Remarkably, Goldman Sachs, one of the richest, most powerful, politically connected (aka Government Sachs) too-big-to-fail Wall Street banks, has demonstrated a Teflon-like ability to bounce back from egregious misdeeds, if not outright illegal conduct, and horrible publicity.
Lehman down, AIG up, Carmen Segarra out and a seemingly well-connected, three-peat winner, Goldman Sachs, motors on...
The goal of the lawsuit -- to provide even more for AIG's bailed-out shareholders -- seems absurd. But at least this lawsuit, which has already seen testimony from two former Treasury secretaries, is finally giving the American people some hard lessons in the workings of the bailout process and the shortcomings of our current economic system.
Don't get trapped by overindulgence, bells and whistles, too many organizations taking their slice of the pie or those prone to fly-by-night. When it ...
The argument goes that instead of being jealous, we all should be working in harmony together to create jobs and opportunity. Problem is, the deeply rich talk about building the economy but do almost nothing about it.
Plenty of worry for the famous wall that markets often climb, but no Armageddon's on the horizon. Maybe we can get back to "normalcy" after all, even with increased market "volume" more to the upside.
Regarding the #AskJPM blowup, one article began by asking the right question: "What were they thinking?" The answer is, they weren't thinking; they were all talking to themselves and like-minded executives.
How could anyone five years after the crash have such disgraceful beliefs? It's the predictable outcome of trillions of dollars of no strings bailouts for Wall Street with no accountability for the financial crash and Wall Street's role in causing it.
U.S. taxpayers bailed out AIG and its counterparties. Employees earned huge partial bonuses anyway, and no one went to jail. Now, five years later, AIG's new CEO, Robert Benmosche, is acting like a big smug guy who got away with something, because AIG did.
Too many of the nation's major institutional investors -- who manage the life savings of working Americans and who are major shareholders in the big banks -- have been silent and passive in the wake of the crisis.
The SEC has lost steam in its already very weak push against mortgage lenders and the investment banks that supplied them with money for alleged fraudulent lending.
Commodity market manipulation is fundamentally different and far more dangerous than the garden-variety manipulation of financial markets such as in single stock pump and dump schemes, or even the brazen manipulation of LIBOR. Nobody eats LIBOR.
I often tell people that I've never met a mom who doesn't work. This is my response to those who want to have what I consider the ridiculous convers...
This is little more than a brazen attempt to bully U.S. regulators into delaying and weakening U.S. rules, which, as Senator Elizabeth Warren has pointed out, must not happen.
Anyway, I never gave much thought to Goodfellas being a cinematic template for the kinds of schemes, scams and financial shenanigans pulled off by the Wall Street mob until recently.
I don't care if Greenberg wants to sue God. It is a free country and he can do what he wants. But I do care when someone tries to reverse the consequences of their own bad decisions by using up the resources of my government.