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Obama: Rules needed to avoid new financial crisis (AP)
Source: Yahoo! News: Business News | 17 Apr 2010 | 4:10 am Auto Review: 2010 Acura ZDX: It's what's inside that countsGive the luxury division of Honda credit for one thing. They wanted the ZDX to look like nothing else on the road and they succeeded -- with the possible exception of the BMW X6.
Source: MarketWatch.com - Top Stories | 17 Apr 2010 | 4:01 am Thousands stranded in Asia due to Iceland volcano (AP)
Source: Yahoo! News: Business News | 17 Apr 2010 | 3:49 am Toyota recalls 600,000 Sienna minivans (AP)
Source: Yahoo! News: Business News | 17 Apr 2010 | 3:37 am SEC accuses Goldman Sachs of defrauding investors (AP)
Source: Yahoo! News: Stock Markets News | 17 Apr 2010 | 3:36 am SEC accuses Goldman Sachs of defrauding investors (AP)
Source: Yahoo! News: Business News | 17 Apr 2010 | 3:36 am 10 high income investmentsExperts view on 10 high income investments that have caught the eye.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Apr 2010 | 1:47 am EU finance ministers work on banking oversight (AP)
Source: Yahoo! News: Business News | 17 Apr 2010 | 1:46 am EU finance ministers work on banking oversightEuropean Union finance ministers were working Saturday on ways to ensure tougher banking supervision, and considering a bank levy to pay for banks that collapse in the future, hoping to...Source: RSS feed - channel BNewsBusiness | 17 Apr 2010 | 1:46 am Goldman fraud charges trigger possible wider crackdown (AFP)
Source: Yahoo! News: Business News | 17 Apr 2010 | 1:35 am Toyota recals 870,000 minivans over corrosion problems (AFP)
Source: Yahoo! News: Business News | 17 Apr 2010 | 1:33 am California rough terrain for Senate incumbentA Democrat and a woman, Helen Sargent is the kind of voter that Sen. Barbara Boxer needs this year in her drive for a fourth term in Washington. So, what does Sargent think of taxes and...Source: RSS feed - channel BNewsBusiness | 17 Apr 2010 | 1:04 am California's jobless rate hits high of 12.6% in MarchThe state adds 4,200 jobs, but more people were seeking work than in February. L.A. County's rate holds at 12.4%; Orange County's rises to 10.1%. Meanwhile, unemployment benefits are running out.California's unemployment rate reached a new high of 12.6% in March, bolstering fears that a weak labor market will remain a drag on the state's economy at least through the end of the year.
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am Hedge fund operator John Paulson a key player in SEC case against Goldman SachsHis firm made $15 billion in 2007 by betting that Americans would default on their home loans in droves. At the...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am Pointless deals line Wall Street pockets, Goldman Sachs suit showsThere 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...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am Toyota verifies flaw in Lexus SUVThe carmaker says it's looking for a fix to the SUV rollover issue in the GX 460. Separately, it will recall 600,000 Sienna minivans over potential corrosion in the cable securing the spare tire. ...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am Toyota verifies flaw in Lexus SUVThe carmaker says it's looking for a fix to the SUV rollover issue in the GX 460. Separately, it will recall 600,000 Sienna minivans over potential corrosion in the cable securing the spare tire.Toyota Motor Corp. said Friday that its engineers had confirmed a flaw in a Lexus SUV model that Consumer Reports had warned consumers not to buy because of a rollover threat.
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am SEC targets Goldman Sachs with fraud suitThe civil case tied to troubled mortgages may give President Obama leverage for tighter regulation. Federal regulators...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am Studios step up fight against box office futures marketsA provision in a Senate bill would ban futures trading based on box office receipts. But the measure comes the same day as one of two proposed markets receives a regulatory OK. ...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am California's jobless rate hits high of 12.6% in MarchThe state adds 4,200 jobs, but more people were seeking work than in February. L.A. County's rate holds at 12.4%; Orange County's rises to 10.1%. Meanwhile, unemployment benefits are running out. ...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am SEC targets Goldman Sachs with fraud suitThe civil case tied to troubled mortgages may give President Obama leverage for tighter regulation.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.
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am WaMu failed because of run on bank, former regulatory chief saysJohn Reich, who was director of the Office of Thrift Supervision, tells a Senate panel that Washington Mutual's 2008 collapse resulted from a drop in public confidence, not a failure by his agency. ...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am Goldman Sachs case likely to increase calls for Wall Street reformThe SEC's civil charges against the investment bank also are expected to further weaken the firm's influence in Washington.Goldman Sachs Group Inc. was once a darling in Washington, handing out millions of dollars in campaign contributions and supplying so many executives for key federal positions -- including two recent Treasury secretaries -- that some people called the firm "Government Sachs."
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am WaMu failed because of run on bank, former regulatory chief saysJohn Reich, who was director of the Office of Thrift Supervision, tells a Senate panel that Washington Mutual's 2008 collapse resulted from a drop in public confidence, not a failure by his agency.The former head of the chief banking regulatory agency that oversaw failed Washington Mutual told lawmakers Friday that the giant savings and loan collapsed because of a run on the bank, not failures by him or other regulators.
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am Studios step up fight against box office futures marketsA provision in a Senate bill would ban futures trading based on box office receipts. But the measure comes the same day as one of two proposed markets receives a regulatory OK.After losing a major regulatory battle over proposed box office futures markets, the major movie studios are going to Congress.
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am New hedge fund bets on sports, literallyCentaur Group's Galileo fund, which plans to apply for SEC approval, claims to have a number-crunching system that can make sports wagers with far better results than the casual bettor.If you've ever deluded yourself that betting on sports was really investing, have we got a hedge fund for you.
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am Goldman Sachs case likely to increase calls for Wall Street reformThe SEC's civil charges against the investment bank also are expected to further weaken the firm's influence in Washington. ...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am Pointless deals line Wall Street pockets, Goldman Sachs suit showsThere 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.
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am Hedge fund operator John Paulson a key player in SEC case against Goldman SachsHis firm made $15 billion in 2007 by betting that Americans would default on their home loans in droves.At the center of the transactions described in the government's fraud case against Goldman, Sachs & Co. is New York hedge fund operator John Paulson, whose firm made $15 billion in 2007 by betting that Americans would default on their home loans in droves.
Source: L.A. Times - Business | 17 Apr 2010 | 1:00 am New hedge fund bets on sports, literallyCentaur Group's Galileo fund, which plans to apply for SEC approval, claims to have a number-crunching system that can make sports wagers with far better results than the casual bettor. ...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am Mattel earnings rise on robust sales and new product linesThe world's largest toy maker posts a profit of $24.8 million, or 7 cents a share, compared with a loss of $51 million, or 14 cents, a year earlier. Sales total $880.1 million, up 12%. ...Source: RSS feed - channel BNPaperBusiness | 17 Apr 2010 | 1:00 am Commissioner to AP: NY hospitals 'weakest' in USThe New York health commissioner says the state's money for health care is spread so thin that its medical facilities are financially among the weakest in the country. Dr. Richard DainesSource: RSS feed - channel BNewsBusiness | 17 Apr 2010 | 12:45 am WinCo Foods Expands Recall of Fresh Ground Beef Purchased Between March 26, 2010 and April 9, 2010 to all WinCo Foods StoresSource: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 11:10 pm UPDATE 1-Malaysia PM says Iran fuel cut reports inaccurateKUALA LUMPUR, April 17 (Reuters) - Malaysian Prime Minister Najib Razak has denied reports quoting him as saying the country has halted gasoline sales to Iran, saying there had been no requests since a...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 10:38 pm Goldman Sachs accused of fraudWASHINGTON - The government has accused Wall Street's most powerful firm of fraud, saying Goldman Sachs & Co sold mortgage investments without telling the buyers that the securities were crafted with input from a client who was betting...Source: nzherald.co.nz - Business | 16 Apr 2010 | 10:36 pm Malaysia PM says Iran fuel cut reports inaccurateKUALA LUMPUR, April 17 (Reuters) - Malaysian Prime Minister Najib Razak has denied reports quoting him as saying the country has halted gasoline sales to Iran, saying there had been no requests since a...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 10:11 pm Outside the Box: The market bull keeps chargingDespite everything -- mounting home foreclosures, stubbornly high unemployment, rising interest rates, and fears of deflation -- this bull market keeps rolling, Howard Gold writes.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 10:01 pm Summary Box: Goldman Sachs accused of fraud (AP)AP - WALL STREET POWERHOUSE ACCUSED OF FRAUD: The government says Goldman Sachs & Co. sold mortgage investments without telling the buyers that the securities were crafted with input from a client who was betting on them to fail. Goldman denies the civil fraud allegations.Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 9:55 pm Summary Box: Goldman Sachs accused of fraudHOUSING BUST FALLOUT: The investors lost nearly $1 billion while the favored client _ hedge fund Paulson & Co. _ was able to capitalize on the housing market bust in 2007, the Securities...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 9:55 pm Hitachi, Toshiba beat own forecasts: reportTOKYO (Reuters) - Hitachi Ltd and Toshiba Corp have likely beat their own earnings outlook for the year just ended due to brisk demand for digital electronics and power plants in emergingSource: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 9:39 pm Hitachi, Toshiba beat own forecasts: reportTOKYO (Reuters) - Hitachi Ltd and Toshiba Corp have likely beat their own earnings outlook for the year just ended due to brisk demand for digital electronics and power plants in emerging markets, the Nikkei business daily said.
Source: Reuters: Business News | 16 Apr 2010 | 9:39 pm Co-Founder Dee Lincoln Resigns From Nationally Renowned Del Frisco's Double Eagle Steak HouseSource: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 8:14 pm Regulators seize eight banksWASHINGTON (Reuters) - U.S. regulators on Friday seized eight banks with assets totaling more than $6 billion, raising the tally this year to 51 failed banks and adding to the carnage of...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 7:54 pm Regulators seize eight banksWASHINGTON (Reuters) - U.S. regulators on Friday seized eight banks with assets totaling more than $6 billion, raising the tally this year to 51 failed banks and adding to the carnage of small institutions that is expected to peak this year.
Source: Reuters: Business News | 16 Apr 2010 | 7:54 pm Goldman charges rattle world markets (Reuters)
Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 7:54 pm Goldman charges rattle world marketsNEW YORK (Reuters) - World stock markets dropped on Friday after U.S. regulators charged Goldman Sachs Group Inc. with fraud related to subprime mortgages, while the euro dropped on worries about Greece's debt crisis.
Source: Reuters: Business News | 16 Apr 2010 | 7:54 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 7:31 pm Some "most volatile" names set to report resultsNEW YORK (Reuters) - With some of Wall Street's most volatile names on the earnings calendar next week, investors may want to keep the antacids handy.
Source: Reuters: Business News | 16 Apr 2010 | 7:03 pm Top Ten: MarketWatch's top 10 stories, April 12-16U.S. stocks post their biggest daily drop since February after shares of Goldman Sachs plummet in the wake of civil-fraud charges against the firm and one of its employees.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 6:53 pm Duke: New Ind. coal plant's cost up to $2.9B (AP)AP - Duke Energy said Friday that the cost of a coal-gasification power plant it is building in southwestern Indiana has risen to nearly $2.9 billion, or about twice the original estimate.Source: Yahoo! News: Business News | 16 Apr 2010 | 6:19 pm Weekend Investor: Web sites let you invest like the top prosDo-it-yourself-investing Web sites, such as Covestor, kaChing and MarketRiders, hold particular appeal for people who are frustrated and fed up after two bear markets that lost them more money than they've made.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 6:18 pm Volcanic ash an ill wind for airlines and tourismThe airport closures and flight cancellations could cost the airline industry more than $200 million a day in revenue, according to the International Air Transport Assn.A volcanic plume from Iceland that has shut down airports and disrupted air travel across Northern Europe and Scandinavia is casting a dark shadow over the recovery of the struggling international travel and tourism industries.
Source: L.A. Times - Business | 16 Apr 2010 | 6:08 pm Old King Coal eyes throne againIt is a dirty, abundant low-margin bulk commodity more usually associated with Britain’s industrial past — but coal is glowing hot again. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm St Frances timeshare ‘fraud’ victims sue Barclays and GE MoneyA group of 300 people who borrowed about £6 million to invest in an allegedly fraudulent timeshare scheme are suing Barclays Bank and GE Money because they refuse to cancel the loans. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm FSA bans two analysts after bets on leaksThe Financial Services Authority finished a frenetic week of punishing wrongdoing yesterday when it fined two former analysts a combined £276,000 and banned them for market abuse. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm Andy Bond, chief executive AsdaOf all the tricky decisions in the corporate life of Asda boss Andy Bond, the choice between pursuing private equity riches and shifting his family to a small prairie town in Arkansas must have been one of the easiest. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm $1bn fraud charge for Goldman Sachs$One of the world’s most successful banks was charged with a $1 billion securities fraud yesterday, casting a dark cloud over Wall Street.$ Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm TalkTalk aims to gorge on internet café recipeTalkTalk is hoping to steal some of Apple’s buzz when it opens a seven-storey shop in the West End of London on Monday that will tempt in passers-by with free internet access and coffee. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm SEC trawls the murky depths for a big squidThe financial crash was not caused solely by the stupid, but by the crooked, too. We have all been waiting for this priceless moment, when the gumshoes of America’s Securities and Exchange Commission (we never expected anything to come out of the late-flowering daffs at Britain’s FSA) would find some evidence that the collapse of Wall Street and the City of London was not the work of bumpkins but of blue-chip conspirators. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm Fraudster jailed over £34m Ponzi schemeA former black-cab driver who tricked more than 8,000 people into investing in a £34 million Ponzi fraud was jailed for ten years yesterday. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm Dreams wakes up and smells the coffeeThe collapse of the commercial property market and the demise of independent bed stores have proved to be a double blessing for Britain’s biggest bed specialist. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm Overreaction, but more bank-bashing aheadOh no, not again. That is how most will react after news that Goldman Sachs has been charged with defrauding investors sent the FTSE-100 down by nearly 1½ per cent and the Dow by a similar amount. Source: Latest Business News from Times Online | 16 Apr 2010 | 6:01 pm Goldman accused of subprime fraudUS authorities accused Goldman Sachs of securities fraud that caused investor losses of more than $1bn, in the toughest regulatory crackdown so far on the excesses of the credit-bubble eraSource: Financial Times - US homepage | 16 Apr 2010 | 5:56 pm IG report: SEC knew of Stanford scheme since 1997 (AP)AP - The Securities and Exchange Commission knew since 1997 that R. Allen Stanford likely was operating a Ponzi scheme but waited 12 years to bring fraud charges against the billionaire, the agency inspector general said Friday.Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 5:51 pm Taxing Times: The IRS makes mistakes, tooSome people are confused by a slew of new tax laws in 2009. Apparently, so is the Internal Revenue Service.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 5:51 pm Trennert, Pitt, Vogelzang Discuss Goldman Suit: Taking StockSource: Bloomberg - All Podcasts | 16 Apr 2010 | 5:43 pm Financial Stocks: Goldman falls the most since January 2009Shares of Goldman Sachs Group Inc. close down nearly 13%, the most in more than a year, after the Securities and Exchange Commission announces fraud charges against the company.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 5:38 pm Global X Says Silver-Miners ETF to Trade in New York: AudioSource: Bloomberg - All Podcasts | 16 Apr 2010 | 5:31 pm MBIA shares climb after SEC sues Goldman over CDOMBIA Inc. shares climbed more than 5% Friday after the Securities and Exchange Commission alleged Goldman Sachs Group fraudulently structured a complex mortgage-related vehicle known as a collateralized debt obligation.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 5:31 pm Goldman moves quickly to protect reputationGoldman Sachs moves quickly to protect its reputation in the wake of civil-fraud charges filed against it by the Securities and Exchange Commission.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 5:31 pm SEC's Goldman suit may spread to other CDOs, fundsAllegations of fraud leveled against Goldman Sachs have sparked concern that similar transactions could come under scrutiny, along with hedge funds that bet against the complex investments in question.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 5:25 pm Toyota recalls more US vehiclesToyota announces yet more recalls, with 600,000 Sienna minivans in the US affected because of corrosion problems.Source: BBC News | Business | World Edition | 16 Apr 2010 | 5:09 pm SEC Charges Fraud By Goldman Sachs In Mortgage Deal (Investor's Business Daily)Investor's Business Daily - The Securities and Exchange Commission on Friday accused Wall Street giant Goldman Sachs of selling garbage mortgages as the housing market began to crumble so a hedge fund client could profit from their failure.Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 5:07 pm Telecom mag gives staff a cheer-upTelecom's in-house magazine has published letters from forgiving XT customers so its 8000 staff know some people still love them.The magazine - called Co. - says it is trying to put the brutal days of XT mobile crashes in the...Source: nzherald.co.nz - Business | 16 Apr 2010 | 5:00 pm Stitzer gets £40m pay-off after Cadbury saleTodd Stitzer, the former chief executive of Cadbury, walked away with a £40m pay-off after selling the company to US food giant Kraft, it has emerged.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 4:59 pm Google shares slide amid Schmidt speculationSAN FRANCISCO (Reuters) - Google Inc shares fell more than 7 percent on Friday after its quarterly results came in short of expectations, leading some analysts to cut price targets on concerns about growth.
Source: Reuters: Business News | 16 Apr 2010 | 4:44 pm Tale of Goldman's fraud chargesIn a 22-page complaint filed Friday, the Securities and Exchange Commission charged Goldman Sachs with defrauding investors on real estate securities likely to go bust.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 4:42 pm Goldman Sachs, Fabrice Tourre and the complex Abacus of toxic mortgagesInvestment bank actively misled its own clients over the sale of a complex $1bn (£650m) parcel of toxic derivatives, says regulator.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 4:41 pm Goldman Sachs charged with fraud by SECNEW YORK (Reuters) - Goldman Sachs Group Inc was charged with fraud by the U.S. Securities and Exchange Commission over its marketing of a subprime mortgage product, igniting a battle between Wall Street's most powerful bank and the nation's top securities regulator.
Source: Reuters: Business News | 16 Apr 2010 | 4:39 pm Goldman Sachs charged with fraud by SEC (Reuters)
Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 4:39 pm Earnings Preview: Apple Inc. (AP)AP - Apple Inc., maker of Macintosh computers, the iPhone and other gadgets, reports its fiscal second-quarter results after the stock market closes Tuesday.Source: Yahoo! News: Business News | 16 Apr 2010 | 4:35 pm Who is the 'fabulous' Fabrice Tourre?The SEC's fraud charges against Goldman Sachs focus on a Frenchman known as the "fabulous Fab."Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 4:32 pm Toyota to recall 600,000 minivansToyota said Friday it will recall about 600,000 Sienna minivans to address potential corrosion on spare tire cables.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 4:29 pm Terms, players in the Goldman Sachs fraud charges (AP)AP - The Securities and Exchange Commission's civil fraud charges against Goldman Sachs concern complex investments backed by mortgages that many blame for worsening the financial crisis as the U.S. housing market went into a nosedive. Goldman denies the charges. Here are definitions of some of the terms involved in the charges, and descriptions of some of the key players.Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 4:28 pm Airlines reject compensation dealEurope's scheduled airlines have rejected a European Court of Justice (ECJ) ruling over compensation to delayed travellers.Source: BBC News | Business | World Edition | 16 Apr 2010 | 4:25 pm Iceland gets more IMF aidThe International Monetary Fund (IMF) has cleared a $160m loan to Iceland that was contested by Britain and the Netherlands because of the collapse of the Icesave online bank.Source: BBC News | Business | World Edition | 16 Apr 2010 | 4:20 pm Greece moves towards loan packageThe Greek Prime Minister says Greece is making "preparatory moves" to take advantage of a multi-billion euro rescue package.Source: BBC News | Business | World Edition | 16 Apr 2010 | 4:20 pm Obama demands tough derivatives curbs, GOP defiantWASHINGTON (Reuters) - U.S. President Barack Obama vowed on Friday to veto any financial reform bill that is too soft on the derivatives market, while all 41 Republicans in the Senate lined up against a bill being pushed by Democrats.
Source: Reuters: Business News | 16 Apr 2010 | 4:18 pm 7-Eleven to sell private-label beerThe battle over shelf space in the beer industry is about to heat up with the entrance of a new brand to the refrigerators at 7-Eleven. And it's the nearly 6,000-strong convenience store chain that is making the private label brew, called "Game Day."Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 4:12 pm Dow tumbles 126, but clings to 11,000Stocks tumbled Friday, with the Dow industrials skidding to end just above 11,000, as financial shares retreated after U.S. regulators charged Goldman Sachs with defrauding investors.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 4:05 pm Summary Box: Rates fall after SEC charges Goldman (AP)AP - RATES SLIDE: Interest rates fell in the Treasury market Friday after the government filed civil fraud charges against Goldman Sachs for its dealings in the subprime mortgage market.Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 4:03 pm Stocks tumble as Goldman charged with civil fraud (AP)
Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 4:01 pm Write-Offs: 04.16.10$$$ Goldman Sachs’s Further Comments on SEC Complaint: “We are disappointed that the SEC would bring this action related to a single transaction in the face of an extensive record which establishes that the accusations are unfounded in law and fact.” [iMarketNews] $$$ Katie Benner reports: The SEC Says John Paulson Won’t Be Next [Fortune] $$$ Jes Staley: “If Jamie doesn’t leave, then I probably need to leave myself in a few years,” says Jes Staley. “If it’s not me, it’s still been a blast working for Jamie. He is one of the greatest people in finance in my generation. At that point, I am going take an office at Highbridge and sail.” [Fortune] $$$ Some Syracuse Students Are Psyched That Jamie Dimon Is Giving Their Commencement Address [Daily Intel] $$$ Goldman Knew For Months Charges Were Possible (although Charlie Gasparino begs to differ) [Reuters, FBN] $$$ Matt Taibbi: “I heard whiffs of this story going back as far as a year ago” 
Source: Dealbreaker | 16 Apr 2010 | 4:00 pm Will customers ditch Goldman?This, friends, is the Goldman Sachs story we've all been waiting for, the accusation that just might stick. The Securities and Exchange Commission has charged Goldman and a senior employee with deliberate deception of some customers in order to benefit others.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 3:51 pm SEC probe highlights risky Wall Street dealmaking (AP)AP - A murky financial product created and sold by Goldman Sachs helped a Wall Street hedge fund pocket huge profits from the housing crash at the expense of unwitting investors, the Securities and Exchange Commission has alleged.Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 3:47 pm Interest rates tumble after gov't charges Goldman (AP)AP - Interest rates tumbled in the bond market Friday after the government charged Goldman Sachs & Co. with fraud related to mortgage investments.Source: Yahoo! News: Business News | 16 Apr 2010 | 3:46 pm THE MOST IMPORTANT GOLDMAN STORY OF THE DAY (Involves Complaints About A Steamroom)
Fuck the SEC and its baseless charges. Screw the Rajaratman-loving director. That all pales in comparison and gravity to this. As you know Goldman has new headquarters. And guess what? Some people aren’t very happy. With the move comes a little good and a whole lotta bad. First, the good, sore consolation prizes in light shitty views and being forced to look at each other’s dicks only if you choose to do so: * a gym with classes like “Awesome Abs.” * a panorama that includes New York Harbor. * Sugar and grease: “the Sky Lobby cafeteria that offers a deep panini lineup and deadly cupcakes” And now, on with the bad. The so very bad: * Managing directors almost always get windowless inside offices (“I used to have an office with a view,” explained one managing director. “Now I need binoculars to see sunlight.”) * Vice presidents, many of whom had offices before the move, now sit at open-space workbenches that in an earlier era would have been called a typing pool. (“I haven’t had a desk like this since high school,” said one employee who asked not to be named.) * The new steam rooms for men and women are drawing mixed reviews. Some employees find the idea of “steaming” with co-workers objectionable. Others, not so much. “Once you have seen your colleagues naked in the locker room, steaming with them isn’t that weird,” says one employee.
Source: Dealbreaker | 16 Apr 2010 | 3:45 pm SEC charges Goldman Sachs with fraudThe Securities and Exchange Commission on Friday charged Wall Street's most gilded firm, Goldman Sachs, with defrauding investors in a sale of securities tied to subprime mortgages.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 3:31 pm Dick Bové: Lloyd Blankfein To Go Down For The Dirt NapIn a remarkable (and uncharacteristic) show of restraint, the analyst did not nominate her main man, Ken Lewis, for the job. (But don’t think it’s not coming.)
Source: Dealbreaker | 16 Apr 2010 | 3:30 pm The Friday Podcast: When An Asset Turns Toxic, Who You Gonna Sue? George Laufenberg, manager of the carpenters union fund that is suing over a toxic asset gone bad. (NPR/Caitlin Kenney) A toxic asset -- very much like our own Toxie -- goes bad. And a New Jersey carpenters' union fund that bought a piece of the asset tries to figure out if there's someone to blame. On today's Planet Money, we hear from a carpenter, a lawyer and a guy who owns a pub in London. Oddly enough, the pub owner could be the one bailing the carpenters out. Download the podcast, or subscribe. Check out a graphic that tracks the carpenters' toxic asset. Music: Gorillaz' "Stylo." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Apr 2010 | 3:25 pm Presented By:Source: Dealbreaker | 16 Apr 2010 | 3:08 pm Feds Wouldn’t Let Chiesi Take a Shower
That’s the latest charge made by Chiesi in a court filing, which includes a statement by her of what actually happened the morning she was arrested on October 16, 2009. Among other things we learn that the Feds, wearing bulletproof vests, knocked on her apartment door and shouted for her to open up. Aside from a cat and some fish, Chiesi said she was alone. The feds tried to get her to make a monitored phone call to “a particular individual” and persuade her to cooperated with the investigation. View Chiesi Statement on Arrest
Source: Dealbreaker | 16 Apr 2010 | 3:08 pm WaMu regulator takes fire from U.S. lawmakersWASHINGTON (Reuters) - The Office of Thrift Supervision, the regulator of Washington Mutual before it became the biggest banking bust in U.S. history, came under fire on Friday by lawmakers probing the roots of the financial crisis.
Source: Reuters: Business News | 16 Apr 2010 | 3:00 pm Syracuse Finance Major Would Like Jamie Dimon To Know He’s Pullin’ For The Guy It would be an honor...
Earlier: Syracuse University Students Under The Impression Jamie Dimon Is Not Good Enough For THEM (Update)
Source: Dealbreaker | 16 Apr 2010 | 3:00 pm Airlines count volcano ash lossesDisruption caused by European airspace closure will cost airlines at least $200m per day, the industry's governing body warnsSource: BBC News | Business | World Edition | 16 Apr 2010 | 2:59 pm Goldman Sachs is accused of fraudGoldman Sachs is accused of fraud in a civil suit filed by US financial watchdog, the Securities and Exchange Commission.Source: BBC News | Business | World Edition | 16 Apr 2010 | 2:53 pm And In Your Happy Goldman (Alum) News Of The Day
Jon Corzine engaged to Sharon Elghanayan [NJNewsroom via DI]
Source: Dealbreaker | 16 Apr 2010 | 2:42 pm Goldman accusations shake marketsOverview: Stocks fall sharply after the US securities regulator charged Goldman Sachs with fraud relating to its dealing of subprime related products, with financials hit hardSource: Financial Times - US homepage | 16 Apr 2010 | 2:33 pm Homebuilders are returning to Florida? CrazyFlorida's homebuilders are daring to put their hard hats back on.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 2:17 pm Goldman brand to be biggest casualty of suit: analystsBANGALORE (Reuters) - Goldman Sachs Inc may have to cough up a big fine to settle the civil lawsuit brought by U.S. regulators and the issue poses the biggest threat to the reputation of the influential bank, analysts said.
Source: Reuters: Business News | 16 Apr 2010 | 2:11 pm SEC accuses Goldman Sachs of fraudInvestment bank actively misled its own clients over the sale of a complex $1bn (£650m) parcel of toxic derivatives, says regulator.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 1:58 pm Charlie Gasparino Weighs In On The SEC’s Charges Against GoldmanWatch the latest business video at video.foxbusiness.com
Source: Dealbreaker | 16 Apr 2010 | 1:51 pm Martin Feldstein Discusses U.S. Economy: First Word SpecialSource: Bloomberg - All Podcasts | 16 Apr 2010 | 1:49 pm Next Week’s Can’t Miss Earnings (C, IBM, KO, JNJ, AAPL, VMW, YHOO, EMC, MCD, WFC, EBAY, QCOM, SBUX, F, PEP, VZ, AMZN, AXP, MSFT, HON)Earnings season is off to the races, even if Friday was a curve-ball for the markets and for reactions to earnings. Most of the big stocks are off on Wall Street scandal news taking center stage again. But we have a floodgate opening of major companies reporting earnings whether there is a scandal or not. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 1:48 pm Fed's Fisher on Fiscal, Monetary Policies: First Word SpecialSource: Bloomberg - All Podcasts | 16 Apr 2010 | 1:43 pm Volcanic ash cloud leaves shops facing shortages of fruit, vegetables and medicineUK retailers face possible shortages of fruits, flowers and medicines due to a ban on air freight.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 1:41 pm A Madoff-like plot on "Damages"The creators of "Damages" join Tess Vigeland to talk about the Bernie Madoff-like world they've created on the small screen.Source: Marketplace Money | 16 Apr 2010 | 1:40 pm Going green when you're not richReporter Adrienne Hill explores what those with modest incomes, even the unemployed, are doing to curb their environmental impact.Source: Marketplace Money | 16 Apr 2010 | 1:40 pm Why British Taxpayers May Bail Out New Jersey CarpentersRecently, we got an e-mail. "Subject: Do you know your toxic asset is being sued?" Turned out the suit didn't involve our own Toxie, but one closely related to her -- a bundle of subprime mortgages issued by Countrywide during the housing boom. And it wasn't the asset itself that was being sued. It was the Royal Bank of Scotland, which bundled the loans into a mortgage-backed security and sold off pieces to investors. The people doing the suing are New Jersey carpenters, whose union vacation fund spent $100,000 on the MBS. It's now worth $5,000. On the podcast we'll be posting later today, Chana Joffe-Walt talks to a carpenter, and to the carpenters' lawyer. She also talks to a pub owner in London. That's because, if the carpenters win their lawsuit, British taxpayers -- who bailed out RBS -- will be on the hook to pay up. So far, then, we've got Countrywide, RBS, New Jersey Carpenters and all the taxpayers in the U.K. -- all for one toxic asset. As it turns out, Bank of America and U.S. Bank also figure in. Here's a graphic that puts it all together: 
For more, listen to Chana's story that aired today on Morning Edition. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Apr 2010 | 1:40 pm Raj and Rajat’s Fancy South Asia Hedge Fund
According to the fund’s marketing documents, obtained by DealBreaker from an investor, most of the $1 billion allocated to the hedge fund portion of Taj Capital went straight into Galleon funds. (And most of it remained there until Galleon was liquidated last October, according to the investor.) The other $1 billion went into private equity investments mainly in India. Taj Capital targeted annual returns of 25 percent and made most of its investments in the Indian subcontinent. The four founding partners, including Raj and Rajat, said they were putting $200 million of their own cash into the new fund. The other partners in Taj Capital were Parag Saxena, a former head of Invesco Private Capital, and Mark Schwartz, former head of Goldman Sachs Asia. As reported yesterday, Gupta is being examined in the wide-ranging Galleon insider trading case. Today, we learn Gupta told Goldman he wouldn’t stand for re-election as a director after receiving notice from prosecutors that they were looking at recorded conversations he had with Raj. Prosecutors are also looking into trades Galleon made in Goldman shares at the height of the financial crisis. Gupta, who also sits on the boards of AMR Corp. and Procter & Gamble, hasn’t been charged with any crimes. Raj has since severed his ties with Taj Capital, which is now called New Silk Route and manages about $1.4 billion in private-equity investments.
Source: Dealbreaker | 16 Apr 2010 | 1:26 pm Will US corporate success be replicated in the UK?Until Friday, it had been a week of pleasant surprises for investors, with a range of US companies from Intel to JP Morgan delivering better-than-expected results.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 1:26 pm BofA profit beats expectations, revenue lowerCHARLOTTE, North Carolina (Reuters) - Bank of America Corp posted its first quarterly profit since summer 2009 as it generated outsized bond trading revenue and set aside less money to cover bad loans.
Source: Reuters: Business News | 16 Apr 2010 | 1:21 pm Rivals may not be smiling at Goldman Sachs' predicament for longSo how bad is it for Goldman Sachs? It certainly doesn't look great. The allegations made by the Securities and Exchange Commission play to Wall Street conspiracy theories about the "vampire squid".Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 1:16 pm Oil prices plummetOil prices retreated Friday as fraud charges against Goldman Sachs shook the markets and concerns about the Greek bailout plan sent the dollar higher against the euro.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 1:13 pm RBS doubles bankers' salariesRoyal Bank of Scotland is doubling the salaries of scores of investment bankers and raising the pay of hundreds more.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 1:05 pm Brian Gaynor: Red cards highlight a loss of controlThe Securities Commission's decision to charge Nuplex and six of its directors for breaches of the continuous disclosure regulations would be humorous if it wasn't so serious for the individuals involved.The charges are ironic...Source: nzherald.co.nz - Business | 16 Apr 2010 | 1:00 pm RBS lost £545m in alleged Goldman fraudBank was the biggest victim of the alleged sub-prime mortgage fraud orchestrated by Goldman and involving hedge fund Paulson.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 1:00 pm Three cheers for the SEC!The SEC showed some major teeth Friday. It's about time. And hopefully this won't be the last time the agency bares its fangs.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 12:54 pm ECB heads to Greece as debt woes growExperts from the European Central Bank will arrive in Greece next week ready to negotiate a rescue for the embattled country.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 12:53 pm New Rules For Appearing On CNBC (Video)
[video via Mediaite]
Source: Dealbreaker | 16 Apr 2010 | 12:40 pm Cracking the code of appsThe vast number of applications bursting on to touch screens is transforming users’ demands of software – and forcing companies that make a living online to adaptSource: Financial Times - US homepage | 16 Apr 2010 | 12:35 pm The SEC's Case Against Goldman Sachs, ExplainedBy Jacob Goldstein The SEC says Goldman Sachs defrauded investors in a CDO, one of those complicated bonds that lost huge amounts of value when the housing market went bust. The problem isn't that this CDO lost value. It's that a hedge fund played a role in choosing what went into the CDO, then bet against it -- and Goldman didn't tell people who invested in the CDO about the hedge fund's role, according to the SEC. In a statement, Goldman said the "SEC's charges are completely unfounded in law and fact and we will vigorously contest them and defend the firm and its reputation." Here's the story the SEC lays out in a complaint filed in federal court: A big hedge fund, Paulson & Co., wanted to bet against the housing market. It talked to Goldman about putting together a CDO full of mortgage-related assets that Paulson thought were likely to lose value. Paulson's plan was to bet against the CDO, so it would profit if the CDO lost value. But Goldman "knew that it would be difficult, if not impossible" to sell the CDO if investors knew that a hedge fund played a "significant role" in deciding what went into the CDO, then bet against it, according to the SEC. So Goldman brought in another company, called ACA Management, which was in the business of selecting assets for CDOs. Goldman "misled ACA into believing that Paulson was investing" in the CDO, rather than betting against it, according to the SEC. Paulson worked with ACA to determine what went into the CDO. Goldman sold slices of the CDO to investors. In its marketing materials, Goldman said the assets in the CDO were "selected by ACA." The marketing materials didn't mention Paulson. Paulson paid Goldman $15 million for putting the CDO together. Investors in the CDO lost over $1 billion. Paulson bet against the CDO and made a profit of $1 billion, the SEC says. The lawsuit accuses Goldman Sachs and a Goldman VP of "making materially misleading statements and omissions." (Paulson, which is not named in the lawsuit, is not connected to former Treasury Secretary Henry Paulson.) For more, read coverage from the New York Times, which wrote back in December about Goldman's involvement in this sort of thing. And read up on Magnetar, another hedge fund that profited by betting against CDOs -- and was the subject of a recent collaboration between ProPublica, This American Life and Planet Money. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 16 Apr 2010 | 12:30 pm ‘Tortoise rally’ will eventually cross finish lineThis week, the S&P moved above the 1,200 threshold for the first time since September 2008Source: Financial Times - US homepage | 16 Apr 2010 | 12:29 pm Now is the time to inject some genuine transparencyThe most important lesson from the lawsuit is that it shows exactly why the regulatory debate that is under way in Washington and Brussels matters so muchSource: Financial Times - US homepage | 16 Apr 2010 | 12:25 pm Comment: The relationship between news and underwritersWhen we report on companies, should we make a special acknowledgment if they are an underwriter? Share your comments and feedback.Source: Marketplace | 16 Apr 2010 | 12:02 pm Trading business drives B of A profitsAfter two quarters of consecutive losses, Bank of America said it earned $3.2 billion this quarter. Why? Alisa Roth reports.Source: Marketplace | 16 Apr 2010 | 12:02 pm SEC charges Goldman Sachs with fraudThe Securities and Exchange Commission filed its first big lawsuit over alleged Wall Street shenanigans. The SEC charges that Goldman Sachs gave special attention to one client, at the expense of hundreds of others. Mitchell Hartman reports.Source: Marketplace | 16 Apr 2010 | 12:02 pm Analytics: It's taking over my life!Detailed observers of the NBA playoffs will delve deeply into players' statistics. Commentator and former Marketplace colleague Kevin Arnovitz says that has its downsides.Source: Marketplace | 16 Apr 2010 | 12:02 pm What's a YouTube phenomenon worth?How do you make money off a hit YouTube video that's been viewed millions of times? Rico Gagliano finds out.Source: Marketplace | 16 Apr 2010 | 12:02 pm New site allows you to rate coworkersPeter Kazanjy, a co-founder of GetUnvarnished.com, talks with Kai Ryssdal about his new Web site, which lets people rate coworkers anonymously in categories like production and relationships.Source: Marketplace | 16 Apr 2010 | 12:02 pm Weekly Wrap: Goldman fraud falloutFortune Magazine's Leigh Gallagher and The Atlantic Magazine's Megan McArdle talk with Kai Ryssdal about how Goldman Sachs being accused of fraud might affect financial regulation and reflect on the latest Lehman Brothers news.Source: Marketplace | 16 Apr 2010 | 12:02 pm Oracle Nabs Another Software DeveloperAs news of the SEC complaint filed against Goldman Sachs (NYSE: GS) is pushing everything else off the news feeds, this morning’s purchase of drug software company by Oracle Corp. (NASDAQ: ORCL) Phase Forward Inc. (NASDAQ: PFWD) for $17/share in cash deserves a little attention too. The offer represents a premium of 30% to Phase [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 11:58 am GE hopeful on outlook as profits fallGeneral Electric reported sharply lower first-quarter profits, but voiced cautious optimism about the economy and prospects for the full yearSource: Financial Times - US homepage | 16 Apr 2010 | 11:53 am Investment banking revenues boost BofABank of America reported a first-quarter profit driven by surging investment banking revenue that helped offset continued weakness in its core lending business, and said that it saw signs of an improving economySource: Financial Times - US homepage | 16 Apr 2010 | 11:51 am Airline merger may hurt hubsContinental and United are said to be in merger talks. That could be bad news for passengers in cities like Cleveland. Brett Neely reports.Source: Marketplace | 16 Apr 2010 | 11:33 am How do the rich stay green?Reporter Ashley Milne-Tyte looks into how the wealthiest people, who according to one recent report cause half of the world's carbon emissions, try to make up for their environmental sins.Source: Marketplace Money | 16 Apr 2010 | 11:33 am Getting PersonalKathy Kristof of CBS MoneyWatch and Tess Vigeland take on some listener questions, including one from a young homeowner who struggles over whether to sell her dream home to move to her dream city, and a flame torch juggler who wonders if it's too big of a risk to throw away the voting forms from his mutual funds.Source: Marketplace Money | 16 Apr 2010 | 11:33 am Financially preparing for a life with kidsJeff Opdyke, author of the new book called "Piggybanking," talks with Tess Vigeland about whether there's ever a right time to have kids, and how to teach them about money.Source: Marketplace Money | 16 Apr 2010 | 11:32 am Have we hit another bubble?The economy is still on shaky ground, yet the Dow is up again, which begs the question: Are we in a stock market bubble? Mitchell Hartman reports.Source: Marketplace Money | 16 Apr 2010 | 11:30 am Paulson Inadvertently Kills Gold (GLD, NG, KGC, AU, GFI)We aren’t going to bother telling you the news on Goldman Sachs being charged by the SEC with fraud over mortgage products. The notion that hedge fund Paulson & Co. is being implicated and tied in on this fraud does have serious implications elsewhere. Whether it ultimately has any actual impact is a different notion [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 11:28 am This Week’s LinksKeith Yost’s firsthand account of his time with the Boston Consulting Group in Dubai is shocking and eye-opening (via Stingy Investor). A good economic history of China’s transition to a floating currency. Felix Salmon has more on the Goldman fraud story. Airlines, logistics, and the Iceland volcano (BBC). Homebuilding is up (BloggingStocks). So is unemployment. Who’s moving into those new homes?
Source: Business Pundit | 16 Apr 2010 | 11:21 am Tom Brown: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 16 Apr 2010 | 11:18 am Bank of America’s Bianco: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 16 Apr 2010 | 11:17 am Ian Shepherdson: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 16 Apr 2010 | 11:15 am RDQ’s Ryding: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 16 Apr 2010 | 11:14 am JPMorgan’s Kasman: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 16 Apr 2010 | 11:09 am Iceland Volcano Cloud Costs Airline Industry $200 Million A DayFrom the IATA (International Air Transport Association), an estimate of what the Iceland volcano is costing the airline industry per day–$200 million. The IATA represents 220 airlines which comprising 93% of scheduled international air traffic. Based on the flight routes of the airlines with the most traffic in the North Atlantic and, is is likely that [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 11:09 am BNP’s Coronado: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 16 Apr 2010 | 11:05 am Election focus shifts to UK’s third partyNick Clegg, the 43-year-old leader of Britain’s third party, the Liberal Democrats, has propelled himself to the forefront of the British general election campaign, emerging as the clear winner of the first live television debate with Labour’s Gordon Brown and the Conservatives’ David CameronSource: Financial Times - US homepage | 16 Apr 2010 | 10:53 am SEC Charges Goldman Sachs with Fraud
The SEC has charged Goldman Sachs with fraud. The charges are for selling a rigged CDO package to investors, but failing to disclose that the package was designed by a hedge fund operator as a bet against the housing market. The hedge fund, Paulson & Co., would short the bonds in the package if the housing bubble burst. Goldman didn’t tell that to investors, who ended up losing when the fund went south. Rick Unger from True/Slant explains: The charges revolve around a package of mortgage securities called Abacus 2007-AC1. Here’s how it worked- At the request of a hedge fund operator named John Paulson, a guy who earned $2.7 billon in 2007 betting that the housing bubble was going to pop, leaving many mortgages in distress, Goldman created the fund allowing Paulson to choose the mortgage bonds he wanted included. They were all bonds that Paulson believed were the most likely to lose value and, therefore, the ones Paulson most wanted to bet against. Goldman then – allegedly – went out and sold the Abacus deal to overseas banks, hedge funds and other large players, knowing that the package had been purposefully constructed to lose its value. They allegedly lied about who had chosen the mortgage bonds included as their victims would have known what was going on had they been told that Paulson was picking them. A big win for Mr. Paulson – a big loser for all the customers Goldman fleeced by enticing them to buy into the deal, expecting to make money when the value of the bonds went up. Zero Hedge has more details: The New York Times has a complete report on the Goldman/SEC case.
Source: Business Pundit | 16 Apr 2010 | 10:48 am Stock Options Explosion in Goldman Sachs (GS)Trying to count options contracts in shares of Goldman Sachs Group Inc. (NYSE: GS) is nearly impossible, and this was copied from trade blotters with snapshots of 12:12 to 12:18 PM EST. The notion that today is options expiration date already posted is only adding fuel to the fire… or is it a pyre? There [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 10:31 am Goldman Sachs Speaks, The Empire Strikes Back (GS)You have already seen the news most likely about how Goldman Sachs Group Inc. (NYSE: GS) was charged with civil fraud by the SEC over its conflicted role in certain CDOs. Goldman Sachs must have known something like this was coming, or at least had a press release and statement already canned in case this [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 10:04 am South Canterbury Finance: Finding the moneyHow worried should taxpayers be about Government backing for South Canterbury Finance, which already owes nearly $2 billion and is seeking to raise a fresh $1.25 billion from the public?The finance company has its heaviest loans...Source: nzherald.co.nz - Business | 16 Apr 2010 | 10:00 am Change of guard as Nuplex faces heatAs the Securities Commission cracks down on listed resins manufacturer Nuplex, the firm's managing director John Hirst is readying himself for retirement after 9 years in the top job.Emery Severin, his Australian successor (Hirst...Source: nzherald.co.nz - Business | 16 Apr 2010 | 10:00 am Slice of PGG Wrightson may be soldMarket commentator Arthur Lim says a key stake in rural supplier PGG Wrightson could be up for sale after Craig Norgate's investment company warned it does not have enough money in its account to meet the next dividend payment to...Source: nzherald.co.nz - Business | 16 Apr 2010 | 10:00 am Gibbs hits back over GPG performanceI would like to comment on the Brian Gaynor article in the Herald on April 3, 2010 regarding GPG's recent performance.The points I would like to make are as follows: Growth in net asset value per share Guinness Peat...Source: nzherald.co.nz - Business | 16 Apr 2010 | 10:00 am Wool case reveals a tangled webIt's not quite back to square one but it is next door.Four years, significant legal fees, $128,000 costs paid to its opponent and a lot of stress later, superfine woolgrower Saxmere finds itself back where it was in 2005.Normally,...Source: nzherald.co.nz - Business | 16 Apr 2010 | 10:00 am Fashion chain boss gets $4m for cutting back use of company jetAbercrombie & Fitch is paying its chief executive US$4 million ($5.6 billion) to compensate him for curbing his use of the company's corporate jet.The US preppy fashion retailer has altered the employment contract of Michael Jeffries,...Source: nzherald.co.nz - Business | 16 Apr 2010 | 10:00 am Six new contenders muscle in on Forbes fantasy rich listMove over Warren Buffett and Bill Gates. Forbes magazine has just released its "Fictional 15" - a list of the world's 15 richest fictional characters.The magazine said markets around the globe were recovering from the global...Source: nzherald.co.nz - Business | 16 Apr 2010 | 10:00 am Ash disrupts flights for second dayMuch of the UK and large parts of Europe remained a no-fly zone after a vast cloud of volcanic ash from Iceland forced authorities to impose one of the most extensive bans on commercial flights since world war twoSource: Financial Times - US homepage | 16 Apr 2010 | 9:39 am Nowhere fastHow will the airlines get their flights back on track?Source: BBC News | Business | World Edition | 16 Apr 2010 | 9:20 am US housebuilding at 16-month highThe number of houses being built in the US rose faster than expected in March, taking the rate to its highest in 16 months.Source: BBC News | Business | World Edition | 16 Apr 2010 | 9:19 am Goldman Sachs, SEC Charges With Hand in Cookie Jar (GS)Goldman Sachs Group Inc. (NYSE: GS) was already getting negative press over its profiteering off of the demise of the mortgage market. It isn’t that it made billions off that, it is that it did it while simultaneously pawning mortgage product off to clients for years and years as “AAA” safe fixed income alternatives and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 8:52 am Earnings fall at General ElectricUS industrial giant General Electric says its first quarter earnings were down 18% on a year earlier.Source: BBC News | Business | World Edition | 16 Apr 2010 | 8:33 am Takeaways From the New Fortune 500 ListThis year’s Fortune 500 list, which ranks companies by their gross revenues, hit newsstands today and business writers are chewing it over. In 2010 Wal-Mart topped the list, dethroning oil titan Exxon Mobil. Here are the lessons journalists are teasing out: Read more… Filed under: Uncategorized[[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 8:08 am Eurozone inches closer to finalising Greek rescueEurozone finance ministers inch closer to finalising a rescue package for Greece but insist Greece has yet to make a formal application for funds to stave off a sovereign defaultSource: Financial Times - US homepage | 16 Apr 2010 | 7:58 am This Week’s Weird Jobs
1. NY: Looking for a dead deer Hello, I’ve said I was hunting out of town for the last 3 weeks, But I really haven’t I’ve been in PA with my “other girl” My wife thinks I landed a big buck so I can’t come home empty handed. My kids love to take a pic with the dear and I don’t want to disappoint them, Please if you can help let make a deal. Someone could sell that man a very expensive buck. 2. UK: TV series seeks ghost footage New series seeks footage of ghosts, ghostly apparitions, orbs etc. shot within last two years in London and/or surrounding area. We have a budget so can pay US$250-$1000 per clip, depending on quality of clip. If you have shot anything like that described above and control the rights to the footage, please contact us immediately and we will get back to you. If you’re really good at lighting effects, you could sell a lot of clips. 3. CA: Clean Out My Mini-Fridge for $25 This was half a year ago. The sauce is still there, and the intensity of its fragrance is almost overpowering. When I absolutely have to retrieve something from the fridge, I do it as quickly as possible, lest the sauce begin growling at me, or worse. Please. Help me. I can’t deal with this alone. The fridge isn’t big- 3.5′x2.5′x2.5′, at most. It will probably take less than 45 minutes to clean. Anyone? The scary part is that this person has been using the fridge for the past 6 months with the sauce still in it.
Are you handy with an edger or some trimming shears? Let’s trade! I’ll bawl out your unruly tribe. In return, you can help with some light yard work. What say you? 5. MO: need a female companion 4 anything Yes, actually does creep out everybody. At least the city bus and mall are public places. Happy Friday!
Source: Business Pundit | 16 Apr 2010 | 7:57 am We're All Bond Traders NowBy Jacob Goldstein Bank of America said today that it made more than $3 billion in profits in the first quarter, despite losing more than $2.1 billion in its home loans unit. It pulled off that trick because, besides being country's biggest bank, B of A is also in the business of trading bonds, currencies and commodities. And that business -- a far cry from traditional banking -- is going great. B of A's Global Banking and Markets group turned a profit of $3.2 billion in the first quarter, on revenues of $9.8 billion, driven by what the bank called "record performance in sales and trading." Most of the group's revenue -- $5.8 billion -- came from trading and selling bonds, currencies and commodities. This is a familiar story. Earlier this week, JPMorgan Chase -- the country's second-biggest bank -- said most of its first-quarter profits came from its investment banking division, which made a lot of money trading bonds. The profit more than made up for the loss posted by JPMorgan Chase's "retail financial services" group. Here's more on B of A's earnings from the WSJ, Bloomberg and the NYT. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Apr 2010 | 7:18 am Ford Captures Lead in European Auto Market & Slams Opel BailoutFord Motor Co. (NYSE: F) is crowing this morning. The company claimed that it is the leader in European sales for the month of March, displacing Volkswagen AG for the top spot. Ford sold 192,500 cars in March, including 68,000 Ford Fiestas, the largest number of any model in the company’s history in Europe. Volkswagen countered [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 7:14 am Top Day Trader Alerts (AMD, AEZS, BSX, GCI, GE, GOOG, ISRG, LGF, PALM, PFWD, SIRI)We have many significant pre-market stock movers this morning, some on news and some on earnings. We have outlines more extensive data and analysis over at VSInvestor.com here on several of these showing significant interest: Advanced Micro Devices Inc. (NYSE: AMD) is now down over 4% after having been positive after beating earnings but giving weak [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 7:12 am Bank of America returns to profitBank of America says trading at its investment business for helped it to a $3.2bn quarterly income, returning it to profitSource: BBC News | Business | World Edition | 16 Apr 2010 | 6:59 am This Logo Needs a Second Opinion
Source: Business Pundit | 16 Apr 2010 | 5:42 am
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