A Wall Street Insider’s Views on Goldman Sachs
Posted by Larry Doyle on April 16, 2010 1:45 PM |
Given the extraordinary interest in the SEC charging Goldman Sachs with fraud, I am compelled to provide a compilation of my writing on Goldman going back over the last year. Although many may view Goldman as one massive conspiracy, I have never been one to paint an entire organization (or industry) with a broad brush. That said, I have been aggressive in questioning Goldman’s comfort level in jeopardizing its reputation in pursuit of profit. I said as much in a public interview on CNBC last month.
Goldman’s close, if not incestuous, relationships with Washington, many hedge funds, and major clients has positioned the firm as the centerpiece of America’s outrage toward Wall Street. To that end, for those interested in my views of Goldman Sachs, I am happy to provide the following links from the Sense on Cents archives:
Doing Biz with Goldman Sachs = ‘Swimming with the Sharks’ (April 14, 2010)
This piece highlights that WaMu’s CEO Kerry Killinger writes in an email that he does not trust Goldman Sachs.
Goldman’s Prop Trading and Reputational Risk (March 12, 2010)
This piece addresses how Goldman seated a prop trading desk right next to its customer desk. A highly irregular and questionable decision.
Goldman Sachs: The Reputation You Deserve (March 2, 2010)
This commentary addresses the fact that Goldman realizes it has an image problem. Why? Goldman does not fully appreciate the result of compromising its reputation in pursuit of profit. Or, perhaps they do but do not truly care.
Media Appearance on CNBC’s Street Signs (March 2, 2010)
After writing the piece mentioned above, I was contacted by CNBC to appear on Street Signs to address issues surrounding Goldman Sachs. At the 3-minute mark of the video clip, I warn that Goldman’s greatest risk involves questionable business practices resulting in a jeopardized reputation.
Goldman Sachs: ‘The Great Enabler’ (February 17, 2010)
Did Goldman facilitate the meltdwon in Greece by disguising its overall fiscal position? Read this.
Is Lloyd Blankfein a Liar? (November 18, 2009)
This probing article addresses Goldman’s involvement with the bailout of AIG.
Just How Sorry is Goldman Sachs? (November 17, 2009)
Lloyd Blankfein issues an unspecified mea culpa. Why? I cover the possibilities.
Goldman Sachs Doing God’s Work? (November 10, 2009)
Blankfein displays the ultimate chutzpah in invoking the Lord’s name. What balls and what ego.
Goldman Sachs ‘Shooting Fish in a Barrel’ (November 5, 2009)
How could Goldman’s trading operation only lose money one day in the entire 3rd quarter of 2009?
Goldman Calls ‘Huddle Up’ (August 25, 2009)
Goldman picks and chooses selected clients who receive color and proprietary information prior to it being broadly disseminated.
How Does Goldman Sachs Operate? (July 6, 2009)
My initial review of the firm. I likely stand corrected on my commentary on Goldman’s shorting the sub-prime market in light of news breaking today.