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Archive for the ‘Goldman Sachs’ Category

Goldman’s Call As to Future Federal Reserve Policy

Posted by Larry Doyle on November 7th, 2013 9:06 AM |

What might be the next move by the all powerful Federal Reserve as it goes about trying to nurse our economy back to health?

Mike O’ Rourke, chief market strategist at Jones Trading recently highlighted that the folks at Goldman Sachs believe Fed policy may be set to shift. I mean, who on Wall Street might have the ear of the Fed more than the folks at Goldman, right? Ok, ok, enough of the sarcasm.

Let’s navigate as O’ Rourke interprets Goldman’s reading of the Fed’s tarot cards regarding future monetary policy.  (more…)

Fabulous Fab The Fall Guy

Posted by Larry Doyle on July 16th, 2013 8:46 AM |

America has certainly been fed a healthy diet of bluster by a wide array of regulators and government officials about cleaning up Wall Street over the last few years.

Those watching closely are well aware, though, that justice on Wall Street typically comes in small packages, token fines, and a whole lot of statements that include “neither admit nor deny.”

Let’s pause and think of all the criminal activity and otherwise unsavory behaviors that have transpired within the industry over the last handful of years:  (more…)

Goldman Sachs: “We Don’t Trust You at All”

Posted by Larry Doyle on October 22nd, 2012 6:41 AM |

Although I am still not inclined to buy, rather than merely borrowing it from the library, Greg Smith’s book Why I Left Goldman Sachs, I did find his interview on CBS’ 60 Minutes last evening to be interesting. What interested me?

Smith did not provide any great revelations in this interview, but I found it interesting based simply on the fact that he is one of very few people who have exited the Wall Street arena and left the light on in the process. For that reason alone, I think it is worthwhile to watch this clip.

Do clients trust Goldman Sachs? Certainly not all of them. Why not?  (more…)

Greg Smith and Goldman Sachs

Posted by Larry Doyle on October 19th, 2012 7:09 AM |

Greg Smith created quite a splash last spring when he announced his resignation from Goldman Sachs in an op-ed piece in The New York Times. That bit of sensationalism created quite a stir on Wall Street but what are we to expect in a day and age when an industry has provided plenty of reasons to be vilified and an insider feeds the fish.

Am I going to go out and buy Mr. Smith’s book? Based on excerpts I have read so far, I think I would be more inclined to borrow it from the library. Why so?  (more…)

Adding Fuel to Goldman Exec Greg Smith’s Fire

Posted by Larry Doyle on March 18th, 2012 10:06 AM |

Former Goldman executive Greg Smith created quite a firestorm on Wall Street this week. Smith tarred and feathered his former firm for the manner in which they engage their clients.

While I believe Smith should have been more pointed in directing his fire, for those impugning Mr. Smith, including New York City Mayor Michael Bloomberg, I would offer that what Mr. Smith asserts is HIGHLY unlikely just a Goldman issue.

Why do you think JP Morgan’s CEO and Morgan Stanley’s CEO James Gorman informed their troops to hold their own fire in response to the bombshell launched by Mr. Smith?  (more…)

Oppenheimer’s Al Loewenthal: Better to Remain Silent and Be Thought a Fool…

Posted by Larry Doyle on March 15th, 2012 8:06 AM |

Reactions I heard to the Jerry Maguire type bombshell launched by former Goldman exec Greg Smith ran the gamut yesterday.

There are those who questioned Mr. Smith’s sanity at committing career suicide. Others appreciated his airing of dirty laundry and “come to Jesus” expose. I personally believe if Mr. Smith wanted to lash out at those at Goldman who created the culture he came to detest, he may have been more laser like in his approach.

The hand grenade he launched into the Goldman camp was the equivalent of friendly fire and also hit plenty of very good people who work very hard to make an honest living everyday. I know very honest and very good people in the firm.

I welcome being the harshest critic of those who deserve to be called out.  (more…)

Goldman’s Greg Smith Skewers Firm, Airs Dirty Laundry

Posted by Larry Doyle on March 14th, 2012 8:25 AM |

Thanks to a regular reader for sharing a New York Times editorial which will captivate Wall Street today.

Our friends at FINRA who may be faced with real backlash from the news spreading of their losing 8 hours of testimony in an arbitration case might want to buy lunch and dinner for Goldman Sachs’ senior executive Greg Smith.

Perhaps I should say former senior executive Greg Smith as he admits that today will be his last day at the firm. What else does Mr. Smith have to say? A LOT and if you see smoke rising off the top of 200 West Street today it is likely the steam rising from the heads of Lloyd Blankfein, Gary Cohn, and the other chiefs at Wall Street’s dominant firm.  (more…)

Goldman’s van Praag: “People Don’t Understand”

Posted by Larry Doyle on February 23rd, 2012 12:58 PM |

“You can’t regulate and legislate for greed and stupidity.”

In the course of a riveting 30+ minute interview, soon to depart public relations chief Lucas van Praag of Goldman Sachs made the above point and many more as he spoke openly and extemporaneously on a number of topics.

The fascinating dynamic at work in this interview with the Dutch television program Tegenlicht is the fact that van Praag does not seem to fully appreciate that he is being taped. Much of what van Praag addresses would seem to toe the Goldman party line, but he does speak in such a matter of fact style that we learn a lot about the mentality and culture at work inside the offices of Goldman Sachs.

What are some of the general themes of van Praag’s commentary?  (more…)

Matt Taibbi Presents ‘The People vs. Goldman Sachs’

Posted by Larry Doyle on May 13th, 2011 8:58 AM |

Lloyd Blankfein Lloyd Blankfein, chairman and CEO of The Goldman Sachs Group, hears from a lawyer while preparing to testify before the Senate Homeland Security and Governmental Affairs Investigations Subcommittee on Capitol Hill on April 27, 2010 in Washington, DC. The subcommittee is investigating the role of investment banks during the Wall Street financial crisis.(This is a long commentary, but if you have any interest whatsoever in Wall Street, our markets, our economy, and our national character it is a MUST READ. Rolling Stone’s Matt Taibbi lays out in voluminous detail why I have aggressively questioned the validity of a self-regulatory model for Wall Street and whether under that construct Wall Street violated the Racketeering Act. Read it and weep. Then for our national interest, please share this with your friends and colleagues. I thank the loyal Sense on Cents supporter who brought this story to my attention. LD)

On March 2, 2010, I was invited on CNBC’s Street Signs to discuss Goldman Sachs. I pulled no punches that day in cautioning people interested in Goldman Sachs that the greatest risk with Goldman was its’ ‘reputational risk’. For those who care to view that 4 minute Media Appearance on CNBC, my specific comments about GS’ reputation come in at about the 3-minute mark.

Over the last fourteen plus months, the Dow Jones Industrial Average is higher by approximately 20% and Goldman Sachs’ stock is lower by approximately 10%.  (more…)

The Cost of Doing Business

Posted by Larry Doyle on July 28th, 2010 7:15 AM |

It takes money to make money.

Simple business principle, correct? A basic, fundamental business tenet, right?

Well if the money it ‘takes’ is used to pay inordinate fines and penalties resulting from management’s willingness to jeopardize reputation and principle in pursuit of profit, what does that say about the business enterprise itself?

Will the $550 million fine recently imposed on Goldman Sachs fundamentally change the manner in which Goldman engages clients and operates its business? I have chuckled more than a few times upon reading that Goldman’s mortgage employees involved in the structuring, trading, and sales of the securities at the center of this entire debacle will have to undergo continuing education type classes. These classes are truly nothing more than a ‘check the box’ perfunctory exercise. Honestly, I would love to be a fly on the wall during these classes as I am sure some of the material covered and accompanying discussions would provide real comedic fodder. (more…)

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