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Market Cop: April 25, 2010 - May 1, 2010

A guilty verdict for Goldman's investors

It could be years before the resolution of the SEC case against Goldman Sachs or the resolution of a potential criminal case. But Goldman's investors have already paid a big price. The SEC case was filed April 16....

By Zachary Goldfarb  |  April 30, 2010; 3:47 PM ET  |  Permalink  |  Comments (0)
 
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Morgan Stanley hid trading oil futures, must pay $14 million, CFTC says

In a largely overlooked action, the Commodity Futures Trading Commission said yesterday that Morgan Stanley and UBS worked to conceal massive trades in crude oil futures from regulators and ordered the firms to pay fines -- Morgan paying $14 million...

By Zachary Goldfarb  |  April 30, 2010; 3:00 PM ET  |  Permalink  |  Comments (0)
 
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Are Goldman and Lehman executives perjuring themselves?

Daniel Sparks, former head of Goldman Sachs mortgage unit, told Congress under oath this week he didn't expect mortgage-backed investments to fail. But, Mother Jones points out, some documents suggest otherwise: *In an email dated February 8, 2007, Sparks wrote:...

By Zachary Goldfarb  |  April 30, 2010; 2:37 PM ET  |  Permalink  |  Comments (0)
 
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SEC Porn case: Schapiro defends agency's response

Amid news that no SEC employee who viewed porn at work was fired, SEC Chairman Mary Schapiro for the first time personally addressed the issue before a Senate committee. The inspector general recently completed a report showing that 33 employees...

By Zachary Goldfarb  |  April 29, 2010; 8:30 AM ET  |  Permalink  |  Comments (0)
 
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The SEC wants $150 million more

SEC Chairman Mary Schapiro went to Congress on Wednesday to ask for $150 million -- boosting the agency's budget 12 percent to $1.26 billion. What would it do with all that money? According to her testimony: Hire 374 new employees...

By Zachary Goldfarb  |  April 29, 2010; 7:40 AM ET  |  Permalink  |  Comments (0)
 
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Goldman didn't break the law, Bill Clinton says

Bill Clinton said today that he doesn't think Goldman Sachs broke the law. Clinton, of course, has no formal role to play in the SEC case, but it's a pretty stinging analysis for a law enforcement agency to hear a...

By Zachary Goldfarb  |  April 28, 2010; 3:18 PM ET  |  Permalink  |  Comments (0)
Tags: Goldman Sachs, Securities and Exchange Commission  
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Goldman gives much more cash to Democrats than Republicans

This helpful chart in today's Post shows that Goldman Sachs has been a top recipient of campaign donations over the years. With Democrats seeking to pass tough regulations, though, time will tell whether the financial sector overall shifts its allegiance...

By Zachary Goldfarb  |  April 28, 2010; 1:20 PM ET  |  Permalink  |  Comments (0)
 
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Senators in Goldman inquiry have benefited from banking industry

Sen. John McCain (R-Ariz.) had harsh words for Goldman Sachs yesterday at a hearing of the Permanent Subcommittee on Investigations focused on the bank's role in the financial crisis. But he didn't note one little fact: McCain has raised $337,065...

By Zachary Goldfarb  |  April 28, 2010; 1:00 PM ET  |  Permalink  |  Comments (0)
 
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Tourre admits he didn't tell investor about Paulson's shorts

Under questioning, Fabrice Tourre just admitted a key fact in the SEC vs. Goldman Sachs case. Tourre, a Goldman Sachs vice president, said he didn't tell IKB, one of the bank's investors, that Paulson and Co. helped assemble an investment...

By Zachary Goldfarb  |  April 27, 2010; 12:48 PM ET  |  Permalink  |  Comments (0)
 
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'Fabulous Fab': I told (some) investors of short

In denying the SEC's allegations in testimony today, Goldman Sachs executive "Fabulous Fab," aka Fabrice Tourre, doesn't address one of the key questions. He tells us he informed one of his clients -- ACA -- that Paulson & Co....

By Zachary Goldfarb  |  April 27, 2010; 10:32 AM ET  |  Permalink  |  Comments (0)
 
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'One of the worst days' in Lloyd Blankfein's life

Goldman Sachs released chief executive Lloyd Blankfein's prepared remarks before the Senate Permanent Subcommittee on Investigations's hearing today at 10 a.m. on Goldman Sachs and the financial crisis. Here are key quotes: -- On the SEC fraud suit: [T]en days...

By Zachary Goldfarb  |  April 27, 2010; 9:30 AM ET  |  Permalink  |  Comments (0)
 
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Senate blames Goldman for financial crisis

The Securities and Exchange Commission's case against Goldman Sachs is so big that it's serving as a symbol of the legal fallout from the financial crisis. But technically, the case is about whether a big broker treated its high-powered clients...

By Zachary Goldfarb  |  April 27, 2010; 8:45 AM ET  |  Permalink  |  Comments (0)
Tags: Business, Carl Levin, Chief executive officer, Goldman Sachs, Lloyd Blankfein, U.S. Securities and Exchange Commission, United States Senate Homeland Security Permanent Subcommittee on Investigations, Wall Street  
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About Market Cop

Market Cop is a blog on corporate wrongdoing, fraud, white-collar crime and Wall Street abuses -- and the government regulators and watchdogs who are supposed to ensure bad things don't happen. Every day, I'll highlight and offer a take on...

By Zachary Goldfarb  |  April 27, 2010; 8:42 AM ET  |  Permalink  |  Comments (0)
 
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