La polémique Goldman Sachs. Goldman & the SEC. » Goldman Sachs: Investing in political influence Alex Jones. David GutierrezNatural News April 15, 2012 (NaturalNews) A Venn diagram released by Harvard law professor and political activist Larry Lessig reveals the shocking connections between our government and banking and investment giant Goldman Sachs.
Click for full image. Goldman Sachs was a major contributor to (and beneficiary of) the 2007 subprime mortgage crisis that helped initiate the current depression. The bank then proceeded to heavily avail itself of bailout payments and other monetary assistance from the federal government. In 2010, the Securities and Exchange Commission (SEC) filed a lawsuit against the company, alleging that it had deceived investors about the nature of one of its products, costing them a total of $1 billion. Goldman Sachs was defended in the lawsuit by its longtime legal firm, Skadden, Arps, Slate, Meagher & Flom, LLP. Craig is a classic example of the “revolving door” in this country between industry and government. Sources for this article include: Bill Black: The Vampire Squid Morphs into Jilted Valley Girl. By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City.
Cross posted from New Economic Perspectives. Matt Taibbi famously dubbed Goldman “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” Taibbi knew his metaphor worked a deep injustice on Vampyroteuthis infernalis, a small animal that feeds on carrion and excrement (I will let the reader explore the metaphorical possibilities). Goldman Sachs’ leaders were always secretly flattered by Taibbi’s metaphor. They like being thought of as hyper-aggressive and intimidating.
The news flash is that Goldman Sachs has revealed her new, softer side. Ms. As soon as Ms. I learned about Ms. When Barack Obama ran for president in 2008, no major U.S. corporation did more to finance his campaign than Goldman Sachs. Hell hath no fury like a maiden scorned. Charges Goldman, Sachs & Co. Lacked Adequate Policies and Procedures for Research "Huddles"; 2012-61; April 12, 2012. Washington, D.C., April 12, 2012 — The Securities and Exchange Commission today charged that Goldman, Sachs & Co. lacked adequate policies and procedures to address the risk that during weekly “huddles,” the firm’s analysts could share material, nonpublic information about upcoming research changes.
Huddles were a practice where Goldman’s stock research analysts met to provide their best trading ideas to firm traders and later passed them on to a select group of top clients. Goldman agreed to settle the charges and will pay a $22 million penalty. Goldman also agreed to be censured, to be subject to a cease-and-desist order, and to review and revise its written policies and procedures to correct the deficiencies identified by the SEC. The Financial Industry Regulatory Authority (FINRA) also announced today a settlement with Goldman for supervisory and other failures related to the huddles.
“Higher-risk trading and business strategies require higher-order controls,” said Robert S.