Goldman Sachs

Yesterday the Justice Department announced that once again it's not going to pursue evidence of Wall Street crimes which has been sent its way. It has already failed to act on information sent to it by sources whose investigators are apparently more dogged than its own, including several other government agencies and the Financial Crisis Inquiry Commission. more »

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Bankers love to recount the fabled story of the invisible hand. In their version, the superhero Invisible Hand effectively controls the market, thoroughly trust-busting and fraud-forestalling. Everyone lives happily ever after.

Truth be told, however, the tale of the invisible hand is a horror story. The invisible hand fails miserably to constrain bankster racketeering. more »

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Three of Wall Street biggest and best-known financial institutions handled the Facebook IPO, so why were people immediately suspicious when the stock soared and then promptly tanked? Easy answer: Because three of Wall Street biggest and best-known financial institutions handled the Facebook IPO. more »

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The sweetheart deals just keep coming. Lawbreakers at one bank after another are let off the hook as their shareholders write a check. And then they go out and repeat the illegal behavior they promised not to do in the last settlement. more »

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This week people have been buzzing about Goldman Sachs executive Greg Smith's high-profile resignation from Goldman and his description of the way that company's ethics and morals have declined over the last decade and more, especially under current CEO Lloyd Blankfein. more »

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Why don't the CEOs of AIG and JPMorgan Chase give a damn what you think? Because they don't have to. The Third Chamber of government, that unelected body of lobbyists and wealthy executives symbolized by the U.S. Chamber of Commerce, has insulated them from public outrage.

Chase CEO Jamie Dimon's nonstop narcissistic tirade against any and all criticism of banks is entering its third quarter. The CEO of AIG, a company I know from the inside, just insulted millions of his company's owners, rescuers, and customers. Every day brings more evidence of the Third Chamber's growing power. These CEOs and others like them will continue to be protected and enriched at public expense until more pressure is brought on politicians from the President on down to make it stop. more »

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People are debating the need for a "systemic fix"to address the foreclosure crisis. What we really need is a systemic redesign, from the ground up. Fortunately, the design was laid down centuries ago - by 800 years of law, and by the idea that free people are entitled to limit the unwarranted power of others over their persons and property. These principles are a good foundation for structuring future negotiation, legislation, or regulation.

The President wooed corporate executives this week with a Wall Street Journal editorial called "Toward a 21st Century Regulatory System." What we really need is a 21st century banking system, built on ancient principles and not fly-by-night profiteering.

You could encode those principles in a document and call it the Borrower's Bill of Rights. You could even call it the Mortgage Magna Carta, since some of the basic principles involved date back that far. more »

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Music was Curtis "50 Cent" Jackson's second career. News reports say he began dealing crack at the age of twelve, after the murder of his coke-dealer mother. Early tracks like "Ghetto Quran" and "How to Rob" reflect a brutal, street-hustling life, and Jackson has the bullet wounds to match. He's talented, wildly successful, and I sure wouldn't mess with him.

But when he starts mixing social media with pumped-up investment pitches, 50 Cent is moving into Goldman Sachs territory. "Fitty" reportedly earned millions for touting a stock on Twitter, without disclosing that he owned shares in the company. How does that stack up against Goldman's own social media deal with Facebook? When you move into the stock market, you're going where the real gangstas roll. more »

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It's been pretty well-documented that the ultimate fate of Wall Street reform will depend on a series of highly technical proceedings at federal regulatory agencies. If regulators adopt tough new rules, the financial overhaul could succeed well beyond the expectations of optimistic reformers. more »

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The so-called “centrists” at Third Way Foundation have come out against a national foreclosure moratorium, but like many of Third Way’s policies, there’s nothing centrist about their opposition. more »

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