Goldman Sachs

Here to help.And it’s going to do it the hard way: Not by buying someone else’s ETF platform, both because that wouldn’t really be a GOLDMAN SACH ETF platform and because there’s no sport in it, but by doing it all themselves. Maybe with a little help from on high. Read more »

God Smiles Upon His Chosen Bankers

Par-ty!If you had any doubt that the Big Guy (well, the other Big Guy) plays favorites, he bestowed a nice little treat on the House of Lloyd this week. Read more »

toysrusThe investment banks promised favorable research to Toys “R” Us Inc. and its private-equity owners to win roles in its initial public offering, the Financial Industry Regulatory Authority said today in a statement. The regulator fined the firms a total of $43.5 million, faulting them for “implicitly or explicitly” making promises that their analysts would give positive coverage. Six of the 10 firms didn’t have adequate supervisory procedures to prevent the practice…In May 2010, Citigroup’s investment bankers hosted a chaperoned call with the firm’s research analyst, who then e-mailed a supervisor. “I so want the bank to get this deal!” the analyst said in the e-mail, according to Finra. Days later, bankers told the retailer that they could “count on Citi’s firm-wide support and advocacy for the Toys story and valuation.” Other firms contacted Toys “R” Us after making their pitches, expressing enthusiasm about the firm’s prospects and providing assurances that the views of bankers and analysts were aligned, Finra said. Toys “R” Us and investors, including KKR & Co., withdrew the IPO filing last year. [Bloomberg]

Christopher Zigmund Barra and Luis Miguel Sampedro likely have $7.5 million coming their way. Read more »

On the one hand....After an embarrassing predictive losing streak, Goldman resumed its customary winning ways on Election Day, when its millions helped put Mitch McConnell on the cover of Time magazine. And the bank has no intention of allowing its nascent winning streak to come to an end in guessing what the stock market’s going to do next year. Luckily, Team Lloyd has a plan. Two plans, actually. Read more »

deebsalebIn 2010, Deeb Salem was employed as a mortgage trader at Goldman Sachs, despite numerous attempts by rivals to poach him and his self-described Michael Jordan-esque skills. He told his mother, who was living with him at the time, that he expected to be paid a $13 million bonus. So when it turned out he only received $8.25 million, you can imagine how incensed Deeb must have been. Not only had GS management made him look like a liar, it failed to keep up its end of the unspoken agreement re: not disappointing the mothers of Goldman Sachs employees. Refusing to let Goldman get away with such an unspeakable act, Salem sued the bank, demanding it cough up the extra $5 million he believed he was owed. Sadly, last September, a judge dealt Salem a bit of a setback in his quest to recover the money but if anyone thought that was going to stop him from ultimately making good on his promise to the woman who gave him life, he/she thought wrong! Read more »

The Anticipation Is Building At 200 West Street

Let's eat!Here’s something for which Lloyd Blankfein’s feeling pretty thankful. Read more »

If he had known....The bank’s about to ‘fess up to its profits on the “worthless” (or not so worthless?) derivatives it sold to Libya’s former “Brotherly Leader.” Read more »