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Posts Tagged ‘Goldman Sachs’

The Only Real Question Regarding Goldman’s Settlement with the SEC

Posted by Larry Doyle on July 16th, 2010 7:34 AM |

Who’s next?

We can debate all day long whether the settlement of SEC charges against Goldman Sachs for $550 million is fair or not. While that debate will occur all over Wall Street and throughout the world of global finance today, the question regarding the size of this settlement is not important in and of itself. I am not saying that $550 million is not a lot of money. Nor am I saying that Goldman may be getting off easy. The only question I have is, “Who’s next? ”

Are we to think that the Goldman Abacus-CDO transaction is the only ABS-backed CDO that employed improper marketing? Do not be so naive. In fact, if Goldman employed improper marketing in one deal, are we to believe they did not do the same in many others? Do you ever find just one mouse? (more…)

Oppenheimer: Do the Right Thing, Redeem Your Auction-Rate Securities

Posted by Larry Doyle on June 30th, 2010 5:14 PM |

Q: Which full-service brokerage firm has NOT redeemed their clients stuck in auction-rate securities for the past 28 months?

Goldman Sachs, Morgan Stanley, Citigroup, Wachovia, Bank of America, Oppenheimer, TD Ameritrade, Fidelity, Merrill Lynch, UBS?

A: Oppenheimer & Company is the only one of these institutions that has not redeemed their private clients’ Auction-Rate Securities that were fraudulently marketed as “just like cash.”


On behalf of auction-rate securities investors everywhere, I am happy to run this ad here at Sense on Cents!! This specific ad was submitted by a group of Oppenheimer clients.


Financial Crisis Inquiry Commission Subpoenas Goldman Sachs

Posted by Larry Doyle on June 7th, 2010 3:32 PM |

Talk is cheap!!

Lloyd Blankfein can talk all he wants about how he will implement needed changes at Goldman but Lloyd, “actions talk, bulls&*@ walks.” Why am I calling Lloyd and the Goldman crowd out once again? The Wall Street Journal highlights, Crisis Panel Subpoenas Goldman Sachs,

The bipartisan commission investigating the U.S. financial crisis said Monday it issued a subpoena to Goldman Sachs Group Inc. for failing to provide information in a timely manner. (more…)

Indict, Prosecute, Convict the Fraudsters…Or Else!!

Posted by Larry Doyle on June 2nd, 2010 1:20 PM |

Has America lost the courage to aggressively address those who commit fraud? Is the American public even aware of the massive fraud perpetrated by those in our financial system which led to our current economic crisis? Are those in Washington willing to take a stand, risk their own skins, call out those engaged in fraud, even if some of the fraudsters occupy neighboring seats at nearby regulatory bodies?

Unless we find people in our government who are willing to make these calls, repeat them publicly in a long, loud fashion, and compel prosecutors to issue indictments, then I fear our union will pay a price and incur a cost that may be immeasurable.

Why so strong? Why so strident? (more…)

The World of Wall Street CDOs or “Don’t Lie to Me”

Posted by Larry Doyle on May 13th, 2010 2:18 PM |

News that the SEC and federal prosecutors are further investigating Wall Street firms involved in the structuring and distribution of CDOs (collateralized debt obligations) is not a surprise. Although Goldman Sachs has been targeted initially for its marketing of an Abacus transaction in conjunction with Paulson and Co., the simple fact is Goldman was not anywhere close to the largest player in this space. Who was? Well, I should more appropriately ask, “Who wasn’t?” All of Wall Street jumped on the CDO gravy train. (more…)

Goldman’s Perfect Quarter Indicates Game is Fixed

Posted by Larry Doyle on May 10th, 2010 10:12 AM |

Those involved in fixing the scores of athletic events will intentionally lose every once in a while to give the appearance that the games themselves are on the up and up. For those betting on athletic contests, beating the point spread each and every time would be a strong indication that the games are fixed. Similarly, casinos are happy when players win so that other players will enter the game. If the house always wins, sooner or later fewer and fewer players will enter that casino.

The crowd at Goldman Sachs ,along with their cronies in Washington, may want to heed these lessons. Why do I write this? (more…)

Goldman Action Highlights FINRA Facade

Posted by Larry Doyle on May 6th, 2010 12:57 PM |

FINRA is supposed to be the Wall Street cop, right? Is the cop a real cop or more of a facade? Well, when the Wall Street banks which FINRA is charged to oversee do not observe the most basic of FINRA rules and regulations, in my opinion, FINRA is exposed as nothing more than a facade.

Evidence of this was on display just yesterday as Bloomberg highlighted in reporting, Goldman Sachs Said to Be Late to Report SEC Probe to FINRA:

Goldman Sachs Group Inc. was late in notifying the Financial Industry Regulatory Authority that trader Fabrice Tourre might be sued for fraud by the U.S. Securities and Exchange Commission, according to people familiar with the matter. (more…)

Warren Buffett: Financial Statesman or Just Another Hack?

Posted by Larry Doyle on May 3rd, 2010 8:54 AM |

Warren Buffett

The Oracle of Omaha Warren Buffett is widely regarded as a true financial statesman. From his understated lifestyle to his self-deprecating manner to his simple wisdom in his books, Buffett has always appeared to be a world apart from most, if not all, other financial titans. While Buffett deserves plenty of the respect accorded him, let’s not totally sanctify him just yet. Why?

Buffett’s widely publicized opinions on the regulations of financial derivatives and the treatment of Goldman Sachs also show him to be just another financial hack (albeit it a VERY BIG one) “talking his positions.” Let’s navigate.

In regard to derivatives, let’s not forget that none other than Buffett defined these financial instruments as ‘weapons of mass destruction.’ (more…)

Goldman Sachs Now Facing Criminal Investigation

Posted by Larry Doyle on April 30th, 2010 10:47 AM |

Goldman Sachs stock is down approximately 8% this morning. What is going on?

The Department of Justice has announced it is launching a criminal investigation of Goldman Sachs. ABC reports, Justice Department Reviewing SEC Case Against Goldman Sachs:

Officials at the U.S. Department of Justice are reviewing whether the Securities and Exchange Commission’s recent fraud charges against Wall Street giant Goldman Sachs warrant a full-scale criminal investigation, two government sources told ABC News. (more…)

BREAKING NEWS: Goldman Spread Risk? That’s Very Old News!

Posted by Larry Doyle on April 26th, 2010 8:43 PM |

Breaking News!!!

The Washington Post just broke a news story, Senate Panel Finds Goldman Spread Risk Through Financial System, highlighting the fact that a Senate investigation has determined that Goldman Sachs actually ‘spread’ risk via its distribution and dissemination of structured transactions. Really? And this is supposed to be news? (more…)

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