Goldman Sachs & the AIG Contracts

Ratigan, Spitzer and Greenwald speak truth to power and about how Goldman Sachs made out like bandits. Anybody in the Obama administration listening?

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Goldman Sachs Links and News - October 29, 2009

Did NY Fed Engineer Sweetheart Deal for AIG Debt Holders?
The New American
While the full story of the secretive backroom deals cut by the New York Fed with the likes of Goldman-Sachs, France's Société Générale, and Germany's ...

Wells Fargo (NYSE: WFC) and Goldman Sachs (NYSE: GS) See Protesters on Monday
American Banking News
The protests began in the morning outside the offices of Goldman Sachs, where protesters demanded to see CEO Lloyd Blankfein, but instead settled for ...

Goldman Sachs (NYSE:GS) Economist Says Home Prices Could Plunge 10% in 2010
American Banking News
Several economists at Goldman Sachs (NYSE:GS) say that home prices in 2010 could plunge by up to 10 percent by mid-2010, and over the next several years ...

Goldman Sachs (NYSE: GS), Wells Fargo (NYSE: WFC) Picketed at ...
By Gary
Stirred up by union activists in Chicago, protesters picketed the offices of Goldman Sachs (NYSE: GS) and Wells Fargo (NYSE: WFC), and then went to the Sheraton.

Loans Goldman bought didn't get much scrutiny
KFSM
Goldman Sachs Group got into the residential mortgage business in 1984, and for 17 years, it ran a staid operation that simply bought and sold loans. ...

Protesting against Lloyd Blankfein and Goldman Sachs over Stella d ...
By Justin Fox
This was the scene in front of Goldman Sachs CEO Lloyd Blankfein's apartment building Sunday, as photographed by TIME's Deirdre van Dyk (who came across it after running a race in Central Park).

Everything Warren Buffett: BBC: Buffett on Goldman Sachs deal
By Darren Rickard
When the market was fearful last September, Mr Buffett was greedy, putting $5bn (£3bn) into the investment bank Goldman Sachs on favourable terms. He says he was only able to negotiate the deal because not many people had $5bn to hand ...

Goldman Blasted For Sucking On Lehman's Corpse
By Joe Weisenthal
Goldman's looking for $2.5 billion from bankrupt Lehman, but at one point it said its exposure was negligible.

Whitney Tilson: We Need To Break Up Goldman Sachs
By Henry Blodget
Whitney's answer to the Goldman problem, Wall Street reform, and the TARP pay cuts.

What Bill Belichick Can Teach Goldman Sachs
Wall Street Journal (blog)
In short, the New England Patriots, like Goldman Sachs, is a team that a lot of people love to hate and probably often will. It is one of the tradeoffs that ...

Capmark Financial files for bankruptcy: reports
MarketWatch
A group of funds -- composed of Kohlberg Kravis Roberts & Co, Goldman Sachs Group's (NYSE:GS) Goldman Sachs Capital Partners and Five Mile Capital -- owned ...

Choose anyone but Corzine
Dailyrecord.com
The only problem: He meant he'd run it like Goldman Sachs — Corzine's former fiefdom where the Golden Rule is to enrich the insiders. ...

Are Goldman Sachs 'Special' Clients Front Runners?

My guess is that this is going to make those clients of Goldman Sachs who didn't get that inside info very mad. It sure seems like Goldman is screwing some clients for the benefit of others. I wonder how many of those clients that are getting screwed are pension funds that don't give a damn about the funds (or the soon-to-be retirees) and are there just to collect the fees? How many other hedge funds are out there paying for 'special' service? This may be much ado about nothing but at this point, I am not about to give them the benefit of the doubt on anything.

Late last night the Financial Times broke the news that the hedge fund firm Galleon Group paid $250 million to its Wall Street banks last year in return for received market information that other investors did not get.

Those banks need to come forward immediately and explain what information they were selling to Galleon

The FT's report didn't specify which banks provided the information but noted that Morgan Stanley and Goldman Sachs were Galleon's top providers of hedge fund services and prime brokerage. Both declined to comment on the story. But the allegations are so explosive that both firms are going to have to start talking.

The problem is that Galleon allegedly got more than just "market color" or advanced looks at analyst views through market "huddles." The firm was known for pushing its contacts at banks for hints about big buy and sell orders. If either Goldman or Morgan Stanley were supplying this, it sounds like they were allowing the fund to front-run their other clients.

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