Looks like it’s another case of who you know and not what you know. David Weidner from MarketWatch writes “Goldman, like its rivals, is on the prowl for deposits, but unlike its competitors, it will be the acquirer,” he writes, pointing out that Bear Stearns, Lehman Brothers and Merrill Lynch are no longer around to offer competition. “Goldman emerges from this mess essentially the same institution. It has the same lack of transparency. It still manages hedge funds and private-equity businesses. It still has a thriving prime brokerage business.”
Now, for all of you having any type of long term memory loss, your current Secretary of the Treasury is Henry Paulson, who happens to be the former CEO of Goldman Sachs . So when David says “Goldman Sachs is set to emerge essentially the same institution,” “stronger than it was before and with the same powerful array of friends in high places who, intentionally or otherwise, have helped it navigate the credi...
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I feel sure that the error in this Bloomberg article will become clear to everyone when a rash of BIC lighter purchases coincides with waves of suspicious fires in negative equity real estate holdings, not only recapitalizing home owners who over-insured, but also reducing the surplus housing inventory that is currently weighing on real estate prices nationwide.
The real story here is the Goldman analyst who, bleary eyed and heavy lid, fielded that scratchy voice mail from the head of resear... more
Greentech Media submits: What’s coming for 2009? Heck if I know, but here’s a shot Predictions can be a tough business. Back in May, Arjun Murti of Goldman Sachs released a report saying that demand from China and lackluster growth in supply will push oil near the $200 mark over the coming months. Complete Story ... more
WASHINGTON (MarketWatch)-Treasury Secretary Henry Paulson on Monday indicated that he might support a new approach to mortgage foreclosure mitigation, but he didn’t go so far as to back a proposal introduced by Federal Deposit Insurance Corp. chief Sheila Bair last month. Bair is seeking $24.4 billion of the federal government’s $700 billion Troubled Asset Relief [...]... more
Treasury Secretary Henry Paulson said Monday that he is still looking at new ways to stabilize the financial markets and stimulate the economy, including methods for lowering the number of foreclosures. Paulson, who will leave office early next year when the new presidential administration takes over, also noted that government actions taken to combat the financial crisis have made progress, though there is still much improvement that needs to be made.... more
SO, let me make sure I have this straight. I own a couple mortgage companies , an investment firm , and now, I have added AIG , a multi-national insurance company to the list of organizations my money has helped the Fed buy this year. I am sure I am forgetting a few, but there are just so many that I can’t keep track of them all!
AIG: Another Bites the Dust
I have been watching CNBC all day and I can’t understand the rhyme or reason the fed opted to save AIG while... more
Well, they did it just like I said they would. The House passed the drilling bill late last night by a 236-189 vote. Republicans are happy since they bullied Dems into signing a bill that if not for an election in seven weeks, would surely prefer to strap Nancy Pelosi to a rusty box spring in the rain, connected to a car battery. But the Democrats were able to Christmas tree a few tax cut repeals for big oil for good measure.
Some highlights of the bill:
The Democratic bill would allo... more
If you made money on Sirius stock please raise your hand..anyone? Anyone? Oh, just you Howard Stern? Mazal tov, cause you’re the only lucky bastard to win with this pig of a stock. And I thought Mel Karmazin knew what he was doing. For those of you not in the know, this stock is trading under a buck and faces de-listing if it doesn’t get its act together soon.
What I don’t get is how???
Tell me, with the following going for it, how did this company not execute bet... more
Considering this is a business blog , you’d think I would be talking about the absolute abortion on Wall Street yesterday. Instead, I am going to put all of you on my back and take you to a happy place. Today, we are going to talk about viral marketing at its best. I am going to talk about one of the best viral marketing campaigns to hit the net in the last two years.
What am I talking about?
I am talking about a guy, his girlfriend, a video camera (sorry, this isn’t going wher... more
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