January 11, 2011 at 9:27 am
Goldman Sachs has released a report which sets force changes in the way it will do business. Law professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, sees the changes as a positive move. “Goldman’s plan to take the creation of structured financial products out of the hands of traders and [...]
On the heels of Congressional hearings in which e-mails from Goldman Sachs traders told of “sh***y deals” being offered to customers, the Wall Street bank has now banned profanity in company e-mail correspondence. School of Management master lecturer Mark Williams, a former Federal Reserve Bank examiner and author of “Uncontrolled Risk” about the fall of [...]
The Congressionally appointed Financial Crisis Inquiry Commission exploring the 2008 crash questioned executives from Goldman Sachs, the world’s most profitable bank, about how much it makes trading derivatives — those complex financial bets that helped bring down the economy. Goldman Chief Financial Officer David Viniar said they had no way of determining its derivatives data [...]
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Tagged 2008 Crash, BU SMG, Congress, David Viniar, derivatives, economic downturn, FCIC, Federal Reserve, Federal Reserve Bank Examiner, Financial Crisis Inquiry Commission, Goldman Chief Financial Officer, Goldman Sachs, Lehman Brothers, Mark Williams, School of Management, Uncontrolled Risk, US Congress
Wall Street investment bank Morgan Stanley reportedly is being investigated by federal authorities to see if it misled investors about mortage-derivatives deals it helped design and sometimes bet against. This is on the heels of the Securities and Exchange Commission charging Goldman Sachs with securities fraud involving similar collateralized debt obligations or CDOs. Law Professor [...]
On the heels of allegations that Goldman Sachs took advantage of clients during the mortgage-market collapse, Congress reportedly is considering new legal standards for investment banks when they deal with customers. Law Professor Tamar Frankel, an authority on securities law and author of “Trust and Honesty: America’s Business Culture at a Crossroad,” says slapping fiduciary [...]
April 30, 2010 at 3:31 pm
Beleagured Wall Street giant Goldman Sachs, already sued by the SEC on securites-fraud civil charges, reportedly is now being investigated by the Department of Justice for possible criminal charges. Law Professor Elizabeth Nowicki, both a former SEC attorney and Wall Street lawyer, called the revelations stunning. “This is not a usual occurrence at all, and it is [...]
April 27, 2010 at 4:01 pm
With senators in a confrontational mood, top executives from Goldman Sachs testified that while the investment-banking industry made mistakes, they personally did nothing wrong and rejected responsibility for the housing bust that plunged the nation into financial crisis. Law Professor Elizabeth Nowicki, a former SEC lawyer and Wall Street attorney, says the world’s largest investment [...]
April 21, 2010 at 12:23 pm
On the heels of the SEC suing Goldman Sachs for fraud, key Senate Republicans are easing up on earlier harsh criticism of financial regulatory reform bills offered by the Democrats. Political science Professor Graham Wilson, author of “Only in America? American Politics in Comparative Perspective,” says the shift makes political sense. “The political costs of [...]
April 16, 2010 at 1:59 pm
The SEC alleges Goldman Sachs defrauded investors by marketing an investment backed by sub-prime loans without telling them that a big hedge fund was on the other side betting that it would fail — which it did. Law Professors Cornelius Hurley, a former counsel to the Fed Board of Governors, and Elizabeth Nowicki, a former SEC [...]
April 15, 2010 at 11:05 am
Widening the insider-trading probe involving Galleon hedge-fund founder Raj Rajaratnam, federal prosecutors reportedly now are examining if a Goldman Sachs board member gave inside information about the Wall Street firm during the height of the financial crisis. Law Professor Tamar Frankel, an authority on securities law and author of “Trust and Honesty: America’s Business Culture [...]
