Moral Outrage
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Posts Tagged ‘Goldman Sachs

Goldman Sachs disdain for its clients

March 14, 2012

An executive resigning from Goldman Sachs, the powerful investment bank, said in a blistering essay that the company had lost its “moral fiber” and said managing directors there referred to clients as “muppets.” Greg Smith, an executive director at Goldman, said the company needs to “weed out the morally bankrupt people” and suggested the erosion […]

US stock market rigged

December 9, 2011

The stock market is rigged. Under former Treasury Secretary Hank Paulson, confidential government information was regularly leaked to select people on Wall Street. The Post got hold of Paulson’s telephone records back in 2009. And the phone logs show that Paulson, the former head of Goldman Sachs, regularly spoke with influential people on Wall Street […]

JPMorgan, Goldman Sachs and other banks non-transparency on credit derivatives

November 22, 2011

JPMorgan Chase & Co. and Goldman Sachs Group Inc., among the world’s biggest traders of credit derivatives, disclosed to shareholders that they have sold protection on more than $5 trillion of debt globally. Just don’t ask them how much of that was issued by Greece, Italy, Ireland, Portugal and Spain, known as the GIIPS. As […]

Same Big Banks which got bailout skipped out on taxes

November 7, 2011

Five banks that received federal bailout funds during the financial crisis didn’t pay income taxes for one or more years between 2008 and 2010, according to an iWatch News analysis of a new study of tax dodgers. All five financial institutions named were profitable, but still received funds in the form of stock purchases from […]

Lockerbie Libyan Oil Money and Goldman Sachs

June 20, 2011

Most of us probably remember, vaguely, that Libya’s role in the Lockerbie bombing is an established fact. If so, we’re off base. Let’s start with this 2001 BBC report, following the conviction of Megrahi, a Libyan intelligence officer: “Robert Black, the Scottish law professor who devised the format of the Netherlands-based trial, was quoted on […]

Federal subsidy renovates luxury hotel in Chicago

February 15, 2011

The landmark Blackstone Hotel in downtown Chicago, which has hosted 12 U.S. presidents, opened in 2008 after a two-year, $116 million renovation. Inside the Beaux Arts structure, buffed marble staircases greet guests spending up to $699 a night for rooms with views of Lake Michigan. What’s surprising isn’t the opulent makeover: It’s how the project […]

Wall Street and its 10 most ridiculous lies of 2010

December 31, 2010

1.”Honest, we didn’t do it!” Sadly, their blame-shifting strategy worked, bamboozling the media and people across the political spectrum. Crooks? Morons? Take your pick. 2.”The overall costs will be incredibly small in comparison to almost any experience we can look at in the United States or around the world.” Ever since Treasury Secretary Timothy Geithner […]

Corporate sponsorship the reason Obama has let us all down

November 1, 2010

Rober D. Hodge writes in his excellent new book ‘The Mendacity of Hope’, “Obama is judged not as a man but as a fable, a tale of moral uplift that redeems the sins of America’s shameful past,” our longing for him to be Martin Luther King reborn. It is not primary a question of individual […]

The Economic Recovery is not recovering

August 13, 2010

Does anyone ever learn from history, or care about how communities are being destroyed as a financial crisis becomes a social crisis at the grass roots level? Congress slashes funding for food stamps so the unemployed and poor –some 41 million people who rely on them– will have to cut back further. All the talk […]

Justice Department opens Goldman Sachs criminal investigation

May 1, 2010

The Justice Department has opened a criminal investigation into possible securities fraud in mortgage trading at Goldman Sachs, law enforcement sources said Friday. The U.S. attorney’s office in Manhattan and the FBI are conducting the probe, which sources said has been underway for weeks. The sources, who spoke on the condition of anonymity because the […]