Loans // Current

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6 days ago

keep living that American Dream!..

Income to Debt the realities of life... Student Loan.. eek!

thepsm
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New Plan for College Loans: Income-Based Repayment

College students are often forced to make a decision between two life paths: one that feeds the soul and one that feeds the bank... more

singrrr
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Obama's Credit Cardholders' Bill of Rights - Act Now

Obama is backing tougher legislation but lobbyists are pushing back hard... Moveon is helping to rally for this much needed cause... more

ninthstate
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Debt Consolidation – A Financial Solution

The reason you are reading this article is that you or your loved one, be it a friend or a member of the family, is drowning in... more

Tantalina
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Pay your debt without your credit card

It is not uncommon in today’s world to have several loans, payments, and credit cards. But each month as the interest... more

Tantalina
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The Trillion Dollar Deadline

How will companies pay for the mountain of dodgy debt maturing soon? Nearly $1 trillion in risky debt comes due from 2011 to... more

kvn2008
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Bad credit auto loans: A Dream Or Realty

If you have been pondering over buying a new car but you been worrying about fetching a car loan for fulfilling your aspirations... more

Tantalina
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The FAFSA Made Easy: 100 Tips, Tools, And Guides

It is essential to resolve all queries for anyone planning on obtaining a higher education. Visit these 100 sites to learn how, do... more

sunnyspeaks
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Goldman Sachs lends money to its cash-strapped executives

Goldman Sachs is about to start lending money to its own executives because the financial crisis has left them short of cash.

In an indication that some have seen their personal wealth shrivel in recent months, Goldman is offering to lend money to around 1,000 staffers. The New York Times reported today that the bank is prepared to provide loans worth anything from a few thousand to hundreds of thousands of dollars.

The money is being offered because some Goldman employees face cash calls on their investments in some of the bank's own funds. These financial vehicles have invested in real estate and private equity and their value has plunged as the US economy has contracted. Employees who have invested in the funds are contractually obliged to put up more money if required – and the relatively meagre bonuses paid out in 2008 means some are struggling to meet their obligations.

Sources who spoke to the New York Times indicated that the loans were specifically aimed at assisting employees to meet their fund obligations and could not be used for other purposes. Goldman Sachs has not commented except to confirm the existence of the loan programme.

During the boom years, Goldman was famous for its remuneration policies, which were lavish even by the gilded standards of Wall Street. But much of this money appears to have gone back into its investment funds.

One former Goldman partner told the New York Times that a significant number of the bank's partners are now worth less than $5m (£3.6m) each, despite having enjoyed years of multimillion dollar bonuses.

Goldman was forced to give up its treasured investment-bank status last year, so that it could receive emergency funds from the Federal Reserve.

It is also one of many Wall Street firms to receive billions of dollars through the US banking bailout. These companies have been heavily criticised for continuing to pay bonuses for work done in 2008, a year punctuated by massive losses and writedowns across the banking sector.Goldman Sachs is about to start lending money to its own executives because the financial crisis has left them short of cash.... more