dramatic losses if the US Government had not intervened to prop up American International Group, according to a government report ... It also would have put pressure on other counterparties that "might have made it difficult for Goldman Sachs to collect on the credit protection it had purchased against an AIG default." ... Finally, the report said, an AIG default would have forced Goldman Sachs to bear the risk of declines in the value of billions of dollars in... (Sydney Morning Herald -- Business)
Dollar slips as investors lock in profits Nov 19, 2009
But Westpac advised its clients to take advantage of any weakness in the Aussie to buy the currency, a view echoed by Goldman Sachs. "Within the commodity bloc, the Aussie remains our preferred currency," Westpac said. (Sydney Morning Herald -- Business)
House Dem: 'Growing' liberal consensus to dump Geithner Nov 19, 2009
he is totally beholden to the Banksters and Wall Street criminals, It's like Goldman Sachs runs this country - or more like runnning the country into the ground. BY Steve on 11/18/2009 at 22:07PAGE. (TheHill.com)
Radian offering to buy back securities Nov 19, 2009
for free extra services. Wednesday, November 18, 2009, 9:55am EST. (Philadelphia Business Journal, PA)
Brazil takes off Nov 19, 2009
WHEN, back in 2003, economists at Goldman Sachs bracketed Brazil with Russia, India and China as the economies that would come to dominate the world, there was much sniping about the B in the BRIC acronym ... Forecasts vary, but sometime in the decade after 2014 rather sooner than Goldman Sachs envisaged Brazil is likely to become the world s fifth-largest economy, overtaking Britain and France. (The Economist)
Wells Fargo to repay $1.3 billion to investors Nov 19, 2009
Since 2008, state securities regulators have secured deals with banks including Citigroup, Merrill Lynch, Goldman Sachs, Deutsche Bank, Wachovia, JP Morgan, Morgan Stanley, UBS and TD Ameritrade. The settlements have returned more than $61 billion to investors, the largest return of funds in history, according to the association. (MSNBC -- Business)
Goldman, Buffett to help small businesses Nov 19, 2009
18: Goldman Sachs and Warren Buffett team up to empower 10,000 small businesses. Dana Powell, of Goldman Sachs, discusses the initiative with CNBC. ... NEW YORK - Goldman Sachs Group Inc. is teaming with billionaire investor Warren Buffett to invest $500 million to provide thousands of small business owners across America with college scholarships and boost their access to capital. (MSNBC -- Business)
Brazil Growing at `Chinese Pace' After 9% Rise in Third Quarter, Lula Says Nov 18, 2009
The central bank may have to start raising the so-called Selic rate as soon as April if Brazils recovery continues at a fast pace, , Goldman Sachs Group Inc.s chief economist for Latin America, said yesterday. Companies such as , Latin Americas biggest brewer, and , co-owner of Brazils biggest mobile-phone company, have sought to capitalize on growth in Brazil by announcing new spending plans this year. (Bloomberg -- Latin America)
UK 'Mad Man': Ads can do good Nov 18, 2009
Even organizations with the profit margins of Goldman Sachs, for example, do not spend on merriment. When people are given company cars and expense allowances, it leads to a much less Puritanical approach to life. (CNN)
Coming today: the wide-screen, touch-controlled iPod? Nov 18, 2009
David C. Bailey, an analyst with Goldman Sachs analyst, said: The product announcement is likely to include a full line-up of revamped iPods, with significantly greater functionality at current price points, including the much-anticipated full-screen video iPod. Apple, a master at building hype around its new products, is remaining characteristically tight-lipped over what exactly it will reveal at this evening s event. (Yahoo News -- Apple Computer)
Griffin Picking `Juggernaut' Edsparr to Run Bank Means Do-Over at Citadel Nov 18, 2009
People who know the two men say that Griffin may have become impatient with DSouza for not generating revenue quickly enough as banks such as JPMorgan and Goldman Sachs boosted profitability and gained market share. DSouza may have found it challenging to run a start-up business with fewer resources than he was accustomed to at his previous employer, the people say. (Bloomberg)
Some employers are in no mood to party Nov 18, 2009
Gia Moron, a spokeswoman for Goldman Sachs, which received and has repaid $10 billion in government aid, also said it would not have holiday parties this year. Even if youve got it, dont flaunt itExperts say even companies that didnt receive government funds are likely to tone down their holiday party plans this year, in part because they dont want to seem to flaunt success in tough economic times. (MSNBC -- Business)
Problem loans take toll on La Jolla Bank Nov 18, 2009
We are in the middle of a capital-raising effort with Goldman Sachs, and we making good progress there ... Hall is more optimistic about the prospects for La Jolla Bank, partly because it has hired top-tier investment bank Goldman Sachs to help. (San Diego Union-Tribune)
Give us shares or we'll take more cash Nov 18, 2009
A verse is being circulated in Wall Street in tribute to the investment banking gods at Goldman Sachs - another firm being tested against Nick Moore's performance shares. Our chairman. (Sydney Morning Herald -- Business)
Nomura Extends Lead in Managing Asian Share Sales With Hitachi, MUFG Deals Nov 18, 2009
The brokerage overtook UBS AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. this year in the Asia-Pacific region as Japanese companies raised the most in share sales since 2006. The Tokyo-based company remains a laggard in markets such as Hong Kong, even after buying the Asian operations of Lehman Brothers Holdings Inc. last year, according to Bloomberg data. (Bloomberg)
Sara Lee unit sniffed out by SC Johnson: report Nov 18, 2009
Sara Lee previously hired Goldman Sachs to run an auction for its household-care business, which includes Kiwi shoe polish and insecticides. Procter e Co. already has eyed the air freshener business, but does not want the other parts of the unit, sources previously told Reuters. (Crain's Chicago Business)
With a resurgence in short selling, regulators must make sure the financial system is transparent. Nov 18, 2009
Based on recent Goldman Sachs JB Were Research estimates, Iress and ASX, shorting activity has increased the most in metals, media, consumer discretionary and bank stocks relative to the market trough. Steel stocks such as Bluescope Steel and One Steel have experienced the biggest decline in short-selling activity. (Sydney Morning Herald -- Business)
Japan doomsdayfears premature Nov 18, 2009
Jim O'Neill, head of global economic research at Goldman Sachs, has for months been predicting that Japan's fiscal woes would translate into a weaker yen. I myself was talking recently to a hedge fund manager who was speaking of Japan's hitting a "debt wall". (Asia Times Online)
Goldman will aid small businesses Nov 18, 2009
The initiative includes a commitment by Goldman Sachs to invest $300 million through a combination of lending and philanthropic support ... Goldman Sachs also said the program will contribute $200 million to community colleges, universities, and other institutions to provide scholarships to small business owners and to expand educational capacity ... An advisory council cochaired by Goldman Sachs chief executive Lloyd Blankfein will oversee the initiative. (Boston Globe)
Jacobs gets helm at Lazard Nov 18, 2009
The former Goldman Sachs banker has been a star health-care banker at Lazard since joining more than 20 years ago ... The former Goldman Sachs banker has been a star health-care banker at Lazard since joining more than 20 years ago. (New York Post -- Business)
God's work gives big bonuses, but we pay Nov 18, 2009
As the major contender for the current title of master of the universe, Goldman Sachs chief executive Lloyd Blankfein seems a nice enough guy ... Blankfein has been under considerable pressure in recent weeks over the record-breaking profits Goldman Sachs notches up while the broader economy flounders ... But surely where you have to draw the line is when Blankfein justifies the remuneration packages by stating that the "people of Goldman Sachs are among the most productive in the world". (Business Report, South Africa)
Goldman Sachs, Buffett to Help Small Businesses Nov 18, 2009
Goldman Sachs teams with Warren Buffett on $500 million effort to help small businesses ... FILE - In this March 27, 2009, file photo, Goldman Sachs Chief Executive Officer Lloyd Blankfein ... FILE - In this March 27, 2009, file photo, Goldman Sachs Chief Executive Officer Lloyd Blankfein leaves the White House in Washington. (ABC News -- Wire)
Goldman CEO offers mea culpa Nov 18, 2009
That was the message yesterday from Goldman Sachs CEO Lloyd Blankfein, who apologized for his firm's role in triggering the financial crisis at the same time Goldman announced it was ponying up $500 million and joining forces with billionaire Warren Buffett to create a program aimed at supporting 10,000 small US businesses ... Saying that "we kind of sigh" at the criticism leveled against the bank, Blankfein said the firm has tried to offer up "the kind of constructive suggestions that people... (New York Post -- Business)
UK bank bosses ' warning Nov 18, 2009
The new rules would apply to British banks and to the British operations of global investment banks like Goldman Sachs. Several have already agreed to abide by the G20-approved rules, which link bonuses to long-term performance. (Sydney Morning Herald -- Business)
NY Fed 'paid AIG banks too much' Nov 18, 2009
As a result, 16 banks, including Goldman Sachs, Deutsche Bank, Societe Generale and Royal Bank of Scotland, were paid more than $62bn. The initial bail-out "was done with almost no independent consideration of the terms of the transaction or the impact that those terms might have on the future of AIG", the report said. (BBC News -- Americas)
Lender That Really Does God's Work Is Slowed as Mortgage Funding Dries Up Nov 18, 2009
chief executive officer of Goldman Sachs Group Inc., created a stir when he told the that hes just a banker doing Gods work. a spokesman for the New York-based bank, later said Blankfeins comment was an obviously ironic, throwaway response. (Bloomberg)
