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.
Take news about rising bank profits and combine it with reports about land grabs by private equity firms, and you've got a deal made in hell. You can bet working schmucks like you and me won't be invited to the closing party.
For-profit higher education could help our people and our economy -- if the federal financial aid system were structured so that schools earned higher profits by actually helping students, not by ripping them off.
Voters as well as reporters covering the campaign need to challenge the candidate to provide much more information and many more answers than he's given to date. Otherwise we're left to conclude that he's essentially a shill for the very greediest.
The two-year noncommittal model of recruitment is amazing for attracting high-achieving students, but it is not sustainable for jobs that require a long-term commitment. Just like Goldman Sachs, Teach for America should scale down their two-year program.
For the SEC to do its job properly, it needs adequate resources, and for that it needs the support of Congress. To understand why the budgetary issue is so important, and why the SEC deserves more funding, let's look at the trajectory of the Commission since the Madoff scandal.
The issue of insider trading from information emanating from Treasury Secretary Paulson's office was a focus of ruminations from this corner some four years ago. But hard questions, perhaps until now, have been few and far between.