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.
Now, America has long been an exceptionally redemptive society. Even if you screw up really badly, if you are willing to reflect long and hard, learn from your mistakes, and demonstrate a commitment to a larger purpose than your own ego, you can emerge on the other side and begin anew.
This settlement sends a strong message that banks that prey on customers and investors will be held accountable. I will continue to investigate financial institutions that bend the rules for their own benefit, and pursue equal justice for all New York families.
Here's a story that resonates with so many layers of bitter irony that it's hard to know where to begin. So we'll start with the headline: "Citi Foundation to Help Teens Find 'Pathways to Progress.'"
There is a core divergence among some "Keynesian" and "Schumpeterian" economists who have proposed stagnation hypotheses; each camp points to different underlying factors for continued anemic levels of growth.
Perhaps if the wealthy started thinking about how they give in the same vein as how they invest, we would make major inroads and solve big problems.
After muddling through this period, The Wolf of Wall Street serves as a reminder to the bad old days where the stereotypical "white male" in finance is solely driven by money and excess, not the best interests of the client.
It is not a coincidence that banks have manipulated the LIBOR for preventing exposure of their positions of derivatives of interest rates in certain markets. It is the consequence of the so-called "liberalization of capital markets" which might be better defined as a "decriminalization" of some practices formerly regulated.
Five years on from the Global Financial Crisis many people are still waiting for a visionary leader to emerge because finance is crying out for Leader...
Voltaire's 1764 book Dictionnaire Philosophique quotes an Italian proverb, "Le meglio è l'inimico del bene," which translates to "The best is the enemy of the good." Two variants of this maxim can contribute to the conduct of American foreign policy.
I understand Goldman Sachs is prepared to make me a much bigger monetary offer with princely status and perks. I also understand that you exert influence over international trade, country treasurers, and central bankers. You enjoy perks and tax advantages beyond members of the royal family.
The stable economy where people had a job for life is over; the future is more unpredictable than ever, and it makes our rear-view based perception of the world something we must question. We can no longer build for yesterday.
It is not often that a daily newspaper is able, in just one edition, to capture so many previously-unlikely domestic developments.
Austerity is not a cure to the solvency crisis. It cannot and should not be considered a sustainable way out. What Greece and the rest of Europe need right now are leaders who can lead, instead of leaders trying to sugarcoat the issues in hopes of averting opposition from the people.
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.
Markets around the world are beginning to recover from the financial crisis, for which we can all be thankful, but now is not the time to count our bonuses and pat ourselves on the back.