Wall Street Folly

Video: Former Goldman staffer and 2006 Hampton’s Magazine hot bachelor Josh Birnbaum testifies in the Senate inquisition of Goldman Sachs

Posted by WSF On April - 27 - 2010

We noted that he was mentioned in a 2006 Hamptons Magazine “Black Book” profile as one of their list of eligible Hamptons singles.  Today Josh Birnbaum, formerly of Goldman Sachs, testified before the Senate Subcommittee in their Goldman Sachs mortgage market meltdown probe.  Here’s his opening statement:

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Video: Excellent interview with Bill Ackman; He’s on team Goldman, and comes out in their defense

Posted by WSF On April - 27 - 2010

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SEC case seems to be unraveling by the day as Paulson deputy said to have told ACA they were going short, and ACA’s own portfolio suggestions actually made the deal worse, not better; Goldman’s Gary Cohn said to be attending Obama’s Wall Street speech; Blankfein comes out swinging; Tourre to testify next week (unless he pulls out); Obama says Whitehouse didn’t discuss Goldman with the SEC; Obama’s keeping his Goldman campaign contributions

Posted by WSF On April - 22 - 2010
  • Questions Raised About Evidence on Goldman
  • SEC vs Goldman Sachs
  • Goldman exec Cohn to attend Obama speech-source
  • Blankfein attacks ‘political’ SEC case
  • Tourre Expected Before Senate Panel
  • Obama Says SEC, White House Didn’t Discuss Goldman
  • Along with SEC, other investigators and suits may target Goldman Sachs
  • Obama Doesn’t Intend to Give Back Goldman Campaign Donations Read the rest of this entry »

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Paulson reassured his investors that his CDO deal was ‘appropriate’; Rep Issa smells politics in the timing of the SEC’s Goldman charges; Blankfein going to DC next week; Goldman comes out swinging with their defense; Tourre now on leave, is deregistered in UK; Goldman’s made political donations to both parties; Goldman’s share buyback; SEC is defending ’sophisticated investors’ with this suit

Posted by WSF On April - 21 - 2010
  • Paulson & Co tells investors it was ‘open’
  • Paulson & Co. Says Its Role in Goldman CDO Was ‘Appropriate’
  • Suspecting politics in Goldman Sachs charges, Rep. Issa asks SEC for information
  • It’s Lloyd’s of Washington next week
  • Goldman takes aggressive line on fraud claims after bumper profits
  • Goldman mounts defense on SEC charges, saying clients knew its products well
  • Goldman Sachs Says SEC Case Hinges on Actions of One Employee
  • Bank Says Losses Prove No Ill Intent
  • Goldman Sachs Donations Loom Over Republicans, Democrats Alike Read the rest of this entry »

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Goldman’s earnings beat; Employees rally around Lloyd Blankfein, senior management; Deal said to have been ok’d by senior execs; FSA to probe Goldman; SEC’s vote was partisan at 3-2, split leads to questions about how strong case is; More timing questions; AIG looking for an angle to recoup cash; Dodd says Goldman “shenanigans’ would be barred in reform bill; Politician returning Goldman campaign contribution; John Paulson hedges his bets by giving to Dems, Republicans

Posted by WSF On April - 20 - 2010
  • Goldman Tops Forecast, With $3.46 Billion in Earnings
  • Goldman Employees Rally Around Blankfein
  • What the Committee Knew
  • Goldman’s London Units Face Formal U.K. FSA Probe
  • Financial News: FSA Goldman Probe May Spark Intl Crackdown
  • Goldman Sachs CDO Lawsuit Split SEC Commissioners in 3-2 Vote
  • The SEC’s Impeccable Timing
  • AIG eyes action on Goldman over CDOs
  • Goldman ‘Shenanigans’ to Be Barred by Bill, Dodd Says
  • Kirk to Return Goldman Donations in Illinois Campaign Read the rest of this entry »

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SEC case against Goldman smoking gun or water pistol? (and gee isn’t the timing interesting?); If there is a case, were top Goldman guys involved not just Fab?; Fab’s email is key to SEC case (and so were the Bear Stearns hedge fund guys emails, and look where that got the SEC); A look at the word “Selected”; Goldman may face UK, German inquiries; UK’s Brown complains of “moral bankruptcy” of investment banking firms; Chris Whalen thinks that John Paulson could get dragged into the litigation

Posted by WSF On April - 19 - 2010
  • The SEC vs. Goldman
  • SEC faces fight to produce an open-and-shut court case
  • SEC Probes Other Soured Deals
  • Paulson May Face Litigation Following Goldman Suit, Whalen Says
  • Top Goldman Leaders Said to Have Overseen Mortgage Unit
  • Fabrice Tourre email is key to SEC’s evidence
  • Goldman Sachs SEC Case May Hinge on Meaning of Word ‘Selected’
  • Goldman May Face U.K., German Inquiries After Suit
  • Brown Says He Wants Special Investigation of Goldman Sachs
  • Goldman attacked by UK premier Read the rest of this entry »

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Not everyone is thrilled with Goldman Sachs’ new HQ; Bad investments leave Goldman Real Estate fund with only $30M, down from $1.8B

Posted by WSF On April - 16 - 2010

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BofA Beats; Goldman Sachs Director eyed in by prosecutors over Raj Rajaratnam conversations won’t stand for reelection; Ex-auto czar Steve Rattner thrown under the bus by his former firm, Quadrangle; LBO firms paying themselves dividends; New accounting rules may curb “Liquidity Puts”

Posted by WSF On April - 16 - 2010
  • Bank of America Returns to Profit as Merrill Boosts Revenue
  • Bank of America Earns $3.2 Billion in First Quarter
  • Goldman Director Gupta to Leave
  • Troubles Mount For Former Car Czar
  • LBO Firms Extract Dividends as Blackstone Sells: Credit Markets
  • ‘Liquidity Puts’ That Cost Citigroup $14 Billion May Be Curbed Read the rest of this entry »

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Harry Reid gets an earful from Goldman bankers at fundraiser; Lehman examiner says estate might have a claim against some of the banks; BofA set to report after “Fabulous Month” for Merrill Lynch; First there was Greece, next huge problem is Portugal per economists; SEC proposal will collect data on high frequencer traders; UBS shareholders express unhappiness with executive pay; UBS banker looking for shorter prison sentence; Massachusetts pulling money from BofA, Citigroup, and Wells Fargo in credit card rate protest

Posted by WSF On April - 15 - 2010
  • Goldman Sachs bankers harangue top Demoocrat at private fundraiser
  • Lehman may have grounds to sue banks
  • BofA May Post Profit After ‘Fabulous Month’ for Merrill Lynch
  • The Next Global Problem: Portugal
  • SEC votes to tag large equity traders
  • UBS investors speak out against pay plans
  • Former Banker for UBS Seeks Shorter Sentence
  • Massachusetts moving money out of 3 big banks to protest credit card rates Read the rest of this entry »

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WaMu ex-CEO email said of Goldman Sachs “I don’t trust Goldy on this”; White House said to have pressured Goldman, JP Morgan and Bank of America to quit their lobbying efforts against regulatory overhaul bill

Posted by WSF On April - 14 - 2010
  • WaMu Chief Killinger Didn’t Trust Goldman Sachs, E-Mails Show
  • Blankfein, Dimon Urged by White House to Stop Fighting Rules Read the rest of this entry »

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George Soros gives Eurozone break up 50/50 odds; Jon Corzine is OK with banker regulation (but is troubled by possible proprietary trading bans); Ex JC Flowers banker in probe for alleged skimming; Activist investors on the hunt for seasoned execs to run their targets

Posted by WSF On April - 12 - 2010
  • Soros warns Europe of disintegration
  • Corzine: ‘Bankers are right down there with politicians’
  • City star in ‘phantom’ fees probe
  • Activist Holders Eye Top Managers for Boards Read the rest of this entry »

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$40B bailout plan for Greece; U.S. Bailout seen as costing far less –now estimated at $89B; Most of AIG’s bad Goldman trades have been unwound; Big first quarter for UBS; UBS tax cases could net New York a lot of badly needed cash; Inspector General’s report faults regulatory supervision over WAMU failure; NBER isn’t willing to say the recession is over yet; Pimco sees continued low mortgage rates

Posted by WSF On April - 12 - 2010
  • Aid plan solves Greece’s near-term funding woes
  • Light At the End of the Bailout Tunnel
  • AIG, Goldman Unwind Soured Trades
  • UBS Hopes Big Profit Will Lift Client Confidence
  • NY state sees “deep well” of UBS client tax cases
  • U.S. Faults Regulators Over a Bank
  • Pimco Says Investors to Hold Down U.S. Mortgage Rates
  • Committee Reluctant to Mark End of Recession Read the rest of this entry »

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Fed report shows big banks including Goldman, JPM, BAC, Citigroup, Morgan Stanley windowdressed end of Q debt levels; NYC Comptroller thinks Wall Street bonus tax should be on the table; Hedge funds rose in March; Post mortem: Ex-Citigroupers Prince and Rubin on the hotseat; Tiger Woods roars back to his best ever Masters first round

Posted by WSF On April - 9 - 2010
  • Big Banks Mask Risk Levels
  • Wall Street Bonus Tax Should Be Considered, Liu Says
  • Los Angeles Faces Threat of Insolvency
  • Hedge Funds Rose 2.7% in March, Strongest Month Since September
  • Citi’s ex-grandees strain to keep cool
  • Citigroup executives apologize for not averting financial crisis
  • Judge Faults Prosecutors in ‘Squawk Box’ Case
  • Tiger Woods Shoots His Best Masters First Round; Couples Leads Read the rest of this entry »

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Goldman Sachs explains itself to shareholders in its annual letter; Paul Volcker calls for VAT tax; Jamie Dimon’s lobbying efforts; Greece pleas for more aid; Geithner wants Europeans to revise their hedge fund rule plan, also, he’s meeting with Chinese Vice Premier; Spirit Airlines pissing flyers off with new carry on baggage fee

Posted by WSF On April - 7 - 2010
  • Goldman Tells Its Side of ‘09
  • Volcker: Taxes likely to rise eventually to tame deficit
  • Mr. Dimon Goes to Washington
  • Greek banks plead for more aid in debt crisis
  • Geithner Urges Europe to Revise Hedge-Fund Rule Plan
  • Geithner to Meet With the Chinese Vice Premier
  • Fliers up in arms about carry-on fee Read the rest of this entry »

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Warren Buffett’s Berkshire Hathaway is the best regarded U.S. company, Goldman sits at the bottom with Fannie, Freddie, Citigroup and AIG!; $2.5B “Christmas capital’ present for U.S. Banks?; No federal charges for AIG?; Wilbur Ross said to be backing Virgin Money RBS branch network bid; Macro hedge funds not benefiting from int’l crises; Madoff investors may see no brokerage sale cash; iPad teardown findings: round up the usual suspects

Posted by WSF On April - 5 - 2010
  • Buffett’s Berkshire is best-regarded U.S. company
  • US banks in $2.5bn ‘Christmas capital’ gain
  • Federal Prosecutors Leaning Against Charges in AIG Probe
  • Wilbur Ross backing Virgin Money in RBS branch bid
  • Macro hedge funds fail to profit from crisis
  • Madoff investors may not see cash from brokerage sale Read the rest of this entry »

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Even though he doesn’t have power over past pay, Ken Feinberg may resort to shaming pre-TARP bonus babies to cough up dough (Good luck with that…); Numbers show that not so many top execs bailed on banks with pay limits; NY Post highlights Goldman nepotism and the largesse paid to young kin; Flyonthewall.com court decision over publishing broker upgrade / downgrade headlines could have broader ramifications

Posted by WSF On March - 23 - 2010
  • Feinberg to Review Pay at Bailed-Out Firms
  • Few Fled Companies Constrained by Pay Limits
  • Family bonus(es) plan
  • Big Clients Keep Their Head Start Read the rest of this entry »

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Fuld to be on congressional hot seat; FT focuses on Goldman execs returns from fund investments; Carl Icahn feels misunderstood; High end repo guys banking from grabbing jets, yachts

Posted by WSF On March - 22 - 2010
  • Fuld faces Lehman repo quizzing
  • Goldman executives benefit from fund investments
  • Does Icahn Still Make Them Tremble?
  • Cries of ‘Hey, That’s My Jet!’ Don’t Deter High-End Repo Men Read the rest of this entry »

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GMAC looking to deTARP? Goldman, Citi said to have been hired; Obama caves and will appear on Fox News to appeal for Obamacare support; AIG takes down another $2.2B; B of A sued over Merrill loss claims; Madoff sons, brother want out of Trustee’s lawsuit; Mortgage demand tepid; Nobel winner Stiglitz says removing Fed stimulus may worsen housing crisis

Posted by WSF On March - 17 - 2010
  • GMAC Said to Hire Citigroup, Goldman Sachs for TARP Repayment
  • Obama to Appear on Fox News in Final Health-Care Push
  • SEC Didn’t Act on Lehman’s ‘Problematic’ Liquidity, Report Says
  • AIG Draws $2.2 Billion More From Treasury to Bolster Units
  • Bank of America Is Sued by ABP Over Merrill Lynch Loss Claims
  • Madoff relatives try to fend off lawsuits
  • US mortgage demand tepid even as loan rates sink
  • Stiglitz Says Fed Stimulus Withdrawal May Hurt U.S. Read the rest of this entry »

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AIG, Bank of America, Barack Obama, Bernie Madoff, Citigroup, Goldman Sachs

Moody’s warning on AAA ratings for U.S., UK, France, Germany; Goldman and JP Morgan forcing hedge funds to put up more collateral on CDS trades; Dodd’s financial overhaul plan due out today; AIG said to have cut bonuses by $21M; UBS sees 2010 turnaround

Posted by WSF On March - 15 - 2010
  • Moody’s Warning Weighs on Futures
  • Goldman Sachs Demands Derivatives Collateral It Won’t Dish Out
  • Sen. Dodd to introduce plan to overhaul financial regulatory system
  • AIG Said to Cut Bonuses by $21 Million to Meet Feinberg Mandate
  • UBS Sees Turnaround in 2010
  • Tests fail to duplicate acceleration problem in Prius Read the rest of this entry »

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AIG, Bonuses, CDS, Goldman Sachs, Hedge funds, JPM, JPM Chase

‘Smoking gun’ Toyota memo from 2006 said to talk of “safety sacrifices”; Money Never Sleeps: Gordon Gekko’s relase delayed until September 24; Profile on Gary Gensler — From Goldman to regulator; The ugly fall of Pali Capital

Posted by WSF On March - 11 - 2010
  • ‘Smoking gun’ memo reveals Toyota workers’ safety fears
  • Fox holds ‘Wall Street’ sequel
  • Goldman Deal-Maker Now Advocates Regulation
  • Pali Capital: Lawsuits, poker and the death of a boutique bank Read the rest of this entry »

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Citigroup’s Pandit blowing a kiss to taxpayers as he goes to DC for more testimony; Obama still hoping Volcker Rule gets passed; JP Morgan beat Goldman in the ‘09 battle of investment banking fees; Ethically challenged Rangel finally steps down as committee head (now he just needs to get the boot from congress); Geithner adviser plans exit; Nissan the latest to recall cars

Posted by WSF On March - 4 - 2010
  • Citigroup’s Pandit Said to Plan to Thank Taxpayers for Bailout
  • Pandit Returns to Capitol’s Hot Seat
  • Obama Sends ‘Volcker Rule’ Proposal on Bank Trading to Congress
  • JPMorgan Tops Goldman in Investment Banking as Fees Swell 13%
  • Scandal-stained Rangel quits post
  • Geithner Adviser Sachs Plans to Resign as Banking Crisis Wanes
  • Nissan to Recall Over 500,000 Cars Read the rest of this entry »

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Autos, Barack Obama, Citigroup, Fees, Goldman Sachs, JPM, JPM Chase, Politics, Tim Geithner, Vikram Pandit, investment banking

New Goldman disclosure warns investors of PR risk; Warren Buffett still Likes Goldman and thinks Lloyd Blankfein is swell; Another Goldman trading record; Some HSBC bankers are bankin

Posted by WSF On March - 2 - 2010
  • Goldman Warns Investors That Bad PR Could Hutt Business
  • Warren Buffett ‘feels good’ about Goldman Sachs
  • Goldman exceeds trading record
  • HSBC pays top bankers more than £9m each Read the rest of this entry »

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Goldman Sachs, Warren Buffett

Fed looking at Goldman’s Greece deals; Spain doesn’t want to be in Greece’s company; GMAC bankruptcy could have cost $50B per Treasury adviser; At least $2M pay deal for Harold Ford at Merrill, will it hurt his possible Gillibrand challenge?; Another Madoff big goes down; Steve Jobs rejects Apple dividend; GM looking at 2 Hummer offers

Posted by WSF On February - 26 - 2010
  • Fed Examines Swaps Deals by Goldman and Others
  • Goldman probed over crisis in Greece
  • Q&A: Goldman in line of fire
  • Spain battles to shore up plan’s credibility
  • GMAC Bankruptcy Would Have Cost Treasury $50 Billion
  • Merrill Lynch Guaranteed Ford Annual Pay of at Least $2 Million
  • Madoff Aide Bonventre Becomes Sixth Charged in Fraud Read the rest of this entry »

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Autos, Ben Bernanke, Bernie Madoff, Fed, GM, Goldman Sachs

702 banks now on FDIC endangered list; SEC is voting today on short selling changes; Credit Suisse bankers who opted for bonuses in toxic securities are banking!; Toyota big boss on congressional hot seat today; GM’s Hummer deal with China said to be in trouble; EU initiating a Google antitrust probe

Posted by WSF On February - 24 - 2010
  • At F.D.I.C. , Bracing for a Wave of Failures
  • SEC Disappointing Goldman Sachs Amid Vote on Short-Sale Curb
  • Bon Appétit: ‘Toxic’ Bonus Yields 72% at Credit Suisse
  • Japan to probe Toyota acceleration complaints
  • ‘Consumer Reports’ still likes Prius as top eco-friendly car
  • A Tough Test Before Congress for Toyota’s Chief
  • EU Opens Google Antitrust Inquiry
  • GM Said to Not Win China’s Approval for Hummer Deal Read the rest of this entry »

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Autos, Banks, Bonuses, Compensation, Credit Suisse, Goldman Sachs, SEC, Short selling

Goldman’s Antigone and the Greek tragedy; Goldman turns to outsiders to help its image problems; Greece PM: “our borrowing needs are covered until mid-March”; Toyota’s incriminating memo; Arnold says the “worst is over”; No bonus for RBS chief; Abbey Road studio no longer for sale

Posted by WSF On February - 22 - 2010
  • The Woman Behind Greece’s Debt Deal
  • Goldman’s rehab
  • Greece PM: Borrowing Needs Are Covered Until Mid-March
  • Greece Said to Have Arranged Swaps With 15 Banks
  • Toyota boasted it saved $100M with limited recall
  • Arnold Schwarzenegger Says “Worst Is Over” for Recession
  • No Bonus for RBS Chief Read the rest of this entry »

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