asterisk2a + abacus   12

Goldman Sachs to pay $5bn for its role in the 2008 financial crisis
The settlement holds the bank accountable for its ‘serious misconduct’ in falsely assuring investors that securities it sold were backed by sound mortgages // [ 7 YEARS LATER. AND THIS IS A SETTLEMENT (both parties haggled for a price)! If prosecutors would have decided to go ahead and try prosecute in court, we would have looked for an additional 7 years wait. No including going into appeals. ]
Abacus  Goldman  Sachs  misselling  self-regulation  MBS  ABS  tranching  regulation  regulators  GFC  subprime  economic  history 
april 2016 by asterisk2a
Ben Bernanke urges punishment of individual bankers - BBC News
>> Privatisation where and when it is needed. No, only if it suits their ideology and agenda. // regulatory failure. - youtu.be/Yx1P5Wz2iX4 - Ben Bernanke, John Mack Reflect on 2008 Financial Crisis >> NINJA Loan, homeownership, subprime, ... //&! Ben Bernanke on Lehman Crisis: "We Agreed to Be Vague" (Oct. 6, 2015) | Charlie Rose - youtu.be/EYGbtxzIkvw - 'lehman brothers was a sink hole. money put in from gov in a saving attempt would have resulted in being pulled out by its counterparties and creditors. and had not enough collateral and assets.'
too  big  to  jail  regulators  morality  Justice  System  injustice  Law  &  Justice  white-collar  crime  corporate  scandal  accounting  scandal  mis-selling  CDO  CDS  Interestrateswap  benbernanke  book  TBTF  too  big  to  bail  GFC  trickle-down  economics  economic  history  Super  Rich  1%  bank  bailout  banking  crisis  investment  banking  bank  crisis  retail  banking  CEO  pay  CEO  Abacus  subprime  car  loan  NINJA  fairness  Generationengerechtigkeit  austerity  budget  deficit  Student  Bubble  Wall  Street  profit  maximisation  shareholder  value  free  market  Privatisation  MervynKing  George  Osborne  David  Cameron  self-regulation  regulation  deregulation  Career  Politicians  No  Representation  revolving  door  inequality  Gini  coefficient  income  distribution  oligarchy  democracy  social  contract  political  theory  timgeithner  UK  USA  ideology  dogma  lehmanbrothers 
october 2015 by asterisk2a
The Exchange: Greg Smith on Leaving Goldman Sachs - YouTube
Greg Smith, author of "Why I Left Goldman Sachs," joins Rob Cox to discuss his contention that the firm's shift away from serving clients inspired his public exit from the investment bank.
fiduciary  responsibility  derivatives  Dodd-Frank  Politics  accountability  transparency  lobbyist  lobby  Lobbying  conflict  of  interest  proptrading  WallStreet  GFC  Eliot  Spitzer  Glass-Steagall  Abacus  bank  crisis  banking  crisis  banking  book  GoldmanSachs 
october 2012 by asterisk2a
Neues Wall-Street-Gesetz: Obama lässt die Zocker von der Leine - SPIEGEL ONLINE - Nachrichten - Wirtschaft
Wall Street Lobby inserted into JOBS Act via Republicans;
- removing rules and oversight learned from the .dom bubble enron and worldcom
- removing conflict of interest (communication) between brokers and analysts, not liable in principle
---
"Betrug kehrt zurück an die Wall Street", orakelt Eliot Spitzer
Die breite Mehrheit (im Senat und Kongress) kaschiert den Widerstand bei progressiven Demokraten, Gewerkschaften, Verbraucherschutzgruppen und Aktivisten. Die protestieren vergeblich dagegen, dass der Jobs Act die Schutzregeln lockert, die aus dem Dotcom-Crash erwuchsen - etwa, indem es die Kommunikationsgrenzen zwischen Analysten und Aktienhändlern innerhalb eines Unternehmens wieder weiter öffnet. Ein Austausch von Informationen ist prinzipiell wieder möglich.
-
If Obama didn't sign the Act bc if the inserts, Republicans would have a feast that he wouldn't sign a JOBS Act.
USA  JOBS  Act  politics  oversight  regulation  reform  EliotSpitzer  maryschapiro  SEC  HenryBlodget  Abacus  GoldmanSachs  conflict  of  interest  bubble  dotcom  2012  lobby  WallStreet  barackobama 
april 2012 by asterisk2a
Goldman's Dan "Shitty Deal" Sparks Sued For Selling Junk, Dogs, Big old lemons, and Monstrosities | ZeroHedge
While the FHFA has targeted lawsuits at a whole bunch of employees of the 17 banks previously disclosed, nothing gives us as much amusement and frankly pleasure, as the fact that Goldman's definition of smugness - one Dan Sparks of "shitty deal" fame, is among the accused. Perhaps, even in uber crony communist America, what goes around eventually comes around. Now, if only someone can figure out how Warren Buffett's Wells Fargo, with its several hundred billion worth of Wachovia toxic biohazard, is not on the list of defendants...

That Goldman knew of the originators’ abandonment of applicable underwriting guidelines and of the true nature of the mortgage loans it was securitizing is further evidenced by how Goldman handled its own investments.
FHFA  timberwolf  goldmansachs  security  securities  fraud  subprime  mortage  securities-fraud  2011  freddiemac  fanniemae  Abacus  misleading  GSE  MBS 
september 2011 by asterisk2a
UPDATE 3-Goldman wins dismissal of Timberwolf CDO lawsuit | Reuters
Goldman Sachs Group Inc won the dismissal of a lawsuit accusing it of causing an investor to become insolvent by fraudulently misleading it about risky debt it expected would tumble in value.
In a decision made public on Thursday, U.S. District Judge Barbara Jones in Manhattan said the plaintiff, Basis Yield Alpha Fund, failed to sufficiently show that its investment in the Timberwolf 2007-1 collateralized debt obligation was a "domestic" transaction, entitling it to sue in a U.S. court.
She nonetheless gave the Cayman Islands-based fund 30 days to file a new complaint to recover its $56 million loss. Basis had accused Goldman of securities fraud and common law fraud.
goldmansachs  timberwolf  CDO  Abacus 
july 2011 by asterisk2a
Goldman Abacus Trader Jonathan Egol Just Bought This Beautiful NYC Apartment
Jonathan Egol, a managing director at Goldman Sachs, and one of the Goldman employees involved in the recent lawsuit, just bought a beautiful apartment on the Upper East Side for $3.72 million, according to Bloomberg.The apartment, on 94th and Madison, was originally listed for $4.25 million in October, and then dropped its price to $3.65 million in February.We guess Egol and his wife really like the place, since they're paying more than the listing price.The doorman building has many amenities including a garden and roof deck, and there are beautiful views of Central Park. Egol's apartment has five bedrooms and two bathrooms.

Read more: http://www.businessinsider.com/jonathan-egol-apartment-photos-2011-6#ixzz1PzhUAemv
Abacus  goldmansachs  2011 
june 2011 by asterisk2a
JPM Settles Magnetar Charges Related To Misleading CDO Information With SEC For $153.6 Million | zero hedge
SEC TO HOLD CONFERENCE CALL TO DISCUSS ENFORCEMENT VS JP MORGANJP MORGAN TO PAY $153.6M TO SETTLE SEC CHARGESJP MORGAN TO SETTLE SEC CHARGES ON MISLEADING IN CDO ON HOUSINGSEC CITES MISLEADING INVESTORS IN CDO TIED TO HOUSING MARKETKHUZAMI: JPMORGAN FAILED TO DISCLOSE MAGNETAR'S ROLE, INTERESTSKHUZAMI: JPMORGAN HAS REIMBURSED INVESTORS IN TAHOMA CDOKHUZAMI SAYS SEC MISLED INVESTORS IN SQUARED CDO

The recurring question from the ongoing press conference is why nobody at JPM is being charged, and Khuzami is completely unable to reply.Another question for the porn addicts is why it charged GSC's Steffelin in this case while it did not charge anyone from ACA in Abacus. Either the response is either very muffled, or Khuzami has a large appendage in his mouth.
Question: who at JPM knew that Magnetar was selecting the CDO; SEC response: we will not comment beyond what is publicly filed. ...
Magnetar  CDO  jpmorgan  SEC  settelment  2011  fraud  Abacus  wallstreet 
june 2011 by asterisk2a
YouTube - Burns Says Don't Read Too Much Into Goldman Subpoena
Douglas Burns, a formal federal prosecutor, talks about the Manhattan District Attorney's office subpoena of Goldman Sachs Group Inc. Goldman, the fifth-biggest U.S. bank by assets, is being asked to turnover information on the firm's activities leading into the credit crisis, according to two people familiar with the matter. Burns speaks on Bloomberg Television's "InBusiness with Margaret Brennan." (Source: Bloomberg)
goldmansachs  subpoena  2011  SEC  financialcrisis  investigation  settelment  CDO  Abacus 
june 2011 by asterisk2a

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