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| Article Title | Sentiment | Date | Summary | Stock | Id | Author |
|---|---|---|---|---|---|---|
| Article Title | Sentiment | Date | ||||
| WikiLeaks Claims Ecuador Severed Assange’s Internet Link Following Clinton’s Goldman Sachs Speech Dump | -11 | 2016-10-18 07:14:46+00 | WikiLeaks tweeted Monday that Ecuador severed Julian Assange's internet link at 1 p.m. EDT Saturday. WikiLeaks has now said that the state party was Ecuador, which severed the connections following WikiLeaks’ release of Hillary Clinton’s private speeches to Goldman Sachs. The organization had earlier tweeted that Assange’s internet had been severed due to “state party” interference Saturday. While WikiLeaks hasn’t revealed its source of the emails yet, it released more emails from John Podesta, the Clinton campaign chairman, on Monday. The speeches were made after she stepped down as U.S. secretary of state in 2013, and focus on free trade and financial reforms, relations with Russian President Vladimir Putin, and the negative effects of previous WikiLeaks’ releases on foreign policy. | GS | {} | 852 |
| Goldman Sachs under fire for role in collapsed UK deal | -9 | 2016-07-25 00:00:00 | Goldman Sachs, one of the world's biggest investment banks, gave credibility to a deal dubbed the "unacceptable face of capitalism" by U.K. lawmakers and "underplayed" their role in negotiations, according to a critical report by MPs. The collapse of BHS, once a staple of the U.K. high street, has left a £571 million ($750 million) pension deficit and led to the loss of over 10,000 jobs. Sir Philip Green, who sold retailer British Home Stores (BHS) to a one-time bankrupt, which then collapsed 14 months later, was the prime focus of the report's criticism. However, Goldman Sachs, which maintained in its evidence that it only provided free advice and "preliminary observations" to Green, "added lustre to an otherwise questionable process", according to a report by the U.K.'s Work and Pensions committee released Monday. | GS | {"Catherine Boyle","Mike Marsland","Wireimage Getty Images"} | 20 |
| EU ombudsman questions Barroso's Brexit role at Goldman Sachs | -12 | None | Mr Barroso headed the EU executive from 2004-2014 and will help the bank deal with the impact of Brexit. Mr Barnier was financial services commissioner under Mr Barroso and some reforms, including caps on bankers' bonuses, met with British resistance. Mr Barroso joined Goldman Sachs in July, in a highly controversial move. European Ombudsman Emily O'Reilly has written to Mr Barroso's EU successor, Jean-Claude Juncker, raising concerns. Prime Minister Theresa May insists that "Brexit means Brexit" and is widely expected to trigger Article 50 - the withdrawal mechanism - next year. | GS | {} | 1 |
| Goldman Sachs Bans Partners From Giving to Certain Campaigns | -16 | 2016-09-06 00:00:00 | Goldman Sachs is no stranger to controversy when it comes to pay-to-play rules. Goldman Sachs had earlier agreed to pay $14.4 million. Goldman Sachs Group Inc. banned all of its partners from making campaign contributions to state and local candidates running for office, as well as state or local officials running for federal office. ‘False Perception’Goldman Sachs already requires all employees to get approval for proposed political contributions, according to a corporate governance statement, to screen for possible violations. Some of that influence included arranging political contributions. | GS | {"Dakin Campbell"} | 96 |
| Federal Reserve Fines Goldman Sachs $36 Million in Document Leak | -42 | 2016-08-04 00:00:00 | And the junior Goldman banker who received the confidential information was a former New York Fed employee himself. PhotoThe Federal Reserve took action on Wednesday against Goldman Sachs and one of its former executives, escalating a long-running investigation into a leak of confidential government information. The leak, after all, originated at the Federal Reserve Bank of New York with one of its own employees. The action, which forced Goldman to pay a $36.3 million penalty, stemmed from an incident in 2014, when a junior Goldman banker took confidential information from the Federal Reserve Bank of New York. Goldman, not the New York Fed, was the one to uncover the leak. | GS | {"Ben Protess"} | 99 |
| Fed fines Goldman Sachs for profiting off confidential information | -13 | 2016-08-03 00:00:00 | Jiampietro then allegedly developed a scheme where he "repeatedly obtained, used and disseminated" confidential information to lure prospective clients. Goldman Sachs has been ordered to pay a $36.3 million penalty relating to a case in which a former employee allegedly used confidential regulatory information to win clients. Using the information "gave Jiampietro and Goldman Sachs a competitive advantage in providing regulatory advisory services and provided a personal benefit to Jiampietro. "In August and September, Bansal and Jiampietro used the non-public ERM framework in at least five pitches to potential and existing clients," the Fed charged. "The Fed said it will be monitoring Goldman to make sure it has the proper procedures in place. | GS | {"Adam Jeffery","Jeff Cox"} | 100 |
| Wells Fargo Would Owe Deceived Customers Less Than $50 Million: Goldman | -14 | 2016-09-22 00:00:00 | Wells Fargo has refunded $2.6 million in fees to customers, but Tester said the consequences go beyond late charges. Wells Fargo slid 1 percent to $45.39 at 2:32 p.m. in New York. Wells Fargo & Co. faces potential damages of less than $50 million if it were to reimburse customers whose credit scores were harmed by the bank opening unauthorized accounts in their names, according to Goldman Sachs Group Inc. analysts. “With investigations ongoing, we note that Wells Fargo may incur additional fines over and above the costs borne by their customers,” wrote Ramsden, who has a buy rating on the stock. About 565,000 of the 2 million potentially bogus accounts were for credit cards, and would have been reported to credit-rating companies. | GS | {"Laura J Keller"} | 101 |
| Clawbacks and Consumer Loans | -47 | 2016-09-28 00:00:00 | Blockchain blockchain blockchain. Online consumer loans are a securitizable -- and securitized -- product, with demand from both investors and borrowers. ), so if you walk into a Goldman branch they will be happy to sign you up for a consumer loan. Is there something about it -- its direct consumer impact, its bizarre dishonesty, its executives' responses -- that makes it a better symbolic target for political concern? That gives it the flexibility to underwrite more creatively, Mr. Scherr said, letting borrowers pick from a range of sizes, terms and payment schedules for their loans. | GS | {"Albert R","Francis Wilkinson","Editorial Board","Margaret Carlson","Matt Levine","Cass R","Jonathan Bernstein"} | 102 |
| RPT-UPDATE 1-Bank of Portugal, Goldman gear up for legal battle over bank loan | -16 | 2015-02-17 21:04:37+00 | The central bank said any remaining doubts could only be clarified in court. A transfer to Novo Banco, it said, would carry "serious risk of irreparable damage to the public interest". "In particular, Goldman Sachs did not hold more than 1.6 percent of the voting rights attached to BES shares. "Goldman had said the central bank and Novo Banco had initially confirmed the transfer of the Oak Finance loan to Novo Banco, but then retroactively returned these obligations, "which damages multiple investors, including pension funds". (Repeats to additional subscribers)By Andrei KhalipLISBON Feb 17 The Bank of Portugal on Tuesday stuck to a decision to keep a loan linked to Goldman Sachs in a "bad bank" carved out after the rescue of Banco Espirito Santo (BES), putting the central bank and Goldman Sachs on course for a legal battle. | GS | {"Reuters Editorial"} | 139 |
| Goldman warns of federal lawsuit risk over mortgage bond sales | -16 | 2015-02-23 20:44:48+00 | Goldman's shares were down less than 1 percent at $189.99 on the New York Stock Exchange in late-afternoon trading. A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. Goldman also raised the top end of its estimate of "reasonably possible" legal losses to about $3 billion from $2.5 billion. REUTERS/Lucas JacksonGoldman Sachs Group Inc (GS.N) said it could face a federal civil lawsuit after a government probe concluded that the bank had violated laws related to sale of residential mortgage-backed securities before the financial crisis. Last year, Citigroup Inc (C.N) agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis. | GS | {"Reuters Editorial"} | 145 |
| UPDATE 1-Bank of Portugal, Goldman gear up for legal battle over bank loan | -16 | 2015-02-17 21:03:53+00 | The central bank said any remaining doubts could only be clarified in court. A transfer to Novo Banco, it said, would carry "serious risk of irreparable damage to the public interest". (Adds Bank of Portugal's statement, background)By Andrei KhalipLISBON Feb 17 The Bank of Portugal on Tuesday stuck to a decision to keep a loan linked to Goldman Sachs in a "bad bank" carved out after the rescue of Banco Espirito Santo (BES), putting the central bank and Goldman Sachs on course for a legal battle. "In particular, Goldman Sachs did not hold more than 1.6 percent of the voting rights attached to BES shares. "Goldman had said the central bank and Novo Banco had initially confirmed the transfer of the Oak Finance loan to Novo Banco, but then retroactively returned these obligations, "which damages multiple investors, including pension funds". | GS | {"Reuters Editorial"} | 197 |
| Goldman ex-programmer sues FBI agents, claims rights violations | -36 | 2015-02-13 00:23:16+00 | The lawsuit against the FBI agents came two days after Aleynikov sued Goldman Sachs to advance his legal fees to defend against its civil claims against him. His lawsuit contends the FBI agents engaged in a "malicious" federal prosecution and violated constitutional protections against unreasonable search and seizure. Aleynikov's complaint names as defendants Federal Bureau of Investigation agents Michael McSwain and Eugene Casey, as well as other unnamed agents. Feb 12 A former Goldman Sachs Group Inc computer programmer on Thursday sued the FBI agents who investigated him in connection with allegations he stole secret code from the bank's computers, contending they violated his constitutional rights. Aleynikov has incurred more than $3 million of legal fees tied to Goldman, where he had been a vice president, court papers show. | GS | {"Reuters Editorial"} | 199 |
| Goldman: Jack of all trades, not master of one -CEO | -9 | 2015-02-10 13:00:00+00 | NEW YORK Feb 10 Goldman Sachs Group Inc is trying to convince investors that its business model is more eclectic than meets the eye. "Despite operating in a more challenging revenue environment, (Goldman Sachs) has continued to deliver best-in-class returns while significantly growing our capital," the presentation says. Another slide shows Goldman squeezed more revenue out of businesses it kept than revenue it lost exiting others due to new regulations. Those ideas run contrary to a common narrative on Wall Street about Goldman Sachs: that it is good at earning money by trading and investing its own capital, but little else. Even so, Goldman's biggest revenue contributor, bond trading, is in the midst of a decline that's crimping profits across Wall Street. | GS | {"Reuters Editorial"} | 200 |
| NY financial regulator subpoenas banks in forex probe - sources | -23 | 2015-02-10 21:19:50+00 | Representatives of Goldman Sachs, Credit Suisse, BNP Paribas, and Societe Generale declined comment or could not be reached. The New York regulator's subpoenas to Credit Suisse, Goldman Sachs, Societe Generale and BNP Paribas were sent in December, according to one person familiar with the matter. New York's financial regulator has sent subpoenas to Goldman Sachs, Credit Suisse, BNP Paribas and Societe Generale, expanding its probe into the possible rigging of foreign exchange rates through computer programs, people familiar with the matter said. The banks started to produce information in response in late January, and have met with officials handling the investigation, sources said. International authorities have been investigating whether banks rigged the $5.3 trillion-a-day currency markets for more than a year. | GS | {"Reuters Editorial"} | 201 |
| UPDATE 2-Goldman is jack-of-all-trades, not master of one - CEO | -10 | 2015-02-10 15:59:16+00 | "He added that Goldman is "unabashedly an investment bank" and that he sees no need to change its business model. Blankfein stressed that Goldman's investment management business has plenty of room to grow, since it is just a fraction of the size of leading rivals. One slide at the presentation divided Goldman's trading unit into eight components, each of which contributed 8 percent to 19 percent of revenue, on average, since 2010. Last year Goldman reported $8.5 billion in revenue from bond trading, down 2 percent from 2013, and down 61 percent from its peak of $21.9 billion in 2009. Another showed that Goldman has squeezed more revenue out of businesses it kept than revenue it lost exiting others due to new regulations. | GS | {"Reuters Editorial"} | 203 |
| Goldman is jack-of-all-trades, not master of one: CEO | -10 | 2015-02-10 19:39:01+00 | "He added that Goldman is "unabashedly an investment bank" and that he sees no need to change its business model. Blankfein stressed that Goldman's investment management business has plenty of room to grow, since it is just a fraction of the size of leading rivals. CEO of Goldman Sachs Lloyd Blankfein departs after meeting India's Prime Minister Narendra Modi at a breakfast in the Manhattan borough of New York September 29, 2014. REUTERS/Carlo AllegriNEW YORK Goldman Sachs Group Inc is trying to convince investors that its business model does not need to change. Another showed that Goldman has squeezed more revenue out of businesses it kept than revenue it lost exiting others due to new regulations. | GS | {"Lauren Tara Lacapra"} | 204 |
| Greek bank shares hit by broker downgrades amid debt stand-off | -13 | 2015-02-06 12:55:55+00 | Athens-listed lenders, including Alpha Bank and National Bank of Greece, had fallen more than 5 percent by 1200 GMT. "Deutsche cut its price targets on several Greek banks including National Bank of Greece, whose target was halved. The governor of the Greek central bank, Yannis Stournaras, said on Thursday banks were solid and under control. The losses came after Goldman Sachs and Deutsche Bank cut their profit forecasts and price targets on the sector, citing rising uncertainty over funding and growth. Franklin Templeton emerging markets fund manager Mark Mobius said Greece's long-term investment outlook remained good and that the country's bank stocks looked attractive. | GS | {"Reuters Editorial"} | 205 |
| UPDATE 1-Eni working with Goldman Sachs on gas and power spinoff -sources | -7 | 2015-02-05 21:40:49+00 | Eni's power and gas unit has been a drain on resources for some time, posting an adjusted operating loss of 662 million euros in 2013. "The group is reviewing its options for the division and Goldman Sachs is working with them," one of the sources said. It'll be an IPO," the source said, adding it was unlikely to happen this year but "possibly (in) early 2016". With Saipem out of the picture, they need to find something else, maybe their big oil and gas client portfolio," the first source said. Eni declined to comment, while Goldman Sachs could not immediately be reached for comment. | GS | {"Reuters Editorial"} | 207 |
| U.S. crude prices to drop to $40 a barrel as inventories rise: Goldman | -7 | 2015-03-09 03:24:39+00 | SINGAPORE Oil prices will reverse their recent gains as global crude inventories begin to increase again, with U.S. crude likely to drop as far as $40 a barrel in the near-term, Goldman Sachs said. But Goldman said that "the activity pull is sequentially weakening" and that global crude inventories would therefore rise, pushing West Texas Intermediate (WTI) crude to $40 a barrel, levels last seen at the peak of the global financial crisis in late 2008, early 2009. Oil prices rose by almost a third between January and February on the back of Middle East supply disruptions, strong winter demand and high refinery margins. A two-thirds drop in Asian LNG prices is making the fuel cost competitive against oil in the industrial power sector. In the United States, Goldman said that "the build in U.S. inventories has surprised to the upside, especially in Cushing". | GS | {"Henning Gloystein"} | 327 |
| Fizzled Goldman Sachs Cases Put S.E.C. in Harsh Light | -40 | 2016-05-03 00:00:00 | was willing to take on the tough cases against a well-funded opponent like Goldman, at least when the evidence of wrongdoing was not overwhelming. The articles by Mr. Eisinger and Mr. Gandel show that these were close calls, certainly not slam-dunk cases. When the time came to finally decide who to sue, those involved in the investigation were split about suing anyone at Goldman above Mr. Tourre. The Justice Department later reached a $5 billion settlement with Goldman for its sale of residential mortgage-backed securities from 2005 to 2007, including the security the S.E.C. notified the firm in February 2012 that it planned to pursue civil fraud charges, no further action was taken. | GS | {"White Collar Watch","Peter J"} | 357 |
| Former Goldman Trader Tourre Says He Will Not Appeal | -19 | 2014-05-27 00:00:00 | PhotoRelated Links Video | Timeline | DocumentsFabrice Tourre, the former Goldman Sachs trader found liable for defrauding investors in a soured mortgage deal, will not appeal his case to a higher court. Mr. Tourre and Goldman, the S.E.C. Mr. Tourre, who made millions during his Goldman tenure, has already paid the S.E.C. Mr. Tourre, a 35-year-old Frenchman who in recent years abandoned his Wall Street career for a life in academia, attributed his decision to a need for closure. Mr. Tourre — one of several thousand midlevel employees at the time he helped devise the mortgage deal — was hardly the face of the crisis. | GS | {"Ben Protess"} | 358 |
| Ex-Goldman trader Tourre won't appeal SEC fraud case verdict | -20 | 2014-05-27 21:03:22+00 | Former Goldman Sachs bond trader Fabrice Tourre leaves the Manhattan Federal Court in New York August 1, 2013. The case is SEC v. Tourre, U.S. District Court, Southern District of New York, No. The SEC and Goldman Sachs declined comment. Paulson made about $1 billion by betting against Abacus, while investors lost the same amount, the SEC said. Tourre's announcement came on the deadline to lodge an appeal in the case, ensuring the U.S. Securities and Exchange Commission's August 2013 trial victory remains undisturbed. | GS | {"Nate Raymond"} | 359 |
| Goldman Sachs to pay $120 million over attempted ISDAFIX benchmark manipulation | -11 | 2016-12-21 16:36:29+00 | A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. Goldman Sachs is the third bank to settle an ISDAFIX benchmark case with the CFTC. REUTERS/Brendan McDermid/File PhotoWASHINGTON Goldman Sachs Group Inc (GS.N) will pay a $120 million penalty to resolve civil charges that it attempted to manipulate a global benchmark for interest rate products known on Wall Street as "ISDAFIX," U.S. derivatives regulators said Wednesday. Pension funds and local governments often rely on products priced off the benchmark rate to help hedge against future interest rate changes. The case against Goldman Sachs, brought by the Commodity Futures Trading Commission, was the latest in a series of broad investigations into manipulation by big banks of a variety of global benchmark rates. | GS | {"Sarah N"} | 1062 |
| Goldman Sachs Settles Suit Over CDO That Became Crash Symbol | -26 | 2016-06-14 00:00:00 | Michael Duvally, a spokesman for New York-based Goldman Sachs, declined to comment on the agreement. Terms of the agreement weren’t detailed in a June 10 court filing in state court in Manhattan. Related ticker:GS US (Goldman Sachs Group Inc.) The case is Basis Yield Alpha Fund v. Goldman Sachs Group Inc., 652996/2011, New York State Supreme Court, New York County (Manhattan). A federal jury in Manhattan in August 2014 found former Goldman Sachs vice president Fabrice Tourre liable for his role in Abacus and ordered him to pay $825,000. | GS | {"Chris Dolmetsch"} | 361 |
| Former Trader Is Found Liable in Fraud Case | -74 | 2013-08-01 00:00:00 | threw innumerable resources at Mr. Tourre’s case, underscoring its importance to the agency. A federal jury found the trader, Fabrice Tourre, liable on six counts of civil securities fraud after a three-week trial in Lower Manhattan. Andrew Ceresney, co-director of the S.E.C.’s division of enforcement, said in a statement: “We are gratified by the jury’s verdict finding Mr. Tourre liable for fraud. The case had given both sides — the government and Mr. Tourre — a chance to repair their reputations. “He doesn’t really care and finds the entire thing politically motivated,” the friend, who spoke on the condition of anonymity, said about the S.E.C.’s case. | GS | {"Susanne Craig","Ben Protess"} | 363 |
| Goldman Sachs Wins Fight Over Ex-Programmer’s Legal Fees | -15 | 2016-07-13 00:00:00 | Goldman Sachs had paid the legal fees of 51 of 53 employees who requested it, including 15 who were vice presidents, Aleynikov’s lawyers countered in court documents. The New Jersey case is Aleynikov v. Goldman Sachs Group, 15-cv-2057, U.S. District Court for the District of New Jersey (Newark). Goldman Sachs countersued in New Jersey, claiming Aleynikov breached his duty by “misappropriating” code. Code TransferredAleynikov, a Russian immigrant, was a VP at Goldman Sachs until leaving to join Teza Technologies LLC in 2009 and was arrested later that year. Goldman Sachs Group Inc. isn’t required to cover the legal fees of a former programmer accused of stealing the investment bank’s computer-trading code simply because he held a vice president’s title, a judge said. | GS | {"More Stories Jef Feeley","Jef Feeley"} | 365 |
| In Settlement’s Fine Print, Goldman May Save $1 Billion | -9 | 2016-04-12 00:00:00 | purposes to mislead the public, while in the fine print, enabling Goldman Sachs to pay 50 to 75 percent less,” said Dennis Kelleher, the founder of the advocacy organization Better Markets, referring to the government announcement. The final bill for Goldman is less than the settlements of mortgage giants like JPMorgan, which the government said was paying $13.3 billion, but more than the $3.2 billion settlement the government secured with Goldman’s closest competitor, Morgan Stanley. But he also said that the final terms were a result of a back and forth between the banks and government officials. The special credits negotiated by the banks are laid out in annexes connected to each settlement. JPMorgan also did not get the 70 percent discount on money going to affordable housing. | GS | {"Nathaniel Popper"} | 367 |
| Goldman Sachs to pay $5 billion in U.S. Justice Dept mortgage bond pact | -15 | 2016-04-12 18:45:10+00 | " asked a Goldman committee tasked with reviewing and approving mortgage-backed securities, according to the Justice Department. Still, the committee approved the securities without requiring additional due diligence, said the Justice Department, which did not identify those involved. Goldman also acknowledged a Justice Department statement of facts describing how the firm misled investors. REUTERS/Lucas Jackson/FilesAttorney General Eric Schneiderman speaks at a news conference in the Manhattan borough in New York, April 11, 2016. REUTERS/Stephanie KeithAttorney General Eric Schneiderman speaks at a news conference in the Manhattan borough in New York, April 11, 2016. | GS | {"Suzanne Barlyn"} | 368 |
| Goldman Sachs Fined $5B for Faulty Mortgage Practices | -31 | 2016-04-12 19:52:18+00 | Goldman Sachs and the 2008 Financial CrisisGoldman Sachs was one of the few Wall Street institutions to benefit from the 2008 financial crisis. Goldman Sachs Fined Over Deceptive PracticesMore from GOBankingRates:Follow GOBankingRates on Twitter: www.twitter.com/GOBankingRates Here's a look at Goldman Sachs' settlement and their involvement in the financial crisis. Bernie Sanders on Goldman Sachs and 'Rigged Economy'Bernie Sanders has frequently criticized Wall Street in his 2016 presidential campaign. The housing bubble peaked in 2005 and Goldman Sachs responded by making a large bet, or "hedge," against the housing market in 2006. | GS | {"Leading Personal Finance Consumer Banking Website","Follow Gobankingrates On Twitter","Www Twitter Com Gobankingrates"} | 369 |
| Senate panel accuses Goldman Sachs of manipulating metal | -13 | 2014-11-19 00:00:00 | In a voluminous new report reflecting two years of research, an influential Senate panel accuses Goldman Sachs of manipulating aluminum storage rules in order to line its own pockets, even as manufacturers and customers suffered. CNBC's Kate Kelly reports an influential Senate Panel has released a 400-page report accusing of Goldman Sachs and JPMorgan of engaging in manipulative practices and Morgan Stanley of engaging in risky behavior that exposes it to "catastrophic disasters. In its own 31-page position paper, prepared in advance of the release of the subcommittee's report, Goldman officials defended their actions with Metro and other commodity businesses. "The queues were the result of metal owners' independent, financially-motivated decisions to remove metal that had been placed in Metro's warehouses," the report stated. "Early in the week of the report's release, the Senate hearings were already promising to be contentious. | GS | {"Kate Kelly"} | 906 |
| Goldman Sachs Wins Suit Over $1.2 Billion Libyan Fund Losses | -23 | 2016-10-14 00:00:00 | The Libyan Investment Authority, a $60 billion oil wealth fund set up under former dictator Moammar Qaddafi, sued Goldman Sachs saying it was misled into signing derivative deals it never properly understood. “We are pleased to win this case, with a comprehensive judgment in our favor,” said Sebastian Howell, a Goldman Sachs spokesman in London. During the trial, an LIA employee testified he had never heard of Goldman Sachs, or the word derivative, before joining the fund. One former Goldman Sachs salesman, Youssef Kabbaj, was accused by the LIA of hiring call girls while at a conference with a Libyan contact. Goldman Sachs shares climbed 2.5 percent to $171.65 at 10:00 a.m. in New York, as U.S. investment banks broadly climbed after JPMorgan Chase & Co. reported better-than-expected trading revenue in the third quarter. | GS | {"Matthew Campbell","Kit Chellel Matthew Campbell","Kit Chellel"} | 423 |
| How Goldman Sachs Lost $1.2 Billion of Libya’s Money | -73 | None | A few days later, Qaddafi offered to give up Libya’s WMD programs. The same year that Qaddafi established the LIA, Goldman posted the largest profit in Wall Street history. The LIA sued Goldman for $1.2 billion in London on Jan. 21, 2014, just before a six-year statute of limitations would have expired. After the three men spoke, Ben-Brahim thought there could be even more money in Libya than Goldman realized. The day Goldman arrived, Wellesley noted in an e-mail that “there are private jets blocking Tripoli International.”Laurent Lalou, Goldman Sachs vice president, salesman. | GS | {"Illustrations Based On Photographs Max Rossi Reuters Qaddafi Eric Piermont Afp Getty Images Blankfein","Matthew Campbell","Kit Chellel"} | 425 |
| Goldman Sachs, ex-employee in Fed leak case settle fee dispute | -20 | 2016-09-27 17:54:12+00 | The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. 12601-VCL, and The Goldman Sachs Group Inc v. Jiampietro, New York State Supreme Court, New York County, No. Goldman subsequently sued Jiampietro in a New York state court in Manhattan to force him to arbitrate his claim. Jiampietro and Bansal then used the information in Goldman Sachs' regulatory advisory work for current clients and pitches to potential clients, the Fed said. The cases are Jiampietro v. Goldman Sachs Group Inc, Delaware Court of Chancery, No. | GS | {"Nate Raymond"} | 426 |
| Goldman Employees to Pull $300 Million From Omega Advisors | -11 | 2016-10-05 00:00:00 | Goldman Sachs Group Inc.’s retirement plan is pulling about $300 million from Leon Cooperman’s Omega Advisors Inc., marking the second time this year it’s cutting ties with a famous alum who ran afoul of U.S. authorities. Andrew Williams, a spokesman for Goldman Sachs, declined to comment. Goldman Sachs planned to liquidate most of the assets in the fund by Sept. 1, according to an investor letter obtained by Bloomberg. Och-Ziff DecisionIn August, the Goldman Sachs retirement plan said it would pull about $350 million from Daniel Och’s Och-Ziff Capital Management Group LLC as the U.S. investigated whether a unit paid bribes in Africa. Cooperman founded Omega in 1991 after 25 years at Goldman Sachs, where he headed the asset-management unit and rose to general partner, according to the hedge fund firm’s website. | GS | {"Dakin Campbell Katherine Burton Saijel Kishan","Dakin Campbell","Saijel Kishan","Katherine Burton"} | 429 |
| Goldman Accused of Betrayal to Curry Malaysian PM’s Favor | -32 | 2016-07-26 00:00:00 | The case is Primus Pacific Partners 1 LP v. Goldman Sachs Group Inc., 653885/2016, New York State Supreme Court, New York County (Manhattan). Primus Pacific, EON’s biggest shareholder after buying a stake of more than 20 percent in 2008, unsuccessfully sued twice to block the sale, arguing that Hong Leong’s takeover price was too low. "As a result of Goldman Sachs’s fraud, shareholders approving HLB’s takeover bid were unaware of critical facts that, if known, would have precluded approval of the HLB offer," Primus Pacific said. Goldman and former managing director Tim Leissner allegedly betrayed their duties as financial adviser of EON Capital Bhd, which was taken over by Hong Leong Bank Bhd. Without assigning any blame to the bank, the prosecutors’ complaint indicated that the documents circulated by Goldman prior to the bond sales were misleading. | GS | {"Greg Farrell","Chris Dolmetsch","Chris Dolmetsch Greg Farrell"} | 431 |
| Goldman Sachs’s Schwartz Leaving as Asia-Pacific Chairman | -7 | 2016-10-17 00:00:00 | Schwartz was the first regional chairman Goldman Sachs based in China’s capital. Mark Schwartz, Goldman Sachs Group Inc.’s Asia-Pacific chairman, will step down at year-end and be an adviser to the firm. Schwartz, also a vice chairman at Goldman Sachs, received $22 million in total pay, including a $4 million incentive, for 2015. Schwartz will return to New York after retiring from his current role, said Edward Naylor, a Hong Kong-based spokesman for Goldman Sachs. Prior to rejoining Goldman, Schwartz had been chairman of investment firm MissionPoint Capital Partners since 2006. | GS | {"Cathy Chan","Dakin Campbell Cathy Chan","Dakin Campbell"} | 524 |
| 2008 Crisis Deepened the Ties Between Clintons and Goldman Sachs | -23 | 2016-09-25 00:00:00 | Though its employees have contributed hundreds of thousands of dollars to her campaign, none are among Mrs. Clinton’s top bundlers. Those relationships would become a focal point for attacks on Mrs. Clinton’s integrity and independence by Senator Bernie Sanders of Vermont. “Major employers like Goldman Sachs needed to know they had a partner in government,” Mrs. Clinton said at the time. That summer Mr. Blankfein was among the A-list guests at Mr. Clinton’s 64th birthday bash in the Hamptons. Mr. Clinton had embraced deficit reduction and balanced budgets, an approach later called “Rubinomics” after Mr. Rubin, who became Treasury secretary in 1995. | GS | {"Susanne Craig","Nicholas Confessore"} | 523 |
| Goldman to Pay Up to $5 Billion to Settle Claims of Faulty Mortgages | -22 | 2016-01-15 00:00:00 | As a result, Goldman’s settlement is far smaller than the sums paid by other firms for selling flawed mortgage securities. The settlement is on top of the approximately $3 billion Goldman paid to the Federal Housing Finance Agency in 2014 to settle claims with Fannie Mae and Freddie Mac over the sale of flawed mortgage securities. The agreement in principle requires Goldman to pay $2.385 billion in civil penalties and $875 million in cash and provide up to $1.8 billion in relief to consumers. That bundled deal of subprime mortgage securities resulted in losses to investors. In all, the banks have paid more than $40 billion in settlements to resolve claims investigated by the task force. | GS | {"Matthew Goldstein"} | 543 |
| Goldman Says U.S. Mortgage Settlement to Cost $5.1 Billion | -17 | 2016-01-14 00:00:00 | Goldman Sachs Group Inc. said it agreed to settle a U.S. probe into its handling of mortgage-backed securities for about $5.1 billion, cutting fourth-quarter profit by about $1.5 billion and closing out a year of record legal and litigation costs. Until then, the Justice Department had been pilloried for years for not having brought significant cases against banks and their executives. Justice Department spokesman Patrick Rodenbush declined to comment. New York-based Goldman Sachs will pay a $2.39 billion civil penalty, make $875 million in cash payments and provide $1.8 billion in consumer relief under an agreement in principle with a U.S. task force, according to its statement. In those cases, the government said the banks misrepresented to investors the quality of mortgage loans they securitized into risky bonds. | GS | {"Michael J Moore","Tom Schoenberg","Tom Schoenberg Michael J Moore"} | 544 |
| Goldman Sachs and Credit Suisse notes on Deutsche Bank share crash | -13 | 2016-09-30 00:00:00 | Goldman Sachs and Credit Suisse both told investors on Friday that the Deutsche Bank situation is not as bad as its share price would have you believe. The reassuring words from Goldman and Credit Suisse, as well as Cryan's memo, have helped prop up the share price. Deutsche Bank has liquidity reserves of €233 billion, according to Goldman, or around 20% of its balance sheet. Goldman Sachs says in a note to clients sent Friday: "“Crisis” questions are being asked: “is there risk of a financial crisis re-run” and “can a large European bank face a liquidity event”? The fine is bigger than the bank's market value, leading to fears the bank would be sunk. | GS | {"Oscar Williams-grut"} | 577 |
| Goldman Sachs wins $1.2 billion dispute with Libyan sovereign fund | -21 | 2016-10-14 15:19:15+00 | "Responding to the judgment, Goldman Sachs said it was pleased to win the case, "with a comprehensive judgment in our favour". The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File PhotoLONDON A British court ruled on Friday in favour of Goldman Sachs (GS.N) in a $1.2 billion (0.98 billion pounds) dispute with Libya's $67 billion sovereign wealth fund over derivatives trades, dismissing claims that the investment bank had abused the fund's trust. The judge also found there were no grounds for concluding that profits earned by Goldman Sachs on the disputed trades were excessive. The LIA claimed it was too unsophisticated to understand what it was buying, and that Goldman had abused its position as a trusted adviser. | GS | {"Claire Milhench"} | 576 |
| Goldman Sachs vindicated but bruised in court battle with Libyan fund | -28 | 2016-10-16 17:54:47+00 | A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. But Goldman Sachs was not alone in courting the fund. The London High Court found in favor of Goldman Sachs on Friday, with Judge Vivien Rose dismissing the fund's arguments, made over the course of a bruising seven-week trial. But Judge Rose said she did not think the internship had a material influence on Mustafa Zarti's decision to enter into trades with Goldman Sachs. Kabbaj said Zarti had called Goldman Sachs "a bank of Mafiosi", that Goldman had lied to him, and that when someone behaved like a bandit with him, he could "become himself a bandit". | GS | {"Claire Milhench"} | 575 |
| Goldman Sachs and Deutsche Bank shareholders revolt against pay deals | -30 | 2016-05-20 00:00:00 | UBS and Deutsche Bank lose bonus tax challenge Read more“We in the supervisory board are now confident that Deutsche Bank is on the right track,” said the 59-year-old Austrian, who has chaired the bank since 2012. Goldman Sachs has suffered a stinging rebuke over pay from its investors just hours after shareholders in rival Deutsche Bank rejected its remuneration plans outright. Facebook Twitter Pinterest Deutsche Bank shareholders’ meeting: (from left) John Cryan, Jürgen Fitschen and Paul AchleitnerDeutsche’s chairman, Paul Achleitner, suggested that the bank would take the vote into account when implementing the pay plan. Deutsche Bank also suffered a damaging investor revolt at its annual meeting, when shareholders rejected a new pay scheme for top managers, lambasting the bank’s mounting legal bills and falling share price. He added: “After a decade of mismanagement, Deutsche Bank is a restructuring case today.” He said Cryan would have to clean up the mess left by his predecessors. | GS | {"Julia Kollewe","Rob Davies"} | 594 |
| Goldman Sachs Sued by Ex-Manager Over Fed Secrets Leak Probe | -22 | 2016-07-29 00:00:00 | Michael DuVally, a spokesman for New York-based Goldman Sachs, declined to comment on the lawsuit. The case is Jiampietro v. Goldman Sachs Group Inc., 12601-VCL, Delaware Court of Chancery (Wilmington). Rohit Bansal, a former Goldman Sachs associate who reported to Jiampietro, received the secret information from Jason Gross, an ex-colleague who was still working at the Federal Reserve Bank of New York at the time. Bansal, who worked for the government for seven years before leaving in 2014 to join Goldman, was sentenced to two years’ probation. The same Delaware court this month ruled Goldman Sachs wasn’t required to pay the legal fees of Sergey Aleynikov, a former programmer accused of stealing the investment bank’s computer-trading code, simply because his title was vice president. | GS | {"Erik Larson"} | 607 |
| Goldman Sachs Sees Shock Potential for U.S., European Stocks | -8 | 2016-10-09 00:00:00 | The firm projects that the S&P 500 Index and the Stoxx Europe 600 Index will each drop by about 2 percent by December. U.S. and European equities are in for a bumpy ride into the end of the year. Last month, it downgraded U.S. and European equities over a three-month horizon to the equivalent of a sell. The S&P 500 trades at more than 18 times estimated earnings, compared with a 15.6 average for the past five years. Goldman Sachs equity strategist David Kostin, who was one of the most accurate forecasters last year, predicts the S&P 500 Index will finish December at 2,100, down from the close of 2,153.74 on Friday. | GS | {"Aleksandra Gjorgievska"} | 676 |
| Goldman CEO Blankfein ‘Supportive’ of Clinton for Pragmatism | -22 | 2016-10-22 00:00:00 | Lloyd Blankfein Photographer: Patrick T. Fallon/Bloomberg“I’m supportive of Hillary Clinton,” Blankfein said, according to a transcript provided by the network. Transcripts purported to be of the Goldman Sachs speeches were released by WikiLeaks on Oct. 15. Neither Goldman Sachs nor the Clinton campaign, which had declined to release the speeches, has confirmed the authenticity of the documents, although Blankfein said Clinton didn’t say “anything untoward” in her appearances. Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., has shied away from publicly backing a presidential candidate this year, saying his support could harm that person’s chances. Blankfein was asked about the election in an interview in February and declined to take sides at that time. | GS | {"Zeke Faux"} | 648 |
| Tesla's Cozy Relations With Banks Have Lost That Loving Feeling | -9 | 2016-10-06 00:00:00 | You will now receive the Business newsletter Politics The latest political news, analysis, charts, and dispatches from the campaign trail. May UpgradeGoldman analyst Patrick Archambault upgraded Tesla on May 18 -- the same morning that Tesla launched its secondary stock offering. The bank lowered its price target to $185 from $240, helping send Tesla shares down as much as 4 percent, the biggest intraday drop since Sept. 1. Separately, Goldman’s fund managers were dumping Tesla shares during the second quarter. Needing CashGoldman spokeswoman Leslie Shribman said in an e-mail that the bank’s research is done independently from its underwriting. | GS | {"More Stories David Welch","David Welch"} | 675 |
| Steven Mnuchin, former Goldman Sachs banker, tapped by Trump for Treasury secretary | -16 | 2016-11-29 00:00:00 | President-elect Donald Trump has tapped Steven Mnuchin, a former Goldman Sachs banker who profited from the housing meltdown, as his Treasury secretary, according to an official briefed on the decision. "As Treasury secretary, the 53-year-old Mnuchin would be the face of the American economy around the world. Besides co-signing the currency, the Treasury secretary is Uncle Sam's banker -- paying the bills, collecting taxes, managing the federal government debt and selling billions of dollars a year in Treasury bonds. " The DNC added that "nominating Steve Mnuchin to be Treasury Secretary... is a slap in the face to voters who hoped he would shake up Washington. He only stayed a year, leaving in September 2004 to start his own hedge fund, Dune Capital Management. | GS | {"Phil Mattingly","Chris Isidore"} | 1066 |
| Michael Sherwood, Goldman Sachs’s Co-Head of Europe, to Step Down | -7 | 2016-11-21 00:00:00 | LONDON — Michael S. Sherwood, a Goldman Sachs vice chairman and co-head of its European division, will retire from the Wall Street firm at the end of the year. Mr. Sherwood, who is also known as Woody, had previously been seen as a potential successor to Lloyd C. Blankfein, the Goldman Sachs chairman and chief executive. He has been co-chief executive of Goldman Sachs International since 2005 and a vice chairman since February 2008. Mr. Sherwood has been with Goldman for 30 years, joining the bank in 1986. This year, Mr. Sherwood was one of several Goldman executives called to testify before Parliament over the collapse of BHS, one Britain’s best-known retailers. | GS | {"Chad Bray"} | 1032 |
| What To Expect In Tuesday's Quarterly Release | -8 | 2016-10-17 21:35:47+00 | “Despite the uncertainty created by Brexit, we achieved solid results by continuing to serve our clients across our diversified franchise and by managing our business efficiently,” Blankfein said in the second quarter earnings press release. The second quarter earnings, on revenues of $7.93 billion, sharply increased from the first quarter of 2016, with an EPS of $2.68 on revenues of $6.34 billion. If the megabanks’ third quarter earnings are any indication, the trend should continue. For the third quarter of 2016, which the investment bank will release Tuesday morning, analysts forecast a small rise in earnings per share (EPS), to $3.86 from $3.72. And while Goldman saw growth between the first and second quarters of 2016, comparisons to the second quarter of 2015 were less sunny. | GS | {} | 763 |
| Why Goldman Sachs was not on AT&T-Time Warner | -8 | 2016-10-25 00:00:00 | The code name for Time Warner in deal talks was "Rabbit," perhaps an homage to Warner Bros' carrot-chewing, wise-talking cartoon character. "CEOs value loyalty from investment banks and have long memories," said Erik Gordon, a University of Michigan business professor. Citigroup Inc and Morgan Stanley also advised Time Warner, and along with Allen & Co, they will share $80 million to $120 million, according to Freeman. Top for feesDespite missing out on advisory roles on the two blockbusters of 2016, Goldman Sachs is still No. But Goldman's absence from the AT&T-Time Warner deal shows that even the most successful investment banks can miss out on mega-deals by virtue of companies showing a preference for advisers that stick with them rather than their competitors. | GS | {"Liana B"} | 764 |
| Ex-Goldman Banker Leissner Faces Singapore Ban After 1MDB Probe | -37 | 2016-12-02 00:00:00 | Criminal ChargesLow’s Hong Kong-based company Jynwel Capital didn’t respond immediately to an e-mail request for comment on the Singapore central bank statement. The banker moved to Hong Kong in November 2011 but maintained his representative status in Singapore until his resignation from Goldman Sachs in February, according to the MAS. Singapore plans to bar former Goldman Sachs Group Inc. banker Tim Leissner from its securities industry for 10 years and fined Standard Chartered Plc and Coutts & Co. over breaches related to a scandal-plagued Malaysian sovereign fund. We continue to cooperate with the MAS.”Leissner left Goldman Sachs after 18 years with the bank and relocated to Los Angeles earlier this year. The statements were untrue and were made by Leissner without his New York-based employer’s knowledge or consent, the regulator said. | GS | {"Chanyaporn Chanjaroen","More Stories Chanyaporn Chanjaroen"} | 1064 |
| Goldman Sees OPEC Meeting Down to the Wire With 30% Odds of Deal | -12 | 2016-11-29 00:00:00 | You will now receive the Game Plan newsletter Technology Insights into what you'll be paying for, downloading and plugging in tomorrow and 10 years from now. You will now receive the Pursuits newsletter Game Plan The school, work and life hacks you need to get ahead. Brent seen averaging $55 in 1H2017 if deal reached; $45 if notThe oil market is pricing in a 30 percent chance of producers reaching a deal to cut output at OPEC’s meeting in Vienna, according to Goldman Sachs Group Inc.Start your day with what’s moving markets. As of Monday, OPEC officials failed to bridge their differences on the plan, with Saudi Arabia saying that output curbs aren’t essential. You will now receive the Business newsletter Politics The latest political news, analysis, charts, and dispatches from the campaign trail. | GS | {"Dan Murtaugh","More Stories Dan Murtaugh"} | 1033 |
| From Goldman Sachs to ‘Suicide Squad': Meet Steven Mnuchin, Donald Trump’s pick for Treasury secretary | -9 | 2016-11-29 00:00:00 | AP Photo/Carolyn Kaster)NEW YORK -- President-elect Donald Trump's pick to lead the Treasury Department is a former Goldman Sachs banker with no prior government experience. When he left in 2002, Mnuchin's stake in Goldman Sachs was worth a reported $46 million. As the national finance chairman for Trump's campaign, Steve T. Mnuchin raised millions in donations in a relatively short period of time. Given his time at Goldman Sachs it should come as no surprise that Mnuchin is well regarded in elite financial circles. Mnuchin spent 17 years at Goldman Sachs, starting in its savings and loan business before becoming the bank’s chief information officer in 1999. | GS | {"Renae Merle Covers White Collar Crime Wall Street For The Washington Post"} | 1034 |
| Goldman Sachs Says Trump Win Doesn’t Mean Too Much for S&P 500 | -7 | 2016-11-09 00:00:00 | Parker forecasts that the S&P 500 will rise 7.9 percent to 2,300 by the end of September 2017. Deutsche Bank chief U.S. equity strategist David Bianco is also leaving his 2016 S&P 500 target unchanged at 2,150. As markets digest Donald Trump’s victory, one prominent Wall Street prognosticator is keeping his year-end S&P 500 Index target unchanged. Contracts on the S&P 500 all but erased gains by the open, and the benchmark index surged as much as 1.1 percent as speculation mounted the Republican will pursue business-friendly policies. A Trump victory had been portrayed by analysts as having the potential to unhinge markets banking on a continuation of policies that coincided with the second-longest bull market in S&P 500 history. | GS | {"More Stories Joseph Ciolli","Joseph Ciolli"} | 1035 |
| Former GS banker Leissner to be prohibited from Sinagpore markets over 1MDB breaches | -13 | 2016-12-01 00:00:00 | The order would prohibit Leissner from taking part in the management of any capital market services in Singapore for 10 years. A Goldman Sachs spokesman told CNBC in an emailed statement the investment bank had discovered the incident in January 2016 and "identified as a clear violation of the firm's standards. "The spokesperson added the bank will donate the profits related to the 1MDB transactions to charitable causes. Leissner managed client relationship with 1MDB for all its three bond issues from 2012 to 2013. Standard Chartered's Singapore branch will be fined 5.2 million Singapore dollars ($3.65 million), MAS said. | GS | {"Cnbc Com Staff","Sam Kang Li Bloomberg Getty Images"} | 1065 |
| No I didn't meet Clinton to 'plot destruction of US sovereignty' | -14 | 2016-10-19 00:00:00 | ' We weren't meeting in secret and we certainly weren't plotting destruction," Blankfein said with a smile. Blankfein: We're certainly not plotting the destruction of US sovereigntyGoldman Sachs CEO Lloyd Blankfein denied Donald Trump's claim that Hillary Clinton met with the banking chief in secret to "plot the destruction of U.S. sovereignty. The Goldman CEO's comments follow renewed criticism of Clinton and the perception of her cozy relationship with Wall Street, fueled by purportedly hacked emails from Clinton campaign chairman John Podesta released by WikiLeaks. The Clinton campaign has not offered authentication of the alleged emails. | GS | {"Michael Newberg","Christine Wang"} | 809 |
| Libyan investment fund loses $1.2bn dispute with Goldman Sachs | -14 | 2016-10-14 00:00:00 | The Libyan Investment Authority has lost its $1.2bn lawsuit against Goldman Sachs in the high court. In her judgment, she said: “I find that there was no protected relationship of trust and confidence between the LIA and Goldman Sachs. “I find that the key people in the LIA who needed to understand the trades did discuss and agree the structure of the trades with Goldman Sachs,” she said. The LIA was claiming $1.2bn (£846m) from the Wall Street investment bank for losses on nine complex share trades between January and April 2008. Goldman Sachs did not become a trusted adviser or a ‘man of affairs’ for the LIA.”Nor, she said, did Goldman take advantage of the LIA’s misunderstanding of the complexity of the trades. | GS | {"Nils Pratley","Jill Treanor","Anne Perkins"} | 816 |
| Goldman Sachs dispute with Libya ruling | -16 | 2016-10-14 00:00:00 | Goldman Sachs won their dispute in the UK's high court against Libya's $60 billion (£42 billion) sovereign wealth fund. "There was no protected relationship of trust and confidence between Goldman Sachs and the LIA," Mrs Justice Rose said in a London court ruling on Friday. He may well have been less, rather than more inclined, to give Goldman Sachs more business if he had found out about what went on," she said in her ruling. "Herbert Smith, the law firm representing Goldman Sachs, declined to immediately comment. Goldman Sachs became close to the LIA after Youssef Kabbaj, a former salesman for the bank, was embedded within the organisation in 2007. | GS | {"Ben Moshinsky"} | 817 |
| The Guardian view on Theresa May’s shifting view of what Brexit means | -18 | 2016-10-26 00:00:00 | In a wide-ranging discussion the PM went beyond her current gnomic utterance to voters that “Brexit means Brexit”. The evidence is mounting that she was right to point to stormy times for a Brexit economy in the years ahead. The questions raised by the Goldman Sachs tape are clear: Does she believe now what she said then? It is an irony that in the cloistered preserve of Goldman Sachs, a temple of power and privilege, normally guarded politicans lift the veil of caution. On this side of the Atlantic the Guardian unearthed an audio recording of a previously undisclosed private question-and-answer session the prime minister had with Goldman Sachs bankers this May on the defining issue of Britain’s relationship with Europe. | GS | {"Anne Perkins"} | 826 |
| Ex-Goldman Sachs trader barred from industry | -10 | None | Image copyright Getty Images Image caption A former Goldman Sachs trader has been banned from Wall StreetA former head of Goldman Sach's mortgage trading unit has been barred from the industry by US regulators. Mr Chin was fired from Goldman Sachs in 2012. Under the terms of the deal Mr Chin has not admitted to nor denied the allegations. Edward Chin, former head of residential mortgage-backed securities, was accused by the US Securities and Exchange Commission (SEC)of misleading customers, causing them to pay more. His conduct began in 2010 and continued until he left Goldman in 2012, the SEC said. | GS | {} | 834 |
| Libya's $1.2bn claim against Goldman Sachs thrown out | -12 | None | Image copyright Getty Images Image caption Libyan oil fields generate cash for its wealth fundThe London High Court has dismissed a $1.2bn (£840m) claim against US investment bank Goldman Sachs over Libya's sovereign wealth fund. But the LIA said it would continue to fight to "return Libya's wealth to the people of Libya". The Libyan Investment Authority (LIA) was looking to recoup funds it said had been lost through nine disputed trades conducted in 2008. Goldman Sachs on Friday welcomed what it described as "a comprehensive judgment in our favour". The LIA accused Goldman Sachs of encouraging it to make complex, money-losing investments with its $67bn national investment fund, set up by Col Muammar Gaddafi in 2006 to invest the country's oil wealth. | GS | {} | 850 |
| WikiLeaks Releases Hillary Clinton's Goldman Sachs Speeches | -8 | 2016-10-15 23:14:57+00 | For more than a week, Wikileaks has published in stages what it says are hacked emails from the account of John Podesta, Clinton’s campaign chairman. Some excerpts of Clinton’s speeches had already been released. Clinton’s campaign has declined to verify the emails. The excerpts that have surfaced so far angered voters who backed Clinton’s former Democratic opponent, U.S. U.S. Democratic presidential candidate Hillary Clinton ’s full remarks to several Wall Street audiences appeared to become public on Saturday when the controversial transparency group Wikileaks dumped its latest batch of hacked emails. | GS | {} | 851 |
| Goldman Sachs Sees ‘Sharpening of Knives’ in S. Africa’s ANC | -19 | 2016-10-12 00:00:00 | “There is clearly a sharpening of the knives between the various factions within the ANC,” Colin Coleman, a partner and head of Goldman Sachs Group in South Africa, said in an interview on Bloomberg TV. “What we need in South Africa more than anything is growth and jobs,” he said. Divisions within the governing African National Congress are deepening and a potential downgrade of South Africa’s debt rating to junk isn’t fully priced in by markets, according to Goldman Sachs Group Inc. The reaction to the news on Tuesday in the country’s financial markets was “less than expected,” meaning that the risk of South Africa losing its investment-grade status hasn’t been fully factored in, he said. The rand’s reaction on Tuesday was “less than could’ve been the case,” Coleman said in a text message response to questions. | GS | {"Vernon Wessels","Vernon Wessels Guy Johnson","Guy Johnson"} | 888 |
| Did Goldman Sachs rig the commodities markets? | -18 | 2014-11-20 00:00:00 | The investigation looked into the holdings and dealings of Goldman (GS), JPMorgan Chase (JPM) and Morgan Stanley (MS) in physical commodities. While Goldman is looking to sell Metro, the bank isn't completely retreating from the physical commodities business. JPMorgan executives told lawmakers that the bank has already sold much of its physical commodities assets and business. He said that going forward, JPMorgan plans to focus on its financial derivatives business, not physical commodities. Goldman Sachs has been trying to distance itself from the "vampire squid" image it developed during the financial crisis. | GS | {"Matt Egan"} | 907 |
| Senate Report Finds Goldman and JPMorgan Can Influence Commodities | -25 | 2014-11-19 00:00:00 | A Goldman report on the Senate investigation says that it has not found that any improper information was exchanged. The chairman of the Senate subcommittee, Carl Levin, Democrat of Michigan, said that the current rules were not adequate to stop the problems. The New York Times had referred to this as the “merry-go-round of metal,” a description the Senate subcommittee also used. The London Metal Exchange opened a formal investigation into the practices at Metro in 2013, after The Times article, according to the Senate report. In particular, it said that regulators should reconsider the banking rules that relate to holding physical commodities. | GS | {"Peter Eavis","Ben Protess","Jessica Silver-greenberg","Nathaniel Popper","David Kocieniewski"} | 908 |
| Ex-Goldman Sachs Trader Tourre Says He Won’t Appeal | -12 | 2014-05-27 00:00:00 | Fabrice Tourre, the former Goldman Sachs Group Inc. vice president found liable for his part in selling a pre-crisis mortgage security that lost value, said he won’t file an appeal in the civil case. No senior Goldman Sachs executives were questioned in Tourre’s trial. Goldman Sachs, which paid Tourre’s legal fees, settled SEC claims over the Abacus transaction in July 2010 for $550 million, a record at the time. “While my lawyers have advised me there are strong grounds to appeal, I prefer to move forward with my education and close this difficult chapter of my life,” Tourre said in a statement today. Tourre lied about the role played by the hedge-fund firm run by billionaire John Paulson, which helped choose the securities underlying Abacus then made a billion-dollar bet it would fail, the SEC said. | GS | {"Michael J"} | 360 |
| Big fine imposed on ex-Goldman trader Tourre in SEC case | -50 | 2014-03-12 18:49:38+00 | "Wall Street recklessness, fraud and criminality were at the core of the crash and crisis," he said. "The case is SEC v. Tourre, U.S. District Court, Southern District of New York, No. REUTERS/Jonathan ErnstFormer Goldman Sachs bond trader Fabrice Tourre leaves the Manhattan Federal Court in New York August 1, 2013. But Dennis Kelleher, chief executive of the non-profit organization Better Markets, said a big fine cannot hide the government's "indefensible" failure to have brought criminal charges against senior Wall Street executives over the financial crisis. The total payout fell below the roughly $1.15 million, including a $910,000 fine, that the SEC had sought. | GS | {"Nate Raymond","Jonathan Stempel"} | 362 |
| Not So ‘Fabulous’ Fab: Ex-Goldman Sachs Trader Fabrice Tourre Found Liable for Fraud | -39 | 2013-08-01 00:00:00 | Keith Bedford / Reuters Former Goldman Sachs bond trader Fabrice Tourre leaves the Manhattan Federal Court in New York August 1, 2013. In the case, U.S. regulators portrayed the French-born Tourre as a poster-boy for Wall Street greed and bad behavior. Fabrice Tourre, a former Goldman Sachs bond trader known for his colorful nickname “Fabulous Fab,” was found liable for fraud Thursday for his role in a failed mortgage deal that cost investors $1 billion in a debacle that foreshadowed the financial crisis. Goldman Sachs settled the case with federal regulators in 2010 by paying a then-record $550 million fine without admitting or denying wrongdoing. To date, no top Wall Street executive has been charged over the complex financial jujitsu that helped lead to the Great Recession. | GS | {"Sam Gustin"} | 364 |
| Goldman Sachs Didn’t Trick Libyan Fund, Judge Says | -22 | 2016-10-15 00:00:00 | After the ruling, the Libyan Investment Authority said it was “disappointed” with the court’s decision. Youssef Kabbaj, a former Goldman Sachs banker and an important contact for the wealth fund, also did not testify. A lawyer for the Libyan Investment Authority told of a fund official’s storming into a board room to scream obscenities at two Goldman bankers and telling them to leave Libya. United States authorities have accused Mr. Najib and people close to him of embezzling billions of dollars from Malaysia’s state investment fund, 1Malaysia Development Berhad, or 1MDB. As part of its case, the Libyan fund leveled accusations that Mr. Kabbaj had tried to win influence by providing entertainment and gifts to members of the wealth fund’s staff, including iPods and chocolates. | GS | {"Chad Bray"} | 424 |
| Goldman Settles Fee Dispute With Ex-Manager Over Leak Probe | -23 | 2016-09-27 00:00:00 | The Delaware case is Jiampietro v. Goldman Sachs Group Inc., CA12601, Delaware Court of Chancery (Wilmington). The New York case is Goldman Sachs v. Jiampietro, 654364/2016, New York State Supreme Court, New York County (Manhattan. The accord was made public in court documents filed Sept. 19 in Manhattan and Sept. 22 in Delaware. Goldman agreed to settle the case and a counterclaim it had filed in state court in New York seeking arbitration. Goldman Sachs Group Inc. settled a former executive’s claim that it wrongfully refused to reimburse at least $350,000 in legal fees tied to his involvement in a government probe of leaked Federal Reserve documents. | GS | {"Jef Feeley"} | 427 |
| Goldman's Libya Salesman Was a Little Too Good | -19 | 2016-09-29 00:00:00 | For instance there is Youssef Kabbaj, a London-based equity derivatives salesman who, in 2008, was described internally as "perhaps Goldman’s top salesman globally. That is from this amazing Bloomberg Businessweek story about Goldman's equity derivatives dealings with Libya, which were led by Kabbaj, a Goldman vice president (! One way to think about the Libya case is that Kabbaj was really good at the classical arts of salesmanship. There's a secondary complaint, which is that the LIA didn't understand how much money Goldman was making on the trades. Goldman’s security team called back, telling Kabbaj it was looking at options for “extraction” and ordering him not to leave the Corinthia. | GS | {"Leonid Bershidsky","Francis Wilkinson","Jonathan Bernstein","Matt Levine","Megan Mcardle","Justin Fox","Daniel Gordis","Mark Whitehouse"} | 428 |
| Goldman Sachs Is Sued Over Ties to Malaysia’s Prime Minister | -28 | 2016-07-27 00:00:00 | The firm, Primus Pacific Partners, said Goldman provided bad advice to one of its clients to help the financial fortunes of the Malaysian prime minister, Najib Razak. PhotoA private equity firm is suing Goldman Sachs, accusing it in court documents filed on Tuesday of improperly trying to curry favor with the scandal-plagued prime minister of Malaysia. “Goldman Sachs’s egregious misconduct here apparently was part of a broad pattern of corruptly winning favor with the prime minister in order to further Goldman Sachs’s business opportunities in Malaysia,” the suit says. Primus Pacific Partners filed the lawsuit against Mr. Leissner and Goldman in New York State Supreme Court in Manhattan. Mr. Leissner left Goldman this year as accusations of improper activity related to 1MDB were raised. | GS | {"Nathaniel Popper"} | 430 |
| Clinton Goldman Speech Transcripts Show Little to Match Fuss | -20 | 2016-10-15 00:00:00 | Hillary Clinton Photographer: Ty Wright/BloombergAccording to the transcripts, Clinton discussed U.S. relations with Russia, the Dodd-Frank financial reform bill, the debt limit and the media, among other topics. When Clinton demanded that Sanders release his tax returns, the Sanders campaign said he would do so when Clinton issued the transcripts. Sanders singled out Goldman Sachs for its role in the 2008 financial crisis and criticized Clinton for the $675,000 she was paid for three speeches. Clinton’s campaign has declined to discuss the hacked e-mails and Jake Siewert, a spokesman at Goldman Sachs, wouldn’t comment on the speeches or confirm their authenticity. WikiLeaks posted what it said were the full speeches, gleaned from hacked e-mails, after putting out excerpts earlier this month. | GS | {"Alan Levin","Mark Niquette","Mark Niquette Alan Levin"} | 505 |
| Goldman Sachs Joins the Trading Party | -7 | 2016-10-18 00:00:00 | But to truly rev up the trading party, someone's going to have to show up with some higher rates and economic growth. Goldman Sachs offered more confirmation on Tuesday that the sun was once again shining on Wall Street's fixed-income trading desks. That led a surge among the four large banks with big trading desks that have reported results so far. "Maybe the best way to describe it is, it wasn't so much about tailwinds as it was about not having so many headwinds this quarter," Goldman Chief Financial Officer Harvey Schwartz said. For another, the performance of trading businesses is so dependent on market events in any given quarter that detailed prognostication is futile. | GS | {"Michael P"} | 678 |
| EU petition on Barroso's Goldman Sachs job signed by more than 150,000 | -17 | 2016-10-11 00:00:00 | More than 150,000 people have signed an EU staff petition demanding that the former European commission president José Manuel Barroso loses his pension for taking a job at Goldman Sachs. A delegation will present the petition on Wednesday to the main EU institutions: the commission, parliament and council, which represents EU governments. The EU staff, who have drafted the petition, are calling for tighter rules on politicians moving into the corporate sector, once they have left their EU jobs. The petition comes ahead of a keenly awaited investigation by an EU ethics committee into Barroso’s job. “José Manuel took the role after an 18-month restriction period following the end of his term at the European commission, a longer period than that imposed by most European institutions”. | GS | {"Jennifer Rankin"} | 525 |
| Wall Street's Fraud of the Week Club | -48 | 2016-04-13 18:53:57+00 | "-- Department of Justice press release, April 8 2016A $5.1 billion fraud settlement from Goldman Sachs, a $1.2 billion fraud agreement with Wells Fargo -- and that's just from the past week. Moreover, Lofrano received Wells Fargo quality assurance reports identifying thousands of FHA loans with material findings -- very few of which Wells Fargo reported to HUD. Another received a Goldman Sachs loan for his Senate campaign and is married to one of its executives. Wells Fargo's $1.2 billion fraud settlement seems almost small compared to Goldman's. "A lot of people must have colluded in that fraud, but no executives have been indicted at Goldman Sachs. | GS | {"Richard Rj","Host The Zero Hour Sr Fellow Campaign For America's Future","Follow Richard","Rj Eskow On Twitter","Www Twitter Com Rjeskow"} | 542 |
| Pound in Freefall Hurts U.K. Bonds as Goldman Sees More Losses | -10 | 2016-10-06 00:00:00 | Government bonds also slid as the weaker currency boosted the market’s inflation expectations. The pound has already dropped 15 percent since the referendum to leave the world’s biggest single market, and is 2016’s worst-performing major currency. “A school of thought is building to suggest this over the last 24 hours, and looks to be weighing on the pound.” “Investors fear the U.K. economy may move into recession post-Brexit,” said Neil Jones, head of hedge-fund sales at Mizuho Bank Ltd. in London. Follow @Brexit for the latest news, and sign up to our Brexit Bulletin for a daily roundup. | GS | {"Charlotte Ryan"} | 677 |
| Earnings Reports for Goldman Sachs and Yahoo | -11 | 2016-10-17 00:00:00 | Its latest earnings report should contain new details about gross margins and sales growth in its cloud computing businesses, along with revenue from its game products. Chad BrayTECHNOLOGYMicrosoft to share earnings report. Goldman Sachs is expected to release results on Tuesday and Morgan Stanley on Wednesday. Most economists expect the central bank to maintain its benchmark interest rate at zero, where it has been since March. On Wednesday, the Commerce Department will report data on new housing starts in September. | GS | {"The New York Times"} | 741 |
| Goldman Sachs, David Kostin EPS outlook cut | -9 | 2016-10-24 00:00:00 | The analysts now expect 2016 EPS of $105 from $100, 2017 EPS of $116 from $123, and 2018 EPS of $122 from $130. The Goldman strategy team, lead by David Kostin, cut their earnings forecast for 2016, 2017, and 2018 S&P 500 earnings in a note to clients on Monday citing stagnant economic growth and sliding margins. "However, declines outside of Energy have weighed on S&P 500 margins during the first half of 2016, particularly in the Information Technology sector. "We estimate that every 100 bp change in 2017 US GDP growth relative to our baseline assumption equates to a $5 change in 2017 S&P 500 EPS, or 5 percentage points (pp) of EPS growth," wrote Kostin. "Given the industry and economy-wide trends, said Kostin, this leaves his team with a slightly more sour view of earnings growth going forward. | GS | {"Bob Bryan"} | 762 |
| Former Goldman Sachs Trader Fined $400,000 and Barred for 2 Years | -18 | 2016-08-17 00:00:00 | The former trader, Edwin Chin, was fired from Goldman in 2012, when he was running its residential mortgage-backed securities trading desk and was its most active trader in the securities. Mr. Chin joined Goldman in 2003 as an analyst and rose to prominence at the firm as a trader of residential mortgage-backed securities by 2011. A Goldman spokesman said the company fired Mr. Chin for the reasons stated in his regulatory records. A former senior trader at Goldman Sachs has agreed to pay $400,000 and be barred from the securities business for at least two years for misleading customers into paying more for residential mortgage-backed bonds in the years after the financial crisis. Bonds like the ones Mr. Chin traded are not publicly listed, so transactions between buyers and sellers are negotiated with the help of a dealer. | GS | {"Liz Moyer"} | 833 |
| Fed Readies Enforcement Action Against Goldman Sachs in Theft of Secrets | -35 | None | Adam Ford, a lawyer for Mr. Jiampietro, said, “He did nothing wrong,” adding any such Fed action would contrast with other regulators who took no action against him. The former New York Fed employee who passed the secrets on to Mr. Bansal, Jason Gross, also pleaded guilty in Manhattan federal district court. The Fed in November permanently banned from the industry Rohit Bansal, the Goldman employee who got the secrets while working under Mr. Jiampietro. Mr. Bansal, who is in his 30s, is now a cooperating witness in the case under the terms of his sentencing. ENLARGE The Fed is preparing an enforcement action against the firm against Goldman Sachs Group Inc. and one of its former executives over a case concerning the theft of central-bank secrets two years ago. | GS | {"Katy Burne Wsj Com","Katy Burne"} | 835 |
| Goldman ex-programmer files new lawsuit to recoup legal fees | -20 | 2015-02-10 21:28:50+00 | He has said Goldman advanced legal fees to dozens of other employees in similar positions and should also advance his. Aleynikov sued Goldman in New Jersey the next month in a so far unsuccessful effort to have his legal fees advanced, and Goldman later countersued for civil damages. Aleynikov has incurred more than $3 million of legal fees tied to Goldman, where he had been a vice president, court papers show. The case is Aleynikov v. Goldman Sachs Group Inc, Delaware Chancery Court, No. Former Goldman Sachs computer programmer Sergey Aleynikov (C) appears with his lawyer Kevin Marino (L) at Manhattan Criminal Court in New York, August 9, 2012. | GS | {"Jonathan Stempel"} | 202 |
| Goldman Sachs under spotlight in Malaysian fund scandal | -23 | 2016-07-21 09:59:37+00 | Goldman Sachs, which earned close to $600 million to arrange and underwrite the 1MDB bonds, has not been accused of any wrongdoing. FILE PHOTO -- A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. In 2013, Goldman helped 1MDB raise $3 billion, in a third transaction referred to as "Project Catalyze". REUTERS/Brendan McDermid/File PhotoNEW YORK Goldman Sachs' (GS.N) work with Malaysian sovereign wealth fund 1MDB is under the spotlight over U.S. government allegations that billions of dollars were diverted for the personal use of officials and some people associated with them. The FBI and other U.S. regulators, including New York's Department of Financial Services, have been investigating Goldman Sachs' business relationship with 1MDB. | GS | {"Reuters Editorial"} | 14 |
| The internal notes on Goldman Sachs' time running the BHS pension plan | -21 | 2016-07-26 00:00:00 | The markets were very much broken:The BHS trustees felt like Goldman was snowing them with numbers:By June 2007, BHS was already considering replacing Goldman on the job. Goldman was asked to actively manage BHS's investment in Goldman's "Global Tactical Asset Allocation" fund, a £30 million chunk of the total BHS pension plan. The BHS pension had lost 6% of its value in the four months since Goldman's appointment through February 2007. Sometime in late 2006, Green allowed Goldman to control a small portion of the investment strategy of the BHS pension schemes, according to notes filed as exhibits to Parliament's inquiry into BHS. "BHS criticised Goldman for "lack of transparency" on the investment positions it was taking for BHS. | GS | {"Jim Edwards"} | 25 |
| Goldman Sachs Fined $36 Million by Fed Over Leaked Documents | -26 | 2016-08-03 00:00:00 | In 2014, a Goldman Sachs banker, Rohit Bansal, allegedly shared confidential Fed documents with Jiampietro that Bansal got from a New York Fed employee he had previously worked with, the Fed said. The Fed said Goldman Sachs’ employees used confidential supervisory information in presentations to clients to try to solicit business. The information Bansal got from Gross related to a bank that was a Goldman Sachs client, according to that settlement. It must establish an enhanced program to meet compliance expectations around using and disseminating secret supervisory information, according to the settlement. Client PitchesJiampietro asked Bansal to obtain confidential information that was used in pitches to existing and potential clients, the Fed said. | GS | {"Jesse Hamilton"} | 98 |
| Britain's FTSE gains to trade near record high, Shire up | -7 | 2015-03-03 09:40:39+00 | "With the UK general election ahead, the UK market will soon start to get nervous about the election result. Shire rose 1.7 percent to 5,250 pence, with traders citing a Goldman Sachs note on the sector helping the stock. "Associated British Foods rose 1.9 percent to 3,145 pence after Investec started coverage of the stock with a "buy" rating and a price target of 3,650 pence. "The blue-chip FTSE 100 index was up 0.3 percent at 6,958.33 points by 0914 GMT, trading just below a new record high of 6,974.26 points set in the previous session. * Blue-chip FTSE 100 index rises 0.3 percent* Shire, Associated British Foods up on broker comments* Barclays, Glencore slip after updatesBy Atul PrakashLONDON, March 3 Britain's blue-chip share index rose on Tuesday to trade near the previous session's record highs, with Shire and Associated British Foods gaining on the back of positive comments from brokers. | GS | {"Reuters Editorial"} | 298 |
| RPT-UPDATE 1-U.S. crude prices to drop to $40 a barrel as inventories rise -Goldman | -9 | 2015-03-09 03:28:51+00 | Goldman said that Brent prices would also come under renewed pressure. Oil prices rose by almost a third between January and February on the back of Middle East supply disruptions, strong winter demand and high refinery margins. But Goldman said that "the activity pull is sequentially weakening" and that global crude inventories would therefore rise, pushing West Texas Intermediate (WTI) crude to $40 a barrel, levels last seen at the peak of the global financial crisis in late 2008, early 2009. A two-thirds drop in Asian LNG prices is making the fuel cost competitive against oil in the industrial power sector. In the United States, Goldman said that "the build in U.S. inventories has surprised to the upside, especially in Cushing". | GS | {"Reuters Editorial"} | 326 |
| Goldman, BASF, HSBC accused of metals price fixing: U.S. lawsuit | -26 | 2014-11-26 18:24:14+00 | The case is Modern Settings LLC v. BASF Metals Ltd et al, U.S. District Court, Southern District of New York, No. The Hong Kong Exchanges and Clearing Ltd (0388.HK) unit said the platform would replace a benchmark system established in 1989, and run by Goldman, BASF, HSBC and Standard. The plaintiff, Modern Settings LLC, a Florida-based maker of jewelry and police badges, claimed metals purchasers lost millions of dollars. The complaint said such changes "have come too late" for Modern Settings and other prospective class members. On Oct. 16, the London Metal Exchange said it will on Dec. 1 take charge of platinum and palladium price fixing, and use a new electronic platform. | GS | {"Jonathan Stempel"} | 1232 |
| HSBC and Goldman sued for allegedly fixing metal price | -16 | None | The tighter regulation comes after a currency trading scandal and the Libor scandal, which fixed a benchmark interest rate. Image copyright Getty ImagesGoldman Sachs and HSBC are among four platinum and palladium dealers to be sued in New York for allegedly fixing the price of the metals. New systemLast month , the London Metal Exchange said it will take charge of platinum and palladium price fixing, and use a new electronic platform from the 1st December. BASF and Standard bank were also sued in the first lawsuit of its kind in the US. The companies were accused of having conspired since 2007 to rig the twice-daily platinum and palladium fixings. | GS | {} | 1233 |