April 17, 2010 |
There comes a point in every man-made disaster when the guilty parties are identified and brought to book. That way the victims can at least snatch from the wreckage some confidence that lessons have been learned and mistakes recognized. If Friday's federal fraud lawsuit against Goldman, Sachs & Co. over its role in the subprime mortgage meltdown signals the start of that process, all we can say is: Finally . Goldman, like other big Wall Street banks, has taken the position that the crisis was something of a natural disaster.
April 29, 2010 |
The U.S. attorney's office in New York is conducting a criminal investigation of Goldman Sachs & Co. over mortgage securities deals the big Wall Street firm arranged, according to the Associated Press, citing an unnamed person knowledgeable of the investigation. The person said the inquiry stems from a criminal referral by the Securities and Exchange Commission. The source spoke Thursday on condition of anonymity because the investigation is in a preliminary phase. News of the action came a day after a group of 62 House lawmakers, including Judiciary Committee Chairman John Conyers Jr. (D-Mich.
April 17, 2010 |
Federal regulators accused powerhouse Goldman, Sachs & Co. of fraud Friday for peddling tainted mortgage investments, a move that could lead to more lawsuits against major banks. The civil complaint filed by the Securities and Exchange Commission against the investment bank sent shudders through Wall Street as investors also girded for heavier regulation under proposed legislation in Congress. The suit bolsters the hand of the Obama administration, which has struggled to overcome Republican opposition to proposals for overhauling financial regulations.
October 13, 1986
Hiroshi Mineoka, senior managing director of Sumitomo Bank, told a Federal Reserve Board hearing that "any business between the parties will be at arm's length." The Fed is conducting the hearing to determine if Sumitomo's bid to buy a 12.5% stake in Goldman, Sachs & Co. is in line with regulatory requirements. Executives of both firms said Sumitomo's interest would not give the firm any control over Goldman Sachs.
May 4, 2013
Mark Tercek had some horribly awkward moments after he left Goldman Sachs to run a U.S. environmental charity, the Nature Conservancy. At one of his first big staff meetings, he committed a total eco no-no by drinking from a plastic water bottle. When he got to work the next day, his new colleagues had left him a batch of reusable Klean Kanteen bottles. At about the same time, he went to a big event packed with luminaries in the environmental field and found himself face to face with Russell Train, founding director of the World Wildlife Fund in the U.S. "Who are you?"
June 9, 1985
Metropolitan Life Insurance Co. has purchased the 1-million-square-foot New York headquarters building of Goldman Sachs & Co. for $310 million in cash. Under a long-term lease, Goldman Sachs will continue to occupy and manage the building, which was opened in 1983 at 85 Broad St. in the financial district. It was built on the site of the first New Amsterdam city hall, built as an inn by the Dutch East India Co. in 1641.
December 22, 1999 |
Goldman Sachs Group Inc. reported better-than-expected profit from operations of $756 million, or $1.54 a share, for the fourth quarter on gains in investment banking, a turnaround from last year's loss. In the year-ago period, when the company was still privately held, Goldman Sachs reported a loss of $8 million, 2 cents a share, partly because of losses from bond trading. The latest results beat the $1.25-a-share average forecast of 13 analysts compiled by First Call Corp.
October 22, 2012 |
Greg Smith appeared on "60 Minutes" on Sunday, stirring serious interest in his book "Why I Quit Goldman Sachs," which publishes today. Smith scored a book deal after writing an explosive New York Times op-ed after leaving the company. Smith spent 12 years at Goldman Sachs, starting as an intern and working his way up to a position as a vice president. "Why I Quit Goldman Sachs" is an indictment of the investment firm's corporate culture, which, in the end, Smith found intolerable.
July 7, 2007 |
The FBI is investigating anonymous mailed threats against the Goldman Sachs investment firm but does not consider the warnings to be of high credibility, an investigator said in New York. The letters, handwritten in red ink on loose-leaf paper and signed "A.Q.U.S.A.," were mailed to 20 newspapers, authorities said. The letters contained the warning: "Hundreds will die. We are inside. You cannot stop us."
August 10, 2012 |
WASHINGTON - The Justice Department said it would not pursue criminal charges against Goldman Sachs Group Inc. or its employees related to allegations by a Senate panel that the bank deceived investors and Congress about its activities in the subprime mortgage market. After an “exhaustive review” that began last year, investigators “concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,” the Justice Department said in a statement released Thursday night. The officials said they could change their minds “if any additional or new evidence emerges.” The investigation by officials from the Justice Department's Criminal Division, the U.S. attorney's office for the southern district of New York, the FBI and other agencies began after a scathing report regarding Goldman was issued in April 2011 by the Senate's Permanent Subcommittee on Investigations.