Stock Picks: Goldman Sachs is in a class above the rest
By Ian Shaffer - The Gazette
Following the 2008 financial crisis and the bankruptcy of Lehman Brothers, Goldman converted from an investment bank into a bank holding company in order to gain access to capital from the U.S. Federal Reserve. As a result, the company was required to limit the amount of leverage used on its balance sheet. This provision helped reduce the company’s risk profile, especially during the severe economic recession.
Shortly thereafter, Goldman received an important vote of confidence from famed investor Warren Buffett. Buffett’s company, Berkshire Hathaway (NYSE: BRK.A/BRK.B), invested $5 billion in Goldman at a critical moment in time. By taking a stake in the company while many of its competitors were struggling to survive, Buffett helped bolster investment sentiment regarding Goldman’s long-term prospects.
Today, Goldman Sachs is once again a leading financial services institution. The firm generates revenue and income from four main divisions, including Investment Banking, Institutional Client Services, Investing and Lending, and Investment Management. Institutional Client Services accounted for 55 per cent of the company’s earnings in 2012 and is the company’s largest division.
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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage". In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia
Wednesday, January 9, 2013
There has been a lot of forgetting and re-writing of Goldman Sachs history. A real gem can be found here. The following three paragraphs excerpted below is a case in point. These three paragraphs have been re-written the way it should read if Goldman's true worth were stated. All the re-written parts are bracketed and in red.