Goldman Sachs

As someone who had some great relationships with some elected Republican officials, it saddens me to finally realize that the Republican Party in this nation has been taken over by nut jobs. This realization hasn't occurred because of some rantings by some fringe person who might be a member of some fringe group. It comes after a decision by ostensibly the leadership of the national party. That being the leadership of the US Senate. You see there are five members of the Securities and Exchange Commission.

Some years back, I found a letter in my mailbox at The Sun addressed to Jeanne Moreau, the iconic French actress of the 1950s and '60s, in Paris - a rather glamorous and mysterious missive, given that the bulk of my correspondence tends to come from PR people or prisoners. But the international intrigue was short-lived. It was just a returned letter, popped by the mail guy into my slot (only in the newsroom is Jean Marbella the closest thing to Jeanne Moreau) rather than into the slot of the person who actually sent the letter.

I watched a large portion of yesterdays special Senate hearings into Goldman Sachs role in the recent financial collapse. I came away with the feeling that the country might be better served if it was run by the Goldman folks rather than by the buffons running the hearing. It was apparent from the start that the committee members were practically drooling to get into the faces of the Goldman reps. It was also apparent that,other than Sen. Colburn, they knew practically nothing about how a firm like Goldman Sachs operates.

Greg Smiith, a former executive with Goldman Sachs, became a hero yesterday to workers worldwide, as well as to everyone fed up with fat-cat bankers. His resignation, published in an op-ed in the New York Times, explained that he was leaving the banking giant after nearly 12 years because it lost its way in a big way: “I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work. When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm's culture on their watch.

Greg Smiith, a former executive with Goldman Sachs, became a hero yesterday to workers worldwide, as well as to everyone fed up with fat-cat bankers. His resignation, published in an op-ed in the New York Times, explained that he was leaving the banking giant after nearly 12 years because it lost its way in a big way: “I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work. When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm's culture on their watch.

What a moronic editorial ("The devil wears tailored suits," April 29). Unsupported invective and innuendo combined with a total lack of understanding of the issues. Lloyd Blankfein is smart, and that is why he won't be writing any checks to the Securities and Exchange Commission, which will be wasting even more of the taxpayers' money than the Congressional gasbags have already wasted. It was painfully obvious that half of the questioners were reading questions written by others — questions that they themselves didn't even understand (See: Sen. McCain)

Warren Buffett to the rescue: His Berkshire Hathaway Inc. agreed yesterday to invest $5 billion in Goldman Sachs Group by way of a purchase of preferred stock. Berkshire also will get warrants to buy up to $5 billion of Goldman common shares. The deal, announced after markets closed, amounts to a huge vote of confidence by Buffett in Goldman, at a time when investors remain spooked about the future of the investment banking business. "Goldman Sachs is an exceptional institution," Buffett said in a statement.

NEW YORK - The investment bank Goldman Sachs, the firm that has looked the best throughout the credit crisis, reported a profit yesterday that was 70 percent less than a year ago, as executives tried to rebut notions that their firm's business model might be broken. Goldman's profit of $845 million, or $1.81 a share, in the third quarter compared with a profit a year earlier of $2.81 billion, or $6.13 a share. The results, while in the black, showed that even the strongest on Wall Street are having a tough time making money.

Preston Corp., the Eastern Shore-based owner of Preston Trucking, said yesterday that it had hired Goldman Sachs & Co. to help it consider reshaping the way it does business.The New York investment company will have several months to study Preston and suggest ways of improving its financial return to stockholders, Preston Chairman William B. Potter said yesterday.Mr. Potter said Preston, which is publicly traded, decided to rethink its operations because of a string of losses.In the first six months of 1992, Preston lost about $3 million.

Ailing Internet service provider PSINet Inc. said yesterday that it retained Wall Street powerhouse Goldman, Sachs & Co. to help it explore alternatives, including a possible sale of all or part of the money-losing company. PSINet said its board of directors formed a committee - chaired by board member Ralph J. Swett - to review options and coordinate its efforts with Goldman Sachs. Trading of the company's stock was halted for 40 minutes on the Nasdaq yesterday while the company disseminated that news.

The phrase "too big to fail" has become a watchword since the Great Recession struck and our government leaped into action with its notorious TARP bailout, now totaling $3.7 trillion. Goldman Sachs is in that category; so are insurance giant AIG and General (now Government) Motors. Lehmann Bros. was allowed to fail, being the unwanted stepchild of Wall Street. But that's another story. The one I want to mention again here is about something "too big not to fail." And that is, sorry to say, our very own federal government.

As someone who had some great relationships with some elected Republican officials, it saddens me to finally realize that the Republican Party in this nation has been taken over by nut jobs. This realization hasn't occurred because of some rantings by some fringe person who might be a member of some fringe group. It comes after a decision by ostensibly the leadership of the national party. That being the leadership of the US Senate. You see there are five members of the Securities and Exchange Commission.

What a moronic editorial ("The devil wears tailored suits," April 29). Unsupported invective and innuendo combined with a total lack of understanding of the issues. Lloyd Blankfein is smart, and that is why he won't be writing any checks to the Securities and Exchange Commission, which will be wasting even more of the taxpayers' money than the Congressional gasbags have already wasted. It was painfully obvious that half of the questioners were reading questions written by others — questions that they themselves didn't even understand (See: Sen. McCain)

I watched a large portion of yesterdays special Senate hearings into Goldman Sachs role in the recent financial collapse. I came away with the feeling that the country might be better served if it was run by the Goldman folks rather than by the buffons running the hearing. It was apparent from the start that the committee members were practically drooling to get into the faces of the Goldman reps. It was also apparent that,other than Sen. Colburn, they knew practically nothing about how a firm like Goldman Sachs operates.

When I called Senator Carl Levin's office yesterday to complain about his off color language, I was treated very rudely by the woman who answered. She dismissed my complaint and said that I was missing the "bigger point." The insolence of her demeanor raised my ire as I tried to explain that I was not missing anything, but this staffer wanted to deflect the reason for my call and refused to apologize for the Senator's poor choice of vocabulary. Next, I called my Senators, Mikulski and Cardin, and asked them to condemn Senator Levin for his inappropriate language, but I'm still waiting.

Since his February 2009 high-water mark of nearly 80 percent, President Barack Obama has seen his approval ratings drop about 30 points. If approval ratings are the primary currency of a president's political capital, that's a lot of money down the drain. Strip away any effects from how he handled two inherited wars, or culture war issues like abortion, and what largely accounts for Mr. Obama's changing fortunes are his actions on one policy and his inaction on another. The action came hot and heavy, if slow and unsteady, on health care reform.

NEW YORK - Strong Financial Corp., whose founder quit Tuesday as chairman and chief executive officer amid a regulatory investigation of alleged improper mutual fund trading, has hired Goldman Sachs Group Inc. to sell the company, people familiar with the situation said. Richard S. Strong, who founded the firm in 1974, said Tuesday that he would divest himself of voting control of Strong Financial. He owns at least 85 percent of the company, which is based in Menomonee Falls, Wis. Investment banker Kenneth J. Wessels was named to replace Strong as chairman and chief executive officer.

NEW YORK - Goldman Sachs Group Inc. agreed yesterday to pay $2 million to settle U.S. regulators' allegations that it improperly tried to spur interest in four Asian share sales, including one in which it told investors to "TAKE A GOOOOOOOD LOOK" at PetroChina Co. The Securities and Exchange Commission claimed that Goldman, the No. 3 securities firm, sent e-mail to investors with details of PetroChina's $2.9 billion sale before the initial public offering...

Goldman Sachs, JPMorgan Chase and other big Wall Street banks are awarding multimillion-dollar bonuses to the same financiers who pushed the nation to the brink of financial ruin. President Barack Obama voices outrage, but he fails to take the actions available to him to stem the abuse. Wall Street has kept its mischief legal by salting the pockets of politicians running for Congress and president and by making certain that key policymakers at Treasury and the Federal Reserve are faithful Goldman Sachs alumni.