If his track record with Solly was any better. Warren should just stay away from Investment Banks.
I think most ppl who wana build wealth as reffered by Benjamin Graham should stay away from financial firms.
Now Germany wants to take action against Goldman. In fact they blame Goldman for the 500 billion Euro bailout. Bring’em down. By MARCUS WALKER- WSJ Germany said it will ask the Securities and Exchange Commission for information in a case in which Goldman Sachs Group Inc. is accused of defrauding investors, potentially as a prelude to legal action. “First we must ask for the documents, then evaluate [them] and then decide about legal steps,” said a spokesman for German Chancellor Angela Merkel, confirming a report in German newspaper Welt am Sonntag on Saturday. The U.S. government alleges Goldman Sachs sold mortgage investments without telling buyers they were crafted with input from a client who was betting against them. Germany’s interest in the case stems from the fact that German lender IKB Deutsche Industriebank AG bought a significant amount of the collateralized debt obligations in question, contributing to IKB’s heavy losses on U.S. mortgage-related securities. Those losses led to a €3.5 billion ($4.73 billion) bailout of IKB in mid-2007, with most of the money coming from IKB’s major shareholder, German state bank KfW. IKB’s near-failure marked the start of an escalating banking crisis in Germany in 2007, which found that numerous state and private-sector banks in Europe’s biggest economy had invested and lost heavily in U.S. mortgage-related securities. The losses undermined German officials’ claims that the subprime-mortgage crisis was a U.S. problem, and forced Germany to announce a €500 billion bailout of its banking sector in October 2008.
I wonder what the stock price will be at come Monday morning.
They’ll get a slap on the wrist and it will be business as usual. Financial services is America’s last and only place where it has a competitive advantage, and Goldman is the best in class. The government wont bite the hand that feeds it…too hard, anyway. How much do you want to bet that Hank Paulson is probably on the phone right now with everyone in Washington, trying to convince the powers that be that if Goldman goes down then, surely, the polar ice caps will melt, China will blow us up, people will resort to cannibalism, and Manhattan will have to be converted to a high security prison…all within 36 hours…
I don’t know, a lot of people got burned real bad while CEO’s are making billions. I think people want answers and Goldman’s is going to get sifted through with a fine tooth comb. When it goes in front of a judge (unless the gov’t tells the judge which way to decide) the company will be at the mercy of the judicial system and its securities/fiduciary laws. Like first level CFA says, the people’s trust in capital markets is vital. The SEC’s already enacted some tougher reforms and now more than ever governing bodies are looking to clean up regulation and capital markets so we don’t get more Enron’s or firms selling security packages so complex that half the people working there don’t understand them.
Does anyone known how civil charges become criminal charges? Does the SEC refer it to DOJ or they handle it themselves? What division at DOJ would handle this? The timing of the complaint is certainly interesting. Now that health care is out of the way financial reform is at the top of the agenda.
calling it right now - GS is going bankrupt
starbuk Wrote: ------------------------------------------------------- > calling it right now - GS is going bankrupt lol…right. If GS went bk we’d have much larger problems on our hands.
starbuk Wrote: ------------------------------------------------------- > calling it right now - GS is going bankrupt The candidate pool really has gone down…
the gene pool looks like its taken a dive too, muffin man.
starbuk Wrote: ------------------------------------------------------- > the gene pool looks like its taken a dive too, > muffin man. Although I don’t agree with your GS point, I do think that response was funny.
soddy1979 Wrote: ------------------------------------------------------- > starbuk Wrote: > -------------------------------------------------- > ----- > > the gene pool looks like its taken a dive too, > > muffin man. > > Although I don’t agree with your GS point, I do > think that response was funny. I thought it was lame. If GS goes bankrupt, Wall Street will cease to exist.
Is GS really that powerful/hold that much money? Or are people exaggerating it a bit?
Reggie Wrote: ------------------------------------------------------- > Is GS really that powerful/hold that much money? > Or are people exaggerating it a bit? Just look at all of the government positions that ex-Goldmanites hold. They hold some serious positions of influence.