Yahoo Working On Two Deals Worth $150-$200 Million. The 10 Richest People In The World. Partner Day At Goldman. The list of new Goldman Sachs partners is out! The bank tapped 70 new "partnership managing directors. " That is a much smaller class compared to the 110 tapped in 2010. Phone calls from Lloyd Blankfein and Gary Cohn letting the bankers know they've made partner should have started around 8:30 a.m. ET, according to Reuters. Those who didn't make the cut were informed yesterday.
Goldman partners are picked during a very intense and secretive two-year selection process. To be made partner is seen as a very, very big deal. Here's the release from Goldman: The Goldman Sachs Group, Inc. These appointments recognize some of the firm's most valued senior professionals and acknowledge their leadership and contribution to the firm’s culture of excellence. "We congratulate all those selected on this important achievement and look forward to their leadership in the years ahead," said Lloyd C. Congratulations to all of them. Bloomberg has the list of people who made the cut: The Highest (and Lowest) Paying College Majors.
According to a new study conducted by the U.S. Census Bureau, the average college graduate will earn $2.4 million over his or her lifetime. Engineering majors, the highest-earning major, will earn more than $3.6 million. The study, which is part of the 2011 American Community Survey, showed that the choice of major can make the difference between earning less than a million dollars — as in the case of a childcare worker with an education degree — or more than $6.5 million, as a physician or surgeon who majored in biology.
Read: The Highest (and Lowest) Paying College Majors The study, which divided college majors into 13 separate categories, determined how much a graduate can reasonably expect to earn over a lifetime if they go down one of these paths. The differences are stark. In an interview with 24/7 Wall St., Bureau of Labor Statistics Chief Regional Economist Martin Kohli explained that choosing an education track for many comes down to more than just money. Based on the U.S. IMF warns Lehman Bros meltdown could happen again | Economy | News. Let us not delude ourselves: without growth, the future of the global economy is in jeopardy IMF Managing Director Christine Lagarde issued a blunt warning to the Fund’s 188 member countries today that they were losing momentum in reforming the global financial system.
“Let us not delude ourselves: without growth, the future of the global economy is in jeopardy,” she said. “One lesson is clear from history: reducing public debt is incredibly difficult without growth. High debt, in turn, makes it harder to get growth,” she said. She said the global financial system was not much safer than in 2008, when the collapse of Lehman Brothers triggered a global meltdown. In Europe, the IMF wants to see more progress toward promised reforms that would create a tighter fiscal and banking union. In the United States, the IMF has sounded the alarm over the “fiscal cliff” of automatic spending cuts and tax increases that take effect early next year unless Congress acts. . © Thomson Reuters 2012. IMF: Greece Will Need A Third Bailout. Ben Bernanke As A Child. Thursday Dec132012 Before he got the helicopter, young Ben practices for QE...
Here's what happens when you add QE to the economy... Dec 13, 2012 at 1:48 PM | | Facebook & Twitter | Email Article View Printer Friendly Version Email Article to Friend. Michael Zacka: Environmental Ethics: Bernie Madoff's Pyramid Scheme Is an Important Lesson. 2008 Richard Webb, used under a Creative Commons Attribution-ShareAlike license Mention "unethical business practices" and no doubt Bernie Madoff comes to mind, who bilked investors of $18 billion in a pyramid scheme prosecutors called the largest fraud in U.S. history. But perhaps we should also consider the Fukushima Daiichi nuclear crisis from an ethical standpoint. An independent fact-finding commission convened by the Japanese government called the 2011 meltdowns "a preventable disaster" that involved "government-industry collusion.
" This suggests that the worst nuclear disaster since Chernobyl was sadly also an ethical failure. It's easy to see how these incidents connect environmental ethics to business practices, and are a lesson for all corporations right now. This helps us see a parallel between fiscal fraud and environmental transgressions. Fortunately, the ethical trend line is positive -- especially in education.
Or, one-fifth of all beef produced ends up as waste. Chasing Bernie Madoff: Film Trailer For New Documentary Starring Harry Markopolos And The Incredibly Inept SEC. This is an outstanding trailer, with several extremely embarrassing clips for the SEC. Runs 2 minutes. Stories from our Madoff archives: Madoff Trustee Sues JPMorgan For $6.4B: "They Were At The Very Center Of Fraud" BUSTED: SEC's Top Lawyer Sued By Madoff Trustee In Clawback Suit Bernie Madoff, Allen Stanford Tried To Ensnare Libya's Gadhafi In Ponzi Scheme The Madoff Liquidator - CBS 60 Minutes Video Mark Madoff Found Dead Of Apparent Suicide - Did The Sons Know?
Madoff: Banks Knew I Was a Crook (NYT Interview) Citigroup Saw Warning Signs, Knew Of Madoff Fraud; Picard Suit Wants $430M Harry Markopolos: “Don’t Trust Your Government” Tales From The Banking Cesspool: Madoff & The Unethical JPMorgan JPMorgan Did A Cost-Benefit to See If It Was Worth Keeping a Ponzi Schemer As a Client Source - Huffington Post All told, Harry Markopolos would rather not be the star of this new documentary. But here he is, featured in the upcoming film, "Chasing Madoff. " BREAKING: Bernard Madoff's Brother Peter To Plead Guilty, Forfeits $143 Billion, Will Serve 10 Years. WSJ, USA Today Bernard Madoff's younger brother, Peter, is expected to plead guilty to criminal charges and has agreed to go to prison for 10 years, in the first admission of wrongdoing by a family member in a multibillion-dollar investment business that turned out to be "just one big lie.
" The collapse 3½ years ago of Bernard Madoff's Ponzi scheme wiped out the life savings of hundreds of investors, caused losses at funds and banks all over the world, and triggered a criminal investigation that has resulted in the guilty pleas of seven people, including Bernard Madoff. Madoff also agreed to the criminal forfeiture of $143 billion, including all of his real estate and personal property.
The $143 billion, representing the amount of money believed to have flowed through the business accounts during the multi-decade Ponzi scheme, is included in the criminal forfeiture agreement, though authorities know that Peter Madoff's assets would never approach that figure. From our Madoff archives: JPMorgan Chase CEO Gets Warm Hill Welcome From Senators Flooded With Millions in Wall St. Donations. This is a rush transcript. Copy may not be in its final form. JUAN GONZÁLEZ: JPMorgan Chase CEO Jamie Dimon testified on Capitol Hill Wednesday for the first time since his bank lost up to $3 billion in a risky speculative bet.
Dimon apologized for the loss but failed to explain how the money was actually lost. He also continued his voice his opposition to new banking regulations. During the hearing, Dimon was repeatedly confronted by protesters. PROTESTER: This man is a criminal, and people need to shout out about this man and 18 other cronies that have been stealing near-zero-interest loans from the people, when the small businesses can’t get the same loans, when the people are deprived loans to get into their—to keep their houses, when people are being thrown out on the streets. JUAN GONZÁLEZ: While protesters attempted to confront Dimon, many lawmakers on the Senate Banking Committee warmly welcomed him and repeatedly praised the bank. SEN. SEN. SEN. SEN. SEN. SEN. SEN. SEN. ‘The Strauss-Kahns’: a tale of sex, secrets and politics - FRANCE.
Lloyd Blankfein Courtroom Sketch. Andrew Ross Sorkin Is Out With His List Of Questions For Jamie Dimon. Obama Empowers Jeffery Immelt as the Ultimate Crony Capitalist. Looking for an internship? If so, Intellectual Takeout has an opportunity for you. We have plenty of work to do as well as ideas to spread, and we need your help to get it done. If you're interested in an internship with Intellectual Takeout, you likely share our passion and you're excited about the possibility of working for a great cause.
That said, you might have a few questions about what "... The Association of American Educators (AAE) advances the teaching profession through personal growth, professional development, teacher advocacy and protection, as well as promoting excellence in education so that our members receive the respect, recognition and reward they deserve. Are you concerned your child isn't getting the education necessary to compete in the global economy or even, perhaps, to carry on the lessons and learning of Western Civilization? Sure, the idea of homeschooling is likely overwhelming. Let's face it, most of us love to watch TV and movies. An American influx at glamour fest.
Goldman commodities crown slips as traders exit. Goldman's Passage to India. Hardev Singh for Hotel LeelaventureThe bar at Le Cirque on the tenth floor of the Leela Palace, Delhi Nestled in the diplomatic enclave of the capital city here sits the Leela Palace hotel. This week, its ninth floor has been home to the board of Goldman Sachs. This is the first time the firm’s directors have gathered in India and one of only a handful of times they have met outside of the United States. This meeting is viewed as a nod to India’s growing importance, both to Goldman and to the American economy. Goldman and other banks are increasingly looking overseas for business to offset a slowdown at home.
Also this week, leaders from Brazil, Russia, India, China and South Africa are meeting here for their 2012 summit meeting. Goldman directors are required a key card to enter their meeting area, but hotel staff also let visitors up without one. It has been a rough few months for the big bank. This meeting may also be one of the last for John H. Goldman board deal: Great for Blankfein, no one else. By Eleanor Bloxham, CEO of The Value Alliance and Corporate Governance Alliance Goldman Sachs CEO Lloyd Blankfein FORTUNE -- Deal making runs deep in the veins of Goldman Sachs -- and they are good at it. But one recent transaction which will be in play as the board meets in India today isn't a good deal for everyone: governance at Goldman just got worse.
For its part, the bank seems to be pleased with its side of the bargain with the American Federation of State, County and Municipal Employees pension fund. The agreement eliminates an AFSCME proposal, which would have given shareholders a vote on whether Goldman's CEO and chair roles should be split. Both the bank's 2011 and 2012 corporate governance guidelines say the board will "review its leadership structure at least annually" and the board will consider "the views of the Company's shareholders" in making that decision.
MORE: HP's printer problem Goldman's new scheme calls into question the true independence of the lead director. Anyone Left To Beat On Goldman Sachs? Stress-tested banks set to hike dividends. By Ronald D. Orol, MarketWatch WASHINGTON (MarketWatch) — The Federal Reserve is expected to allow a number of the big U.S. banks to hike dividends to as much as 26% of earnings as part of the latest round of stress test results to be released Thursday afternoon, according to analysts and attorneys. “Even with stressful scenarios, the stress tests will demonstrate that banks are in a stronger place, far stronger than in 2008,” said Fred Cannon, director of research at Keefe, Bruyette & Woods Inc. in Washington. “We think companies like J.P. The central bank said it will release the results of stress tests conducted on 19 banks with more than $50 billion in assets on Thursday at 4:30 p.m. /conga/story/misc/dc.html303446 The goal of the exercise, the third of its kind made public, is to ensure that banks have capital reserves necessary to withstand an economic crisis like the one experienced in 2008 and be able to withstand it without the aid of taxpayer infusions.
Analysts expect J.P. Top bank investors earn millions in dividends Top on the list of the highest dividend earners are Sunil Shah, a director at KCB (Sh134.1 million), James Mwangi, the chief executive of Equity Bank (pictured) with a payout of Sh127.6 million, the family of the Nelson Muguku of Equity Bank (Sh75.1 million) and Gideon Muriuki, the CEO Cooperative Bank (Sh20.1 million). They have become the new oligarchs of Kenya’s equity market. . Photo/FILE The super profits announced by Kenya’s banking sector last year have earned individuals with significant shareholding in listed lenders millions of shillings in dividends. The sector’s profitability touched a new high, buoyed by increased uptake of loans as the gloom that hung over the economy in the preceding years receded, paving way for a 7.7 per cent growth in pretax profits to Sh80 billion in the year to November. These multi-million shilling dividends have been brought home by billions worth of investments at the NSE—placing these investors among the richest Kenyans.
Shuttered LPS unit hit with criminal charges. In the great mortgage meltdown that continues to afflict banks, MERS and its bank-owners attracted a massive volume of criticism, which allowed Lender Processing Services to fly under the radar of public criticism. LPS inked a consent decree with federal regulators back in April, forcing it to upgrade its processes. Even then, the news was overshadowed by the consent decrees signed by MERS and bank suit. While LPS never quite emerged as a public villain, it has definitely been in the sights of states and private plaintiffs’ lawyers.
Nevada sued the firm in December, charging it with a litany for abuses related to dubious documentation in its quest to foreclose on homeowners and various kickback schemes. American Home Mortgage Servicing sued it in April, alleging similar improprieties. Sign up for our FREE newsletter for more news like this sent to your inbox! The former president, Lorraine Brown, was criminally indicted on the same charges. For more: - here’s the article. Big Bank CEOs Walk Away With Big Bucks in 2011. Banks may have been the hardest hit this year in the stock market, but the CEOs who run them are doing just fine.
According to data from Rochdale Securities analyst Dick Bove, the heads of major banking groups including JPMorgan Chase (JPM), Goldman Sachs (GS) and Bank of America (BAC) are out-earning their employees and shareholders even as shares of bank stocks as a group lost about 26% this year. Bove found that while the 23 financial institutions he follows saw their stock prices and market cap drop by more than 30% and 11%, respectively, bank CEO compensation averaged $7.74 million. That means the banking heads brought in 50 to 100 times the average worker. Take BofA’s CEO Brian Moynihan who will earn $2.26 million this year while his bank’s market value dropped 60% – the worst in Rochdale’s study.
Chase CEO Jamie Dimon will earn $41.9 this year — the most among the bank CEOs in Bove’s coverage list — for a bank that saw its stock lose roughly 23% this year. Lloyd Blankfein: From Humble Beginnings to CEO of Goldman Sachs | Rags To Riches. Bankers are the victims of their own inflated pay. Children 'dumped in streets by Greek parents who can't afford them' Jamie dimon: Latest News, Videos, Photos | Times of India. Retired Banker Takes Big Loss on State Parkway Condo - Deal Estate - December 2011. Finance, not protest is taming the banks - Business Analysis & Features - Business. Analysts predict a volatile market, moderate improvement in stocks for 2012.