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Goldman Sach History

EE Economist — Thu, 20 May 2010 15:34:30 +0000

The Story Behind Goldman Sachs!

President Obama Proposes New Bank Rules

EE-Reporter — Fri, 22 Jan 2010 09:01:39 +0000

From the WSJ: Obama Proposes New Bank Regulations

The White House wants commercial banks that take deposits from customers to be barred from investing on behalf of the bank itself—what’s known as proprietary trading—and said the administration will seek new limits on the size and concentration of financial institutions.

… Banks shielded from risk through federal-deposit insurance, or aided in financial crises by low-interest loans from the Federal Reserve Board, would no longer be allowed to engage in trading unrelated to their customers’ interests, one senior administration official said.

Under the proposed rule, commercial banks would be prohibited from owning, investing in or advising hedge funds or private equity firms. Bank regulators would not be simply given the discretion to enforce such rules. They would be required to do so.

…
Administration officials said they also want to toughen an existing cap on bank market share. Since 1994, no bank can have more than 10% of the nation’s insured deposits. The Obama administration wants that cap to include non-insured deposits and other assets.

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The Colbert Report – Honor Bound

EE-Reporter — Mon, 18 Jan 2010 08:54:24 +0000

The Colbert Report

Mon – Thurs 11:30pm / 10:30c

The Word – Honor Bound

www.colbertnation.com

Colbert Report Full Episodes

Political Humor

Economy

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Goldman Sachs, Helping Small Businesses Or Cleaning Their Image?

EE-Reporter — Wed, 25 Nov 2009 08:25:57 +0000

Goldman Sachs notoriously known for massive executive bonuses during one of the worst recession in U.S. history and the world, has announced that they are donating $500 million to a new program designed to help 10000 small businesses for “greater access to business education, mentors and networks, and financial capital.” (Goldman Sachs). (http://www2.goldmansachs.com/citizenship/10000-small-businesses/index.html)

Goldman Sachs compared to other banks of its class has coasted by under the radar. Even making fairly substantial profits considering the economic situation were in. Goldman paid back $10.7 billion in TARP funds back in June because they didn’t want to be tied down by government’s enforced compensation limits. In 2008 Goldman’s top 7 executives didn’t receive any bonuses, however the rest of the firm was paid out ONLY $10.9 billion in compensation almost 50% less than in 2007 when they dished out a record $20.2 billion. Goldman has placed $16.7 billion for employee compensation for 2009. So $500 million compared to their compensation for 2009 doesn’t seem like much more than a reputation cleaner and a statement of “hey we give back!”

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