The business press descended upon Greg Smith’s New York Times Op/Ed with a predictable alacrity. Since the financial crisis, the nation has been embroiled in a debate about our financial system, and Greg Smith is that debate …
Goldman Sachs
The Goldman Rule: How to Vet Your Financial Adviser
A blazing resignation at Goldman Sachs shows us once again that financial advisers too often put their own interests first. Here’s how to make sure you get good advice.
Goldman Sachs Banker Quits ‘Toxic’ Firm: Will Clients Flee Next?
Goldman Sachs has been accused — by critics as well as the federal government — of being a greedy, rapacious Wall Street predator that puts its own interests ahead of its clients. Now, the firm faces startlingly similar claims …
Despite Good Earnings, Big Banks Far From Fixed
You can’t have a strong economy without strong banks. That’s why President Bush’s and, later, President Obama’s first attempts to save the economy from a deep recession were focused around bank bailouts. And the fact that the …
Goldman Sachs Only Made $1 Billion Profit Last Quarter
Goldman Sachs confirmed this week what most people already knew: 2011 was a dismal year by Wall Street’s normally high-flying standards. The banking titan reported that net earnings fell by 58% in the last quarter of the year, …
After Bleak Year on Wall Street, Bonuses on the Chopping Block
As Wall Street’s biggest banks prepare to report fourth quarter earnings for 2011, many analysts expect the results to cap off a horrible year — at least by their formerly high-flying pre-recession standards. As a result, …
Don’t Cry for Goldman Sachs, Despite ‘Bad’ Year and Partner Exits
Has Goldman Sachs lost its lustre? The Wall Street powerhouse is wrapping up its worst financial performance since 2008, with profits down more than 40% so far this year. As a result, end-of-year bonus payouts are sure to be …
What the Profit Tumble at the Big Banks Means for the Economy
When Goldman Sachs can’t make money you know times are tough in the banking business. In mid-September I wrote a feature story for TIME magazine about how our nation’s banks, despite the bailout, were far from fixed, and how that …
Banks Are Hurting? It’s All Relative
The latest out of Wall Street-land is a warning by analysts at Citibank that profits at Goldman Sachs and Morgan Stanley (and to a lesser degree at other banks as well) will show a sharp contraction for the second quarter of …
Why Do We Cheer for NBA Stars But Not for Bankers?
There was something dramatic and striking about the Dallas Mavericks’ victory over the Miami Heat in the NBA Finals on Sunday. No, it wasn’t the caliber of play – which was high – nor the sight of the vaunted Miami “Dream …
Can Goldman Survive a Libya Scandal?
Today’s story in the Wall Street Journal about Goldman Sachs’ shifty dealings with Libya’s sovereign-wealth fund is yet another blow to Goldman’s once-rock solid rap. That begs the question: how much more negative publicity can Goldman’s business take?
As Stephen Gandel argued on this blog a few weeks back, they can handle a lot. …
AIG Bailout Saved Goldman Billions, Or Not
The New York Times, it seems, can’t make up its mind on l’affaire Goldman and AIG. In the past week the Grey Lady has had dueling articles on whether Goldman would have or wouldn’t have lost billions if the giant insurer had failed back at the height of the financial crisis. On Saturday, Gretchen Morgenson wrote that newly released …