November 28, 2011 in News
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
June 3, 2011 in United States
This Report is the product of a two-year bipartisan investigation by the U.S. Senate Permanent Subcommittee on Investigations into the origins of the 2008 financial crisis. The goals of this investigation were to construct a public record of the facts in order to deepen the understanding of what happened; identify some of the root causes of the crisis; and provide a factual foundation for the ongoing effort to fortify the country against the recurrence of a similar crisis in the future.
April 23, 2011 in Bilderberg, Non-Profit Organizations
2007-2009 Tax Returns for American Friends of Bilderberg, Inc.
August 12, 2010 in Corporate
Goldman Sachs AIG/Maiden Lane III Documentation, 2008.
April 23, 2010 in Corporate
Previously Confidential BlackRock Solutions Maiden Lane III Counterparty Brief from November 5, 2008.
April 16, 2010 in Securities and Exchange Commission
The Commission brings this securities fraud action against Goldman, Sachs & Co. (“GS&Co”) and a GS&C6 employee, Fabrice Tourre (“Tourre”), for making materially misleading statements and omissions in connection with a synthetic collateralized debt obligation (“CDO”) GS&Co structured and marketed to investors. This synthetic CDO, ABACUS 2007ACI, was tied to the performance of subprime residential mortgage-backed securities (“RMBS”) and was structured and marketed by GS&Co in early 2007 when the United States housing market and related securities were beginning to show signs of distress. Synthetic CDOs like ABACUS 2007-ACI contributed to the recent financial crisis by magnifying losses associated with the downturn in the United States housing market.
April 1, 2010 in Federal Reserve Bank of New York
Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC Balance Sheets from the Federal Reserve Bank of New York as of January 29, 2010.
February 27, 2010 in News
The contentious role played by Goldman Sachs in Greece’s debt-saddled financial crisis is under scrutiny by financial regulators in the US, the chairman of the Federal Reserve, Ben Bernanke, revealed yesterday. Goldman has come under fire for helping the Greek government to structure complex derivatives deals early in the decade and “borrow” billions of dollars in exchange rate swaps, which did not officially count as debt under eurozone rules. Critics say such conduct contributed to unsustainable public finances which have destabilised the euro.
February 23, 2010 in News
Addressing the influential Treasury Select Committee, Gerald Corrigan, a Goldman Sachs managing director, accepted that the investment bank had “enabled politicians to mask borrowings” through a complex currency transaction in 2001. The so-called “swap” allowed Greece to conceal some of its debts and meet eurozone limits on government borrowing. Goldman made an estimated £192m in fees on the deal. “With the benefit of hindsight, it seems very clear that standards of transparency could have been and should have been higher,” Mr Corrigan said
January 13, 2010 in Corporate
Connections among board of directors and executive leadership of American International Group as of March 20, 2009.
December 18, 2009 in Corporations
The Chicago Climate Exchange is the world’s first environmental derivatives exchange. The exchange is owned by the London-based Climate Exchange PLC which also owns the European Climate Exchange, Montréal Climate Exchange, and the Tianjin Climate Exchange. Approximately 10% of CCX is owned by Goldman Sachs and another 10% is owned by Generation Investment Management LLP.
December 16, 2009 in People
During the credit crisis in the summer of 2007, Goldman Sachs earned handsome profits when their competitors were being badly affected by tumultuous credit markets. According to MarketWatch, “Just before the market turned, Goldman traders got a hunch and began shorting and hedging the mortgage securities that were eating away at rivals’ revenue. Trading revenue soared 70% that quarter to $8.23 billion. It was Goldman’s last quarter in a series in which each new profit report exceeded expectations and prior results.” The New York Times described the earnings by saying that “Goldman’s good fortune cannot be explained by luck alone.”
December 14, 2009 in Corporations
Generation Investment Management LLP is a investment management firm with offices in London, Sydney, and Washington, D.C. The company was founded in April 2004 by the former CEO of Goldman Sachs Asset Management David Blood and former Vice-President Al Gore.
October 28, 2009 in Corporate
Home addresses for Vikram Pandit, CEO of Citigroup; James Dimon, CEO of J.P. Morgan Chase; John Stumpf, CEO of Wells Fargo; Ken Lewis, CEO of Bank of America; and Lloyd Blankfein, CEO of Goldman Sachs Group, Inc.