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Goldman Sachs

NEWS
By Peter Morici | January 12, 2010
G oldman 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.
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BUSINESS
By Jay Hancock and Jay Hancock,jay.hancock@baltsun.com | October 16, 2009
It's the end of the world as we know it, and the Dow Jones average feels fine. So do Goldman Sachs, JPMorgan Chase and much of the rest of Wall Street. American International Group has a few sniffles, but nothing that the $198 million in bonuses employees stand to collect won't assuage. The fortunes of Wall Street have never been a precise indicator of national welfare. But tell me the last time the gorge between plutocrats and ordinary Americans was this wide. Unemployment is 9.8 percent.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | July 23, 2009
Legg Mason star money manager Bill Miller believes the "worst has passed" in the stock market and the economy, and predicted that technology and financial stocks should continue to perform well in a recovery. In a quarterly letter to investors of his flagship Value Trust mutual fund released Wednesday, Miller said market performance in the second quarter was a break from the financial collapse that began when Lehman Brothers failed last fall. The Standard & Poor's 500 Index rose nearly 16 percent in the three months ending June 30, while his fund gained 29 percent, reversing two years of dismal performance.
BUSINESS
July 15, 2009
Goldman Sachs posts record quarterly profit WASHINGTON - Goldman Sachs Tuesday reported the largest quarterly profit in its history as a public company, $3.44 billion between April and June, as the decimation of its Wall Street rivals allowed the investment bank to romp across the financial landscape, buying low and selling high. The New York firm is only months removed from a federal rescue that included emergency approval to become a bank holding company, $10 billion in direct federal aid and help borrowing billions more to finance its operations.
NEWS
By Ron Smith | May 8, 2009
Here's something to keep an eye on: If Congress and the Justice Department don't thoroughly investigate how Goldman Sachs has managed to turn chicken stuff into chicken salad in the midst of the credit meltdown that savaged some of its competitors, well, we'll know the fix is in. If I were a betting man (and I am), I'd give you long odds on that happening and be very confident of winning the wager. Last month in The New York Times, William D. Cohan laid out the suspicious circumstances surrounding the rapid recovery of what some wags call "Government Sachs" from the ravages of the subprime collapse to an "unexpected" first-quarter profit of $1.8 billion.
NEWS
By Ron Smith | March 20, 2009
The latest craze sweeping America is to express outrage over those employee bonuses paid out by ailing insurance giant AIG. Rep. Barney Frank wants to fire some AIG executives; Sen. Charles E. Grassley said the recipients of tens of millions of dollars in performance bonuses should "resign or go commit suicide." He later "explained" his remark as being mere rhetoric. Sens. Christopher J. Dodd and Charles E. Schumer, both big-time beneficiaries of Wall Street campaign contribution largesse in recent years, are demonstrating their eagerness to distance themselves from their contributors by suggesting if the AIG execs don't return their bonus money, they should have it returned to the American people - who now own 80 percent or so of the company - through special confiscatory taxes.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | January 21, 2009
Baltimore-based Constellation Energy Group said yesterday that it has agreed to sell most of its London-based commodities business as it continues to divest itself or wind down much of the operation that was the source of its credit troubles. Terms of the deal with an affiliate of Goldman Sachs were not disclosed. The international unit - including its coal and freight operations and European trading units - has 120 employees, nearly all based in London. Constellation is shoring up its finances and reducing its liquidity risk, while it focuses more on its traditional energy business after facing down a near bankruptcy late last year.
BUSINESS
By Gail MarksJarvis and Gail MarksJarvis,Chicago Tribune | December 28, 2008
Good riddance. When the clock strikes midnight this New Year's Eve, many will be happy to give a goodbye kiss to one of the worst years in stock market history. The trouble is that the start of 2009 doesn't look as though it will deliver much relief. As Wall Street investment strategists issue outlooks for next year, they are describing the early 2009 economy with such terms as "horrible," "awful" and "dismal," words you rarely see from individuals who tend to be optimists. They see consumers in trouble with debt and job losses, businesses struggling to borrow money and hold onto customers, and cities, counties and states trying to do more with less as pressures on consumers and businesses reduce local tax revenue.
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