Goldman's foray into the world of sub-prime mortgage servicing is one that company executives would like relegated to the dumpster along with the water-logged sandbags that shielded their New York HQ from the ravages of Hurricane Sandy.
Just like all long-term relationships, the qualities which first attracted Greg Smith to Goldman Sachs now seemed wrong instead of right. Who or what had changed: Greg Smith or Goldman Sachs?
After flat markets during an abbreviated super-storm week, the Dow rallied about 250 points on Monday and Tuesday. Wednesday saw stocks open lower and continue lower. The 250 point gain of the previous two days was wiped out, plus an additional 60 or so points for good measure. Why?
The reality is that the current system of taxation created by Ronald Reagan and put on steroids by George W. Bush is working quite well for Pete Peterson and his fellow oligarchs.
Management Leadership for Tomorrow (MLT) is the number one source of minority students at the top ten U.S. business schools. Founded and led by John R...
The Business editors of the New York Times seem forever determined to whitewash and sanitize one of the core causes of the 2008 financial debacle and those who were central to the melt down.
There is a scandal in Mitt Romney's campaign -- namely Glenn Hubbard, Romney's chief economic advisor, who was chairman of the Council of Economic Advisors under George W. Bush, and is now Dean of Columbia Business School. First, Hubbard has an abysmal track record in economic policy, including the very issues that Romney has made the pillar of his presidential campaign. Second, like Romney, Hubbard refuses to disclose critical information about his income, conflicts of interest, and paid advocacy activities. Third, both in public statements and in my personal experience, Hubbard has been evasive, misleading, and even dishonest when discussing both policy issues and his own conflicts of interest. And last but not least, those conflicts of interest are huge: Hubbard has long advocated policies that Wall Street loves, often without disclosing that he is, in fact, highly paid by Wall Street.
Lost trust in Goldman does not crash the market, but it certainly forces investors to be a little more hesitant. Capitalism is extremely efficient, but it is a system built on trust.
If Andrew Ross Sorkin is mad at him, then Greg Smith might just be on to something.
"Romney's Go-To Economist" read the headline on a New York Times profile of R. Glenn Hubbard, the man who will make your life miserable if Mitt Romney is elected president.
Just because you're paranoid doesn't mean Goldman Sachs is not after you. In his new book, "Why I Quit Goldman Sachs" -- a copy of which The Huffington Post has gotten our hands on, ahead of its Oct. 22 publication date -- world-famous job quitter Greg Smith alleges that Goldman frequently made recommendations to clients and then took the opposite side of the trade it had just recommended.
Facebook appeared unprepared to launch, and its IPO was wildly overvalued. The question investors should ask themselves now is whether they should bail out, as many insiders and early investors did, when Facebook first went public, because there's a larger wave of potential selling before year-end.
Matt Taibbi famously dubbed Goldman "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." The news flash is that Goldman Sachs has revealed her new, softer side.
There is nothing virtuous about selfishness and there is nothing objective about Ayn Rand's objectivist philosophy, which is little more than a sly attempt to whitewash her own flaws.
I wanted Obama to do more for beleaguered homeowners and less for the Wall Street swindlers who trafficked in toxic mortgages. But the president must have done something right, or the hucksters at Goldman Sachs wouldn't hate him so.
As I watched Governor Romney in the presidential debate Wednesday night I was reminded of a financial tactic the candidate's political supporters and financial backers on Wall Street used during the mortgage boom -- the one that netted them billions of dollars while simultaneously pushing the American economy off a cliff.