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In revealed e-mails, Goldman chief says we ‘made more than we lost’ by betting against market
Goldman Sachs' top executives were aware that the company made money by playing against the US housing market, according to internal e-mails released Saturday.…
Surprise: Goldman Sachs to pay out $5 billion more in bonuses for first three months of 2010
As if to put the icing on the cake, the investment bank Goldman Sachs is set to shell out another $5 billion in bonuses to employees. What’s more, the bonuses are expected to cover the employees’ work for just the first three months of the year, according to the UK…
Goldman fraud charges trigger fears of wider market crackdown
Wall Street giant Goldman Sachs faced charges of financial fraud on Saturday as US financial firms eyed the prospect of a wider crackdown on those that bet on the collapse of the housing market. A civil suit filed by the Securities and Exchange Commission Friday accused Goldman of “defrauding investors…
Risk of Japan going bankrupt is real, analysts say
TOKYO  Greece’s debt problems may currently be in the spotlight but Japan is walking its own financial tightrope, analysts say, with a public debt mountain bigger than that of any other industrialised nation. Public debt is expected to hit 200 percent of GDP in the next year as the…
Ideological battle rages at heart of the Fed
WASHINGTON (AFP) – Like any good central banker, the Federal Reserve’s Ben Bernanke cut a calm figure Thursday, sketching an endgame for vast crisis lending without hinting at the ideological storm that engulfs him. From behind a thick wooden desk, Bernanke assured Congress that the Fed would not raise interest…
Germany mulls sending spies to Wall Street
Many in Europe see currency speculation as ‘economic terrorism’ Germany’s finance minister says his government is considering sending spies to London and New York to monitor the activities of currency speculators. Finance Minister Wolfgang Schaeuble told the German Parliament on Tuesday that he may have to send spies to the…
US jobless claims dip to 15-month low
WASHINGTON — New US claims for jobless benefits dropped to the lowest level since September 2008, government data showed, in a fresh sign of optimism for a weak labor market. The seasonally adjusted initial claims in the week ending December 19 was 452,000, a decrease of 28,000 from the previous…
Senators push Wall Street restructuring with Depression-era rule
The Depression-era Glass-Steagall Act may live again, if Senators John McCain (R-AZ) and Maria Cantwell (D-WA) have anything to say about it. Glass-Steagall, introduced in 1933, separated commercial and investment banking, essentially prohibiting institutions from using consumers’ deposits for risky bets on the stock market — one of the main…
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