We now find ourselves in Donald Trump’s back-to-the-future world. And why should we be surprised? His whole campaign pitch was to do it “again” -- to return to his dream of past American greatness, which seems mired in a 1950s America of burning fossil fuels and urban smog. In his very first days in office,... Read More
How a Bank Conquered Washington
Irony isn’t a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished -- but the people... Read More
Draghi at the Central Bank
Goldman Sachs is about to take over Europe, but you wouldn't know it by reading the papers. On Tuesday, G-Sax alum, Mario Draghi, will take the helm at the European Central Bank replacing retiring ECB president Jean-Claude Trichet. The appointment has slipped by the media virtually unnoticed even though the ECB is the most powerful... Read More
Making a Killing
Just two days after a marathon 10-hour hearing before the Senate Permanent Subcommittee on Investigations, Goldman Sachs learned that it is the target in a criminal investigation conducted by the U.S. attorney in Manhattan. Goldman has been accused of fraud by the SEC (in a civil suit) in connection to the sale of complex securities... Read More
"Goldman Puts Its Own Interests Ahead of the Interests of Its Clients"
Tuesday's hearings of the Permanent Subcommittee on Investigations laid the groundwork for future criminal prosecutions of Goldman Sachs Chief Executive Lloyd Blankfein and his chief lieutenants whose reckless and self-serving actions helped to precipitate the financial crisis. Committee chairman Senator Carl Levin (a former prosecutor) adroitly managed the proceedings in a way that narrowed their... Read More
But Why Now?
There's something fishy about the SEC's suit against Goldman Sachs. The timing seems particularly odd. Why did the SEC decide to drop this bombshell on a Friday, just when the market had reached a 12-month high and the economy was showing signs of improvement? Was it because they thought they might need the weekend to... Read More
How Goldman Sachs and AIG Got Top Dollar for Worthless Assets
Would it be wrong to take out a $1,000,000 policy on your wife and then put strychnine in her double-tall nonfat mocha? Not if you are Goldman Sachs it wouldn't. In fact--according to an article on today's Bloomberg News--that's exactly what they did. They slapped together $17.2 billion in garbage CDOs and then insured the... Read More
The Great Beast Lashes Out
Mike Morgan is a registered investment adviser and a scrappy shoot-from-the-hip guy who doesn't mince his words. Recently Morgan has come under fire from investment giant Goldman Sachs for his hard-hitting web site "Facts about Goldman Sachs". According to the U.K. Telegraph: "Goldman Sachs is attempting to shut down a dissident blogger who is extremely... Read More