Goldman Sachs // Current TV

Economy Takes Bite Out of Apple

The formerly invincible Apple may have finally met its match—the recession. Last... more

AcaiHelios
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Goldman Sachs ready to hand out £7BILLION salary and bonus package... after its £6bn bail-out

Goldman Sachs is on course to pay its top City bankers multimillion-pound bonuses -... more

toshiba
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Foreclosed Mother Keeps Home... For Now

ANP: The morning her house was to be auctioned off Voltaire woke up to donations and... more

Vierotchka
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Freddie Mac, AIG, JPMorgan Helped Stage Republican Convention

Freddie Mac and American International Group Inc., two companies bailed out by the U.S. government as the financial crisis unfolded, each contributed $250,000 for last month's Republican National Convention, Federal Election Commission filings show.

The money went to the local host committee for the convention in St. Paul, Minnesota, which raised $50 million. The committees can accept unlimited amounts from corporations, unions and individuals. While the donors' names were posted on the committee's Web site, the amounts they gave were not released until the FEC reports. The host committee for the Democratic National Convention in Denver has yet to file.

The U.S. government took over McLean, Virginia-based Freddie and Washington-based Fannie Mae last month, saying that a rise in mortgage defaults threatened the two companies. That same month, federal officials took control of New York-based AIG in exchange for an $85 billion loan to prevent the bankruptcy of the nation's biggest insurer.

Goldman Sachs Group Inc. and Morgan Stanley, New York investment banks that changed to bank holding companies and therefore put themselves under increased federal regulation, also contributed money for the Republican convention. Goldman Sachs gave $255,000, and Morgan Stanley donated $100,000. New York-based JPMorgan Chase & Co., which bought Bear Stearns Cos., contributed $100,000.

Target, Qwest, Best Buy

The largest corporate donors to the host committee were Minneapolis-based Target Corp., which gave $3 million; Denver- based Qwest Communications International Inc., with $2.9 million; and Richfield, Minnesota-based Best Buy Co. Inc., with $2.7 million.

Other big corporate givers included San Jose, California- based Cisco Systems Inc., $1.8 million; Minnetonka, Minnesota- based UnitedHealth Group Inc., $1.5 million; San Antonio-based AT&T Inc., $1.4 million; and Redmond, Washington-based Microsoft Corp., $1.3 million.

New York Jets owner Robert Johnson IV, who has raised more than $500,000 for Republican presidential nominee John McCain's campaign, contributed $500,000. The host committee also received $25,000 from the Saginaw Chippewa, an Indian tribe formerly represented by ex-Republican lobbyist Jack Abramoff, who is now in prison. The Senate Indian Affairs Committee, then chaired by McCain, a senator from Arizona, held a series of hearings on Abramoff's representation of Indian tribes. Freddie Mac and American International Group Inc., two companies bailed out by the... more

Apocalipstick
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Hanky Panky!!

So when Brent comes up to you and asks if you know about Henry Paulson, this is what... more

openSermo
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Henry Paulson is a crooked idiot who dropped the ball and squandered the bailout cash

It seems like just three weeks ago that Paulson told us the world was going to end... more

MandyMonroe
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3 years ago
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Behind the Bailout...what we SHOULD have known in JUNE and need to know NOW.

Almost 4 months ago, the handwriting was on the wall. And throwing useless liquidity at the problem will only make it worse. To make matters worse, Morgan Stanley and Goldman Sachs have been speculating in commodities, driving the prices up.

Please read the whole article!

Excerpts from the article by Mike Whitney dated 6/17/2008:

The Fed is currently in panic-mode because it doesn't have the tools or resources to fix the problems its facing. Its already eaten through more than half of its $900 billion balance sheet and has traded away hundreds of billions in US Treasuries for worthless MBS and collateralized debt obligations (CDOs) which are steadily losing value every month. The Fed is trying to revive the moribund banking system which has lost its main sources of revenue (structured financial investments) and is teetering on the brink of insolvency from its steadily wilting assets, a collapse in commercial and residential real estate, and a rise in corporate defaults...

...Now the underlying collateral (housing) is quickly deteriorating causing a system-wide deleveraging and a flight to safety (US Treasuries, foreign bonds). The dollar is in free fall, credit is tightening, and the banks are only able to stay open due to the generosity of the Federal Reserve...

...The larger question is whether the investment banks---faced with a frozen bond market and ravaged balance sheets---are diverting the money they're getting from the Fed into commodities (via the hedge funds) driving the prices upward and triggering political turmoil around the world?...

...According to economist and author Henry Liu, the same thing happened just prior to the Great Depression:

"The problem in 1929 was, as it is in 2008, that asset prices buoyant by speculation had outstripped the purchasing power of stagnant income of consumers. Assets and commodities in the economy were valued at price levels that aggregate wage income could not sustain. The solution was not to inject more useless liquidity to sustain inoperative price levels, which will only make the problem worse, but to INTRODUCE DEMAND MANAGEMENT THROUGH FULL EMPLOYMENT AND LET WAGES QUICKLY RISE BACK UP TO THE LEVEL OF WAGE-PRICE EQUILIBRIUM. This was the policy objective of Roosevelt's New Deal Program, an objective not yet recognized by policymakers in 2008 even amid a revival of populist rhetoric....

...There is no way to escape the day of reckoning now facing the financial system; the hundreds of bank failures, the corporate defaults, the meltdown in real estate, the massive loss of jobs, the dreary contraction of credit, the tumbling stock market, and the blow to our national confidence. But there is a way to rebuild, to reassert control over our own currency; to "even the playing field" and recommit to a strong middle class; to smash the system that diverts the greatest portion of the nation's wealth to a handful of unelected oligarchs whose main objectives are to expand their own personal power and subvert the democratic process. The existing system cannot meet the challenges of the new century. It's gotta go.Almost 4 months ago, the handwriting was on the wall. And throwing useless liquidity... more

JamieGray
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3 years ago
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Meet Bailout Czar Neel Kashkari

LATimes blogger Johanna Neuman introduces Neel Kashkari: "Recognize this man?... more

SDLN
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3 years ago
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Why you should “Beware of geeks bearing formulas”?

Warren Buffett committing a total of $8 billion to...

mashdata
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3 years ago
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Crunched by the Credit Crisis

Some nice visualizations of the crisis:

liordelgo
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3 years ago
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Flashback: Stimulus plan may lead to Fannie and Freddie bailout

Congress is about to sell us the biggest fraud in American history. Thanks to... more

maasanova
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3 years ago
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18 comments

Congress has 43,457,362 reasons to help Goldman Sachs

Not all their money has gone for mansions and Ferraris. The embattled Goldman Sachs... more

jcmoisan
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3 years ago
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Watch REP. Peter DeFazio drop the "Financial Crisis BS bomb" on the House Floor.

Find out a little about this $700B biil, who the Treasurer is, where we are gonna get... more

ThomasGreen
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3 years ago
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26 comments

Warren Buffett invests $5bn in Goldman Sachs

Warren Buffett today agreed to invest $5bn (£2.7bn) in Goldman Sachs, giving the... more

bansheewail
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3 years ago
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Last major investment banks change status

The Feds okay a request by the LaSt two major U.S. investment banks (Goldman Sachs... more

starr111
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3 years ago
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Change of Status for Goldman Sachs and Morgan Stanley

WASHINGTON - The Federal Reserve said Sunday it had granted a request by the... more

myowndesignjf
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3 years ago
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Another nightmare on Wall Street: Dow down 450

NEW YORK (AP) -- The stock market took another nosedive Wednesday as the American... more

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3 years ago
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