Goldman Sachs

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Treasury to Let 10 Banks Repay $68B in TARP Loans

(Newser) - The Treasury Department has given 10 banks—including Goldman Sachs, JP Morgan, American Express, and Capital One—permission to repay their TARP loans, the Wall Street Journal reports. The government will recoup $68 billion faster than anticipated, but the money won’t go back into the public coffers; Tim Geithner...

Three Big Banks Apply to Repay TARP Funds

Goldman, JPMorgan, Morgan Stanley want out of pay restrictions

(Newser) - Goldman Sachs, JPMorgan Chase, and Morgan Stanley have applied to repay a combined $45 billion of TARP funds, Bloomberg reports. The three banking giants must receive permission from the Fed before returning the money. The repayments would be the most substantial since Congress established the $700 billion program, and will...

NY Fed Chair Quits Over Goldman Ties

Friedman upped stake in bank after it fell under Fed supervision

(Newser) - The chairman of the Federal Reserve Bank of New York has abruptly stepped down amid criticism of his ties to Goldman Sachs, the Wall Street Journal reports. Stephen Friedman, who increased his holdings in Goldman after it became a bank holding company under Fed supervision, denied acting improperly. But he...

Stress-Tested Banks Need Just $100B

Investors find causes for optimism in capitalization news

(Newser) - Leaked results of the stress tests on America's biggest banks separate sufficiently capitalized banks—including JPMorgan Chase, MetLife, AmEx, and Goldman Sachs—from underfunded ones such as BofA, Wells Fargo, and Citi. Bank shares rose sharply yesterday and today, and some investors said the results were better than they feared....

At NY Fed, Geithner Got Cozy With Wall Street

Geithner's cozy history with the high finance club draws critics' ire

(Newser) - While some feel Treasury Secretary Timothy Geithner has been an aggressive steward of the public trust, some critics point to his days as New York Fed president as proof he’s too cozy with the very banks that crippled the financial system. The New York Times investigates his tenure there,...

Bankers Leave Street in Rear View; Head for Academia

Execs take teaching jobs amid crisis

(Newser) - With the financial tornado buffeting Wall Street, some of its leading figures are ditching their careers for work in academia, Time reports. Merrill Lynch’s former president is teaching at Yale; Citigroup’s former merger boss headed to Berkeley; a onetime Goldman Sachs exec is now at Harvard. “It’...

Geithner Puts Brakes on Bank Repayments

Treasury sec reluctant to free Goldman, others from constraints

(Newser) - Tim Geithner is warning Wall Street that he will consider more than banks' individual financial fitness when deciding whether they can pay back bailout funds—and escape from the strings attached to them. In an interview with the Wall Street Journal, the Treasury secretary says that the whole banking system,...

Banks Push Dow Down 290, Below 8,000
 Banks Push Dow Down 290, 
 Below 8,000 
MARKETS
Apr 20, 2009 3:25 PM CDT

Banks Push Dow Down 290, Below 8,000

Dow falls 289 on financial uncertainty

(Newser) - Stocks saw deep declines today as uneasiness over banking spilled into the broader market, the Wall Street Journal reports. Bank of America slid 22% on word of growing losses in its credit-card unit. Goldman Sachs, Citigroup and JPMorgan Chase also fell on reports of a Treasury move that may dilute...

Bailed-Out Banks Don't Want to Bail Out Chrysler

Lawmakers say rescued banks should cooperate in auto rescue plan

(Newser) - Auto task force Steven Rattner's request that four big banks write off their $7 billion debt to Chrysler in return for nothing met with a big no from dropped jaws, reports the Washington Post. JPMorgan Chase, Morgan Stanley, Citigroup, and Goldman Sachs are seeking a better deal, but critics argue...

Citing Too-Low Prices, Banks Won't Sell Toxic Assets

Stress test an Obama weapon

(Newser) - Banks are proving so reluctant to part with their so-called “toxic assets” that the Obama administration may have to strong-arm them into doing so, Time reports. Banks are protesting that the prices being offered—about $70 per $100 bond by the magazine’s calculations—are too low. That’s...

Skirting Bailout Rules, Banks Send Foreign Hires Abroad

(Newser) - Banks who have taken TARP funds from the government are getting creative about the immigration restrictions that come with the bailout, the Wall Street Journal reports. Financial institutions relying on government assistance cannot hire foreign workers unless they prove that they have exhausted the supply of native talent. So they’...

Goldman Back on Top, Thanks to Uncle Sam
Goldman Back on Top, Thanks to Uncle Sam
OPINION
Apr 15, 2009 8:15 AM CDT

Goldman Back on Top, Thanks to Uncle Sam

Competitors killed off, AIG conveniently saved, bank rakes in profits

(Newser) - Goldman Sachs reported a $1.8 billion profit yesterday, and it owes it all to its helpful Uncle Sam, writes William Cohan in the New York Times. “Government Sachs,” as it’s come to be known, has been pulling Washington’s strings for years, and now its competitors...

Stocks Slump on Retail Data
 Stocks Slump on Retail Data 
MARKET Open
Apr 14, 2009 8:48 AM CDT

Stocks Slump on Retail Data

(Newser) - Stocks fell at the open today, as a surprisingly bad retail report overshadowed a strong quarter from Goldman Sachs. The Dow fell 55 points, while the S&P and Nasdaq slid 4.3 and 14.1 points respectively. Retail sales fell 1.1% last month, while inflation fell faster than...

$1.8B Goldman Sachs Profit Shocks Wall St.

Bank plans $5B stock offering to start repaying TARP loan

(Newser) - Goldman Sachs shocked analysts today by announcing a $1.81 billion profit for the first quarter of 2009, the Wall Street Journal reports. “Given the difficult market conditions, we are pleased,” CEO Lloyd Blankfein said. Goldman also announced plans for a $5 billion stock offering that would help...

Brain Drain Wallops Wall Street
 Brain Drain Wallops Wall Street 
Apr 12, 2009 3:16 PM CDT

Brain Drain Wallops Wall Street

It's not just the firings: others are leaving for safer jobs

(Newser) - The financial crisis is reshaping not just the landscape of Wall Street, but its face as well, reports the New York Times in a look at the hemorrhaging of the Street's top talent. Layoffs aside, finance's best and brightest—arguably the same daring risk-takers responsible for the recession—are seizing...

Goldman Mulls Stock Offering to Repay Feds

Hopes to repay $10B government loan

(Newser) - Hoping to pay off a $10 billion government loan, Goldman Sachs may take advantage of a rising market to make a multibillion-dollar new stock offering, the Wall Street Journal reports. Employees, investors, and executives all like the idea of cutting the government’s role in the firm, which has held...

Obama Will Meet With Top Bank Execs

(Newser) - Amid growing dissatisfaction with government restrictions on bailout funds, President Obama will meet with bank CEOs on Friday, Reuters reports. Several banks have indicated that they will repay their TARP loans to avoid new government rules. In the meeting with execs from Citigroup, Goldman Sachs and others, Obama will urge...

Geithner Aide Lobbied for CEO Bonuses

(Newser) - The Treasury's new chief of staff once fought for the very executive bonuses Washington is trying to curb. When working for Goldman Sachs, Mark Patterson lobbied against a 2007 bill supported by Barack Obama to help limit Wall Street payouts. The initiative died in Senate committee. "Whatever Patterson had...

Fed Nearly Exhausts Options
 Fed Nearly 
 Exhausts Options  
Analysis
Mar 18, 2009 8:53 AM CDT

Fed Nearly Exhausts Options

With rates at 0%, politically unsavory buying program only tool left

(Newser) - The Fed is almost sure to leave the federal funds rate alone today, mostly because, at about 0%, it literally can’t go any lower. So with deflation still looming, what’s Ben Bernanke to do? One Goldman Sachs analyst says the Fed needs to shave the equivalent of 8...

AIG's Bailout Cash Flowing to Hedge Funds

$52B has paid off those who bet against the housing market

(Newser) - The government cash flowing steadily into AIG is going in no small part to pay off hedge funds that bet against the housing market, the Wall Street Journal reports. The hedge funds placed credit default swap bets with other banks—Deutsche Bank and Goldman Sachs are specifically named in documents...

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