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Gensler said "there should be no such exemption for" credit default swaps. The swaps account for an estimated $60 trillion of the derivatives trade. The banking industry says it supports making derivatives less secretive but has lobbied against strict... Full Article at San Francisco Chronicle
Goldman, one of the largest of the Build America underwriters, has run advertisements touting its role in advising municipalities -- but it has remained silent on the fees it charged. Today Sen. Charles E. Grassley (R-Iowa) released the letter he... Full Article at Los Angeles Times
Brian Moynihan, chief executive of Bank of America (L), Jamie Dimon (C), chief executive of JPMorgan Chase and Lloyd Blankfein, chief executive of Goldman Sachs Group, arrive to testify before the Financial Crisis Inquiry Commission in Washington... View Photo »
Our reputation is very important to us
On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman Sachs. Fast becoming America's pre-eminent Marvel Comics supervillain, the CEO used the call to deploy his secret weapon: a pair of giant,... Full Article at North Decoder
Goldman allocated close to 50 percent of is net revenue last year to bonuses. According to the law suit this constitutes as "vastly overcompensat(ing) management and constitute corporate waste." Additionally the suit asks that Goldman Chief Executive,... Full Article at TransWorldNews
Toyota boss Akio Toyoda is apologizing about the big, fat problem with his mysteriously accelerating cars. Morgan Stanley's John Mack says he regrets his firm's role in the credit crisis, and is "especially sorry for what's happened to shareholders." ... Full Article at Austin American-Statesman
Bank executives (L-R): Goldman Sachs chief executive Lloyd Blankfein, JPMorgan Chase Chief Executive Jamie Dimon, Morgan Stanley Chairman John Mack and Bank of America chief executive Brian Moynihan face questioning on the first day of Financial Crisis Inquiry... View Photo »
What is the state of our moral being when Lloyd Blankfein taking a $9 million bonus is viewed as this great act of contrition, when every penny of it was a direct transfer from the taxpayer?
The fake Twitter feed began shortly after van Praag was profiled in the New York Observer on Feb. 16, in a story that could be said to be a tipping point of negative publicity for Goldman. The flaming arrows, once aimed squarely at chief executive... Full Article at Forbes
Blankfein, chief executive of Goldman Sachs Group, gestures with his hand. (Reuters) - Goldman Sachs Group Inc was sued on Monday by a large union pension fund that accused the Wall Street investment bank of overpaying its executives. The International... Full Article at Michael Moore - This Just In
Lloyd Craig Blankfein (born September 20, 1954 in The Bronx, New York City) is the current Chief Executive Officer (CEO) and Chairman of Goldman Sachs. After the May 31, 2006 nomination of former CEO Hank Paulson as Secretary of the Treasury, Blankfein was announced as his replacement. Full Article
Goldman Sachs Group, Inc Chairman and Chief Executive Officer Lloyd Blankfein walks back to his seat on Capitol Hill in Washington, Wednesday, Jan. 13, 2010, following a break in a hearing of the Financial Crisis Inquiry Commission.
View Photo »Goldmann Sachs CEO Lloyd Blankfein speaks at the IOSCO 2009 conference, for the International Organization of Securities Commissions in Tel Aviv, Israel, Wednesday, June 10, 2009. The governor of Israel's central bank told the conference of security regulators Wednesday that action by...
View Photo »Lloyd Blankfein, CEO of Goldman Sachs, listens to a question as he testifies with fellow financial CEOs on the use of Troubled Asset Relief Program (TARP) funds before the House Financial Services Committee at the US Capitol in Washington, DC on February 11, 2009. US banking giant...
View Photo »NEW YORK - SEPTEMBER 23: Diane Sawyer (L) moderates a panel including Lloyd Blankfein, Chairman and CEO of The Goldman Sachs Group and Rex. Tillerson Chairman and CEO of ExxonMobil on September 23, 2009 at the Clinton Global Initiative (CGI) in New York, New York. The Fifth Annual...
View Photo »Goldman Sachs CEO Lloyd Blankfein (L), American Express CEO Ken Chenault (C) and Bank of America CEO Ken Lewis arrive at the White House in Washington on March 27, 2009 for a meeting of the heads of the country's largest banks with US President Barack Obama.
View Photo »Goldman Sachs CEO Lloyd Blankfein (L), American Express CEO Ken Chenault (2nd L), Bank of America CEO Ken Lewis (2nd R) and American Bankers Association President and CEO Edward Yingling (R) arrive at the White House in Washington, DC on March 27, 2009 for a meeting of the heads of the country's...
View Photo »JP Morgan Chase Chief Executive Jamie Dimon (L) and Lloyd Blankfein, Chief Executive of Goldman Sachs, depart the White House after a meeting about the economy with U.S. President Barack Obama in the State Dining Room in Washington, March 27, 2009. Obama meets with top U.S. bankers on...
View Photo »WASHINGTON - MARCH 27: Goldman Sachs CEO Lloyd Blankfein is interviewed for television outside the White House after he and 14 other bank heads met with President Barack Obama March 27, 2009 in Washington, DC. Obama used the meeting to tell the bankers that they must look beyond...
View Photo »FILE - In this Jan. 13, 2010 file photo, from left, Goldman Sachs Group, Inc. Chairman and Chief Executive Officer Lloyd Blankfein; JPMorgan Chase & Company Chairman and Chief Executive Officer James Dimon; Morgan Stanley Chairman John Mack, and Bank of America Corporation Chief...
View Photo »From left, Goldman Sachs Group, Inc. Chairman and Chief Executive Officer Lloyd Blankfein; JPMorgan Chase & Company Chairman and Chief Executive Officer James Dimon; Morgan Stanley Chairman John Mack, and Bank of America Corporation Chief Executive Officer and President Brian...
View Photo »Goldman Sachs Group, Inc. Chairman and Chief Executive Officer Lloyd Blankfein testifies on Capitol Hill in Washington, Wednesday, Jan. 13, 2010, before the Financial Crisis Inquiry Commission.
View Photo »This February 11, 2009 file photo shows Goldman Sachs Chairman and CEO Lloyd Blankfein testifying before the House Financial Services Committee in Washington, DC. Wall Street investment bank Goldman Sachs said July 22, 2009 it paid the US government 1.1 billion dollars to redeem...
View Photo »This February 11, 2009 file photo shows Goldman Sachs Chairman and CEO Lloyd Blankfein testifying before the House Financial Services Committee in Washington, DC. US banking giant Goldman Sachs took markets by surprise April 13, 2009, announcing forecast-busting quarterly earnings and a...
View Photo »WASHINGTON - MARCH 27: JP Morgan Chase CEO Jamie Dimon, Goldman Sachs CEO Lloyd Blankfein and White House Director of Broadcast Media Dag Vega leave the White House after they and 13 other bank heads met with President Barack Obama March 27, 2009 in Washington, DC. Obama used the...
View Photo »JP Morgan Chase CEO Jamie Dimon (L) and Goldman Sachs counterpart Lloyd Blankfein are followed by White House staffer Dag Vega as they leave the White House in Washington on March 27, 2009 after a meeting of the heads of the country's largest banks with US President Barack Obama.
View Photo »People exit the the Financial Square building following the Goldman Sachs shareholders meeting, Friday, May 8, 2009 in New York. Goldman Sachs Group Inc. Chairman Lloyd Blankfein sounded an upbeat note about the economy at the company's annual meeting Friday.
View Photo »The 10 highest-paid CEOs for 2008 at Standard & Poor's 500 companies based on calculations by The Associated Press are shown in this photo combo. From top left: Chesapeake Energy CEO Aubrey McClendon, Motorola Inc. CEO Sanjay Jha, Walt Disney Co. President and CEO Robert Iger, Goldman...
View Photo »FILE - In this March 27, 2009, file photo, JP Morgan Chase & Co. Chief Executive Officer Jamie Dimon, left, and Goldman Sachs Chief Executive Officer Lloyd Blankfein leave the White House in Washington, following a meeting between chief executives and President Barack Obama. Even during...
View Photo »JP Morgan Chase & Co. Chief Executive Officer Jamie Dimon, left, and Goldman Sachs Chief Executive Officer Lloyd Blankfein, leave the White House in Washington, Friday, March 27, 2009, following a meeting between chief executives and President Barack Obama.
View Photo »Goldmann Sachs CEO Lloyd Blankfein speaks at the IOSCO 2009 conference, for the International Organization of Securities Commissions in Tel Aviv, Israel, Wednesday, June 10, 2009. The governor of Israel's central bank told the conference of security regulators Wednesday that action by...
View Photo »We talked ourselves into a place of complacency, which we should not have gotten ourselves into
We talked ourself into a complacency which we should not have gotten ourselves into, and which, after these events, will not happen again in my lifetime
The system clearly needs to be structured so that private capital, rather than government capital, is used to stabilise troubled firms promptly before a crisis metastasises.
After the fact, it is easy to be convinced that the signs were visible and compelling ... But none of us know what is going to happen.
We are market makers: in most of these cases the person who came to us came to us for the exposure they wanted to have ... These are professional investors who want this exposure.
I never got a request myself about taking less; it never came up in any conversation I can recall
Anyone who says I wouldn't change a thing, I think, is crazy ... Knowing now what happened, whatever we did, whatever what the standards of the time were - It didn't work out well.
We lent money out too cheaply and in certain loans without the traditional safeguards ... We didn't realize early enough that risk was being mispriced.
The commodity of money got less scarce, and people paid less attention to it
AIG was bent on taking a lot of credit risk ... It was a failure of risk management of collosal proportion.
We represent the other side of what people want to do ... Because we had this risk, because we were accumulating positions which, by the way, we acquired from clients who want to sell them to us, we have to go out ourselves and provide and source the other side of the transactions so that we can manage ...
It didn't come up in any conversation that I can recall
Even today people are coming to us for exposure to these very instruments
Don't tell me this is unlikely, what if it did happen
Clearly, we are much less leveraged now, consequently I wish we were much less leveraged then
I do think the behaviour is improper. We regret the consequence that people have lost money in it
We didn't know if asset prices would deter any further throughout 2007 ... We weren't certain in hindsight events not only looked predictable or looked as if they were obvious or known. The truth is no one knew what was going to happened.
- derrickbarnett
1 hour ago
- ZeusBizNews
1 hour ago
- ZeusBizNews
1 hour ago
