Goldman Sachs executives tried to fend off accusations they inflated the housing bubble, sold clients "sh**ty" deals and made billions off the market's collapse, in a high stakes Senate hearing.
While Washington has developed a laser-like focus on Wall Street, the investment capital of the world has not seemed to return the favor.
Watching the Senate hearings on Goldman Sachs is both educational and entertaining. I call it a "rumble" for rich white guys.
Today four democratic senators — Charles Schumer, Michael Bennet, Mark Begich, and Al Franken — wrote a letter to Facebook CEO Mark Zuckerberg asking him to review the company's policies. They say they "look forward to the FTC examining the issue," and they're asking the FTC to get involved.
The point was made, yet again, that the lack of regulation played a pivotal role to the bad actions in this and other markets.
Democrats and Republicans keep talking about finding a bipartisan compromise but they'll have to agree enough to simply get the legislation on the Senate floor for debate.
Step back for a moment and imagine that your company is in Goldman's position right now: Universally reviled; Accused of betting against not only its own customers but the entire economic wellbeing of the country; At the center of an international political storm (one example: the bank has become a talking point in the UK general election); So unpopular that you can't find political support even among the most pro-business members of the opposition.
The bailout of Greece has stirred ferocious debate and fallout in Germany, which has an election shortly.
Regulation in the financial industry will not "kill the Golden Goose", said Mark Mobius, Executive Chairman of Templeton Asset Management.
At least one company will benefit immediately from Washington’s reforms.
As I’ve told readers of my Wall Street newsletter, Wall Street and Washington are as connected as strongly as I’ve ever seen them in my 20 years covering financial news, due in large measure to the cries for financial reform in the wake of the recent crisis.
Ricardo Salinas, the second richest man in Mexico, told CNBC Monday that the sale of illicit drugs should be legalized.
The blame for the real politicization of the process should be laid at the feet of Senate Minority Leader Mitch McConnell, who charged that Democrats wanted to create a system to bailout the banks.
While the focus in Washington this week is on the forensics of Goldman Sachs’ actions during the financial crisis, and the outlook for domestic financial regulatory reform legislation, scant attention has been paid to the need for reforms to bring greater safety and stability to the global financial system.
Bad enough that he bashes Wall Street, but this President has gone farther than any in modern history in putting the wrong kind of “bully” back into the pulpit.
A Senate Republican has called for the "strongest" derivatives rules, signaling that Democrats may get the votes needed to start debating their sweeping financial regulation bill Monday.
Bank defaults have begun to slow and will probably peak toward the end of this year, FDIC chairman Sheila Bair told CNBC Friday.
Goldman Sachs this last Friday was shocked to find themselves at the end of litigation from the SEC that they had misled investors about complex securities sold to investors.
As the Obama Posse rides headlong into financial reform, hellbent on putting new restraints on Wall Street, we are about to enter a cowardly new world.
While this is a heavy duty inside-the-beltway item, it has everything to do with whether the US government will be able to continue to prop up zombie institutions or pick winners and losers in the private sector.