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Goldman Sach

Bank's ties to government could be golden

Fri, 04/23/2010 - 11:55 by Rakhi

Washington -- Analysts said New York bank Goldman Sach's deep ties to government could pay off now that the bank has been accused of fraud.

The Securities and Exchange Commission filed charges against Goldman Friday, accusing the bank of selling investments secretly designed to fail, allowing those who bet short on the housing market to profit handsomely.

But the SEC has taken on a bank with a long history of ties to the government, including $18 million spent on lobbying in the past 10 years, The Hill newspaper reported Thursday.

Goldman has claimed innocence for months

Tue, 04/20/2010 - 21:45 by Inderjit Singh

New York -- U.S. regulators have been negotiating for months with Goldman Sachs concerning a fraud settlement, sources told The Washington Post.

The Securities and Exchange Commission filed suit Friday alleging the bank sold mortgage-backed securities secretly designed to fail, as they were selected by hedge fund manager John Paulson, who had bet heavily against the housing market.
But sources said Goldman and the SEC spent months negotiating only to come to an impasse. Goldman has since said it was unaware the SEC planned to file suit.

However, sources said Goldman has long refused to settle out of court.

Goldman Sachs gives reform bill fresh legs

Mon, 04/19/2010 - 21:30 by Inderjit Singh

Washington -- President Barack Obama and Sen. Mitch McConnell, R-Ky, traded jabs over the U.S. financial reform bill, given fresh legs due to troubles at Goldman Sachs.

The Securities and Exchange Commission on Friday filed suit against Goldman Sachs, alleging the bank sold mortgage securities secretly selected by a hedge fund manager who was betting heavily against the housing market.

McConnell, the Senate minority leader, said Obama was trying to "politicize the issue," to bolster support for Sen. Christopher Dodd's financial reform bill. Just before the SEC charges were made public, McConnell said he had gathered 41 Republican signatures on a letter in attempt to block the bill from reaching the Senate floor, The New York Times reported Sunday.

Crisis-ridden Greece may take help from IMF

Thu, 03/18/2010 - 15:16 by Ishita Sood

One of the few countries going through debt crisis, Greece may now seek funding from IMF in case its EU partners do not give it “clear support” in the coming week.

Wells Fargo CEO receives $18.7mn compensation for 2009

Thu, 03/04/2010 - 15:51 by Ishita Sood

Wells Fargo CEO John Stumpf received a compensation of $18.7 million for 2009, according to a filing with the Securities and Exchange Commission.

Cash for Clunkers Boosts Q3 GDP Growth

Wed, 12/23/2009 - 13:27 by Ishita Sood

The third quarter GDP result is out, and even though figures are not that impressive, they are definitely positive compared to the previous four negative quarters.

GDP growth in the third quarter stands at 2.2 percent, to which the maximum contribution came from the Cash for Clunkers program.

Also known as the Car Allowance Rebate System, the Cash for Clunkers is a $3 billion federal program given to the U.S. residents for purchase of new and efficient vehicles.