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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WSF

Video: SNL opener on Obama’s Wall Street visit to push for financial reform

Posted by WSF On April - 25 - 2010

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Videos

Wall Street braces itself for Obama’s visit; Greece ‘09 deficit wider than expected, its bond yields hit a new high; Swiss panel calling for possible split up of UBS, Credit Suisse if there’s another crisis, new rules have them holding 30 days of liquid assets; Senate edging closer to financial reform deal; U.S. contemplating 2 year plan to exit AIG shares; Quattrone and Boutros together again; Businessweek gets a revamp: Bloomberg Businessweek

Posted by WSF On April - 22 - 2010
  • Obama to Castigate Wall Street
  • Greek 2009 Deficit Was Wider Than Expected
  • Greek bond yields hit in spite of debt talks
  • UBS, Credit Suisse May Be Split in Crisis, Panel Says
  • UBS, Credit Suisse Must Hold 30 Days of Liquid Assets
  • Senators Closer to Bridging Partisan Divide on Finance Overhaul
  • Senate Derivatives Bill Faces Battle on Bank Spinoff Provision
  • U.S. Said To Weigh AIG Exit Through Two Years of Share Sales
  • Quattrone Reunites With Credit Suisse Investment Banker Boutros
  • Businessweek Wears New Mantle Read the rest of this entry »

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WSF

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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WSF

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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WSF

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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WSF

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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WSF

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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WSF

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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WSF

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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WSF

Not so fast for JP Morgan tax break as FDIC said to back away from support; Morgan Stanley picked to underwrite Uncle Sam’s Citigroup stock sale?; Greece issuing bonds; Dubai said to offer Dubai World creditors some guarantees; AIG aircraft leasing guy said to have left over pay restrictions; Junk bond issues hitting new records

Posted by WSF On March - 29 - 2010
  • FDIC Stands Between J.P. Morgan and a WaMu Payoff
  • M. Stanley to underwrite US’s Citi stock sale-CNBC
  • Greece to Issue Seven-Year Bond
  • Dubai World guarantees revealed
  • AIG Unit Feels Effects of Pay Limits
  • Junk bonds sell in record volumes Read the rest of this entry »

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WSF

Obama administration’s mortgage loan modification program isn’t as successful as they’d have you believe; Dubai World holders might not want to hold their breath for their recoveries — it could take 9 years; Moore Capital’s Louis Bacon is in the spotlight as one of his traders is targeted in UK insider trading probe; Soros bought Lehman claims from Goldman

Posted by WSF On March - 24 - 2010
  • White House Inflates success of Loan Program, Watchdog Says
  • Dubai World creditors face nine-year wait for their cash
  • Financier Is Pulled Back Into Focus
  • Deutsche Bank, Moore Capital Workers Probed on Insider Trading
  • Soros Buys $38 Million in Lehman Claims From Goldman Read the rest of this entry »

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WSF

Kimberly Strassel Op Ed on the sordid dealings that pushed Obamacare through; Volker rule: “Shall” vs “May”?; Warren Buffett a better credit risk than the U.S.A.?; Euro seen under continued pressure owing to Greece problems; Citigroup expected to double hedge fund consulting team; Tiger Woods speaks

Posted by WSF On March - 22 - 2010
  • Opinion: Inside the Pelosi Sausage Factory
  • Fate of Volcker Rule May Hinge on Dodd’s ‘Shall’ Becoming ‘May’
  • Obama Pays More Than Buffett as U.S. Risks AAA Rating
  • Greece’s Woes Will Keep Euro Under Pressure
  • Citi to Double Team Helping Institutional Hedge Fund Investment
  • Tiger Woods Is ‘Nervous’ About Fan Reception for Masters Return Read the rest of this entry »

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WSF

High blood pressure? Bernie Madoff said to have gotten the crap kicked out of him in prison in December; Two Madoff programmers indicted; Schapiro: SEC fell down on the job over Lehman Brothers; Is Pelosi’s Healthcare vote end run even constitutional?; Alvarez & Marsal’s $247M Lehman Brothers pay day; Jim Cramer’s TheStreet.com is the focus of an SEC accounting probe

Posted by WSF On March - 18 - 2010
  • Madoff Beaten in Prison
  • Madoff computer programmers nailed
  • SEC on Lehman Oversight: Not Good Enough
  • Pelosi Tactic for Health-Care Vote Would Raise Legal Questions
  • Alvarez & Marsal Gets $247 Million for Advising Bankrupt Lehman
  • SEC probes TheStreet.com’s finances Read the rest of this entry »

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Bernie Madoff, SEC

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

EU ministers meet on Greece but gave little detail of plans; Key points of Dodd’s financial regulation; EU finance ministers: no hedge fund financial rules deal; Toyota: Caliornia Prius incident can’t be replicated

Posted by WSF On March - 16 - 2010
  • Moody’s warns nations to cut spending or risk AAA ratings
  • EU ministers discuss standby plans for Greece
  • 6 key points of the financial regulation legislation
  • EU Finance Ministers Fail to Reach Deal on Hedge-Fund Rules
  • Toyota: Analysis Doesn’t Match Calif Prius Incident Read the rest of this entry »

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Autos, Hedge funds, Politics

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

2200 page Lehman Examiner’s report: Lots of blame to go around including top execs, Were they insolvent weeks before filing?; EU defends its position on hedge fund rules after Geithner criticism; Obama said to want Yellen for Fed Vice Chairman; AIG still trying to get ex-employees to pony up at least part of those already paid bonuses; Tiger Woods reportedly to make comeback at Masters

Posted by WSF On March - 12 - 2010
  • Report Details How Lehman Hid Its Woes as It Collapsed
  • British law firm cleared way for Lehman cover-up
  • Lehman report lays wide blame for failure
  • EU rebuff for Geithner over rules on hedge funds
  • Obama Plans to Tap Yellen for Fed Vice Chairman
  • AIG Said to Query Bonus Holdouts on Pay in Push for Concessions
  • Reports: Tiger Woods likely to return from hiatus at Masters Read the rest of this entry »

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WSF

More Galleon witnesses were wired; Smarter money: Just as it was with short sellers, now it’s all CDS traders’ fault’ Barclays wants U.S. retail bank; Dubai World debt talks progress; More preying on Madoff victims; Business Coalition getting more vocal in Obamacare opposition; SEC economist said to be leaving after Short Sale rules conflict; Apollo said to be buying Citigroup real estate unit; Google launches web apps store

Posted by WSF On March - 10 - 2010
  • More Wore Wires in Bid to Investigate Inside Trades in Galleon Case
  • Swaps Come Under Fire
  • Barclays on the Hunt for a U.S. Retail Bank
  • Dubai Made Progress in Debt Talks, U.K. Minister Says
  • Internet hustlers go after Madoff victims
  • Obama’s Health-Care Push Gets Challenge From Business Coalition
  • SEC Economist Leaving Amid Short-Sale Rules Conflict Read the rest of this entry »

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WSF

Morgan Stanley’s Roach sees China bubble talk as “overblown”; Greece PM to press Obama to curb those nasty speculators (as if THEY’RE the problem); Nomura’s golden handcuffs on ex-Lehman bankers will soon expire; Madoff’s victims who don’t like loss calculations can appeal to 2nd Circuit; Employers still nervous about hiring; Amazon DKs Colorado affiliates over tax issue

Posted by WSF On March - 9 - 2010
  • Morgan Stanley’s Roach Sees ‘False Alarm’ on China
  • Greece to Press U.S. to Crack Down on ‘Speculators’
  • Lehman Bankers’ Lock-Ins to Expire at Nomura
  • Madoff victims may appeal directly to 2nd Circuit
  • Employers still skittish on hiring
  • Amazon cuts off Colo. affiliates because of tax Read the rest of this entry »

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Barack Obama, Bernie Madoff

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

GMAC execs banking despite Ward of the State status; Banking regulation rules deal getting closer?; EU probing sovereign debt CDS trading; SCOTUS may give Ex-Enron CEO Jeff Skilling a break; Ruling says that Madoff Trustee doesn’t have to count faux profits in victim claims calculation; AIG shows you should avoid selling assets in a distressed market; Poll says Toyota took too long before responding (Duh); GM has their own recall

Posted by WSF On March - 2 - 2010
  • GMAC CEO Carpenter Gets Pay Package Rivaling That of Blankfein
  • Deal Near on Banking Rules
  • Dodd wants Democratic support for consumer-protection regulator at Fed
  • Sovereign CDS Trading to Be Probed by European Union
  • Justices Question Selection of Skilling Jury
  • Madoff Trustee May Disregard Fake Profit, Judge Says
  • For AIG Deal, It Paid to Wait
  • USA TODAY/Gallup poll: 55% say Toyota too slow to act
  • GM Recalls 1.3 Million Compact Cars for Power-Steering Issue Read the rest of this entry »

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AIG, Autos

Warren Buffett’s annual tome out tomorrow; Hedge funds balking at reducing the 2/20 fee model; Like Barclays, Nomura is banking from it’s Lehman asset buy; Charlie Rangel guilty of some House rules violations per Ethics Committee, but what about those tax charges?

Posted by WSF On February - 26 - 2010
  • Buffett letter has big audience as Berkshire bulges
  • Hedge funds shy away from lowering fees
  • Lehman swoop reaps rewards for Nomura
  • Charles Rangel accepted Caribbean trips against House laws, Ethics Committee rules Read the rest of this entry »

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Hedge funds, Politics, 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

Changes on the way for Obama’s proposed bank fee?; Could Spain be the euro’s undoing?; National Highway Traffic Safety Administration takes knocks at Toyota hearing; SEC passes new short selling rules; Bernanke expects low interest rates for awhile; Plug may be pulled on Hummer after Chinese deal collapse

Posted by WSF On February - 25 - 2010
  • Obama’s $90 Billion Bank Fee May Be Revised by Panel
  • The Euro’s Next Battleground: Spain
  • At Toyota hearings, auto safety agency feels the heat
  • Hoping to prevent stock meltdowns, SEC passes short-selling rules
  • Fed chief Bernanke expects extended hold on interest rates
  • Hummer Faces Shutdown After Chinese Sale Collapses Read the rest of this entry »

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Autos, Banks, Barack Obama, Ben Bernanke, Fed, Interest Rates, SEC, Short selling

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