Goldman Sachs says sorry

November 17, 2009

Wall Street’s response to public criticism has mainly been exercises in “never apologize, never explain.”

The commitments committee

October 6, 2009

The bursting of the dot-com bubble pales in comparision to the financial crisis. In retrospect, it seems a comic-book lesson about the all-too-obvious consequences of irrational exuberance: What were they thinking?

The liquidity canard

August 25, 2009

It’s often said on Wall Street that the more liquidity there is in a given market, the better things are for investors trading stocks, bonds or commodities. And while there’s a lot of truth to that, there are times when too much liquidity can be just the wrong tonic.

Wall Street’s $4 trillion kitty

August 24, 2009

matthewgoldstein.jpgThe Obama administration’s plan for reining in derivatives leaves unchecked one of Wall Street’s dirty little secrets: the ability of a derivatives dealer to redeploy cash collateral that gets posted by one of its trading partners.

Shock! Goldman favours big clients

August 24, 2009

Susanne Craig uses 2,200 words in today’s Wall Street Journal that state┬áthe obvious: Goldman Sachs treats big clients better than small ones.

July: It rained, the deals didn’t

July 31, 2009

With stock markets on the rise and some signs of economies steadying, if not recovering, investment bankers have recently sounded more optimistic about the prospect for deal-making for the second half of the year.

Crazy money

July 30, 2009

Wall Street pay is so extreme, so removed from what nearly everyone else thinks is within the boundaries of reasonable compensation, that one can be jaded by the continued talk of sky-high bonuses. Even when the absurdity of the pay practices are pointed out — as it is in a new report from the New York attorney general’s office:

Tax Wall Street trades

July 16, 2009

Reports of the death of the investment bank have been greatly exaggerated, as Mark Twain might have put it.

Leaving a house of cards with a good hand

July 15, 2009

Wall Street’s gatekeepers often make their displeasure known when reporters and columnists refer to investment decisions as “bets” or taking on risk as a “gamble,” and God forbid should you liken the entire business to a “casino.”

Goldman Sachs earnings call

July 14, 2009

Goldman Sachs had a blowout second quarter, exceeding high expectations on its strong trading gains.