Financial Regulatory Forum

INSIGHT-Emails reveal Goldman’s Glengarry Glen Ross side

By Matthew Goldstein

NEW YORK, April 30 (Reuters) – Brass-knuckle sales tactics, worthless assets and clueless investors: the vignettes that emerge from hundreds of pages of three-year-old emails from members of Goldman Sachs Group’s mortgage securities trading desk would not be out of place in a David Mamet play.

In “Glengarry Glen Ross,” Mamet depicted the aggressive and desperate sales tactics employed by a group of salesmen to push worthless Florida real estate on unsuspecting buyers. The play helped popularize that age-old mantra of salesmen everywhere: “ABC or Always be Closing.”

(more…)

Goldman Sachs SEC filing with disclosure on challenges, lawsuits – link

Goldman Sachs Group Inc, in a rare move, disclosed a trove of information about the many lawsuits and shareholder challenges facing the bank.   Goldman, which made the disclosure in a filing with the U.S. Securities and Exchange commission, has been criticized for being too tight-lipped about its legal entanglements.  Here is a link to the disclosure and related filings.

(more…)

ANALYSIS – US SEC’s new claws send shiver down Wall St

By Dan Margolies and Rachelle Younglai

WASHINGTON, April 16 (Reuters) – The U.S. Securities and Exchange Commission’s fraud suit against Goldman Sachs sent a shiver down the spine of Wall Street, a sign the agency is determined to be an aggressive enforcer.

Wall Street’s largest bank stands accused of marketing a debt product tied to subprime mortgages that the SEC says was destined to fail.

There were fears on Wall Street the suit could cast a regulatory cloud over the entire investment banking industry.

  •