Goldman Sachs 2010 - Chancen und Risiken
May 7 (Reuters) - Goldman Sachs Group Inc: * CEO lloyd blankfein tells shareholders "we Need A Rigorous self-examination" -- annual meeting * To establish business standards committee that will report suggestions to management on standards, transparency ((New York Equities Desk; tel: +1 646 223 6000)) (For more news about Goldman Sachs Group Inc click here:) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
aber die Hoffnung stirbt zuletzt!
http://www.ftd.de/unternehmen/finanzdienstleister/...le/50112567.html
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Bloomberg:
May 11, 2010, 4:06 PM EDT
JPMorgan, BofA Traders Match Goldman on Daily Gains (Update1)
(Updates with Bank of America results in the second paragraph, analyst’s comment in third.)
By Dawn KOPECKI and David MILDENBERG:
"May 11 (Bloomberg) -- JPMorgan Chase & Co.’s and Bank of America Corp.’s traders matched those at Goldman Sachs Group Inc. in making money every day of the first quarter.
Daily trading revenue averaged $118 million on each of the 64 days in the first quarter, JPMorgan said in a regulatory filing yesterday with the U.S. Securities and Exchange Commission. Bank of America, the biggest U.S. bank, said daily trading topped $25 million on 95 percent of trading days, including 26 days of more than $100 million"...
SOURCE / QUELLE:
http://www.businessweek.com/news/2010-05-11/...ly-gains-update1-.html
Worin jedoch die Goldman-Sachse eindeutig BESSER sind als die Anderen, das ist ihre PROPAGANDA; wozu eben auch der Mythos von denen Qualitäten ihrer Traders gehört...
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Von Florian Eder 17. Mai 2010, 04:00 Uhr Der ehemalige US-Präsident Bill Clinton hat sich hinter Goldman-Sachs-Chef Lloyd Blankfein gestellt: Er glaube nicht, dass die Bank oder ihr Vorstandschef etwas Illegales getan habe, sagte er in einer Fernsehtalkshow. "Es wird Zeit, sich rhetorisch zu mäßigen und auf die Fakten zu schauen", sagte der Demokrat - was durchaus als Kritik an seinem Nachfolger und Parteifreund Barack Obama zu verstehen war. Der Präsident versucht, die Finanzbranche an die Kandare zu legen. Die US-Börsenaufsicht SEC untersucht derzeit das Geschäftsgebaren mehrerer Großbanken und hat Goldman Sachs wegen Betrugsverdachts verklagt. Das Geldhaus soll Investoren Informationen vorenthalten und sie so übervorteilt haben - was Goldman bestreitet. fe
The committee, announced a week ago at Goldman's annual shareholders meeting, will review the company's business standards and make recommendations to the board and senior management.
"We recognize that there is a disconnect between how we view the firm and how the broader public perceives our roles and activities," CEO Lloyd C. Blankfein said in a statement.
The Securities and Exchange Commission charged Goldman Sachs with fraud over its packaging of mortgage securities. Goldman is facing a separate criminal investigation into the same securities. Goldman has denied the charges.
Goldman also is among eight banks New York Attorney General Andrew Cuomo is investigating to determine whether they misled ratings agencies about mortgage securities.
Leading the standards are E. Gerald Corrigan, chairman of Goldman Sachs Bank USA, and J. Michael Evans, vice chairman of Goldman Sachs and chairman of Goldman Sachs Asia.
In addition to Levitt, Corrigan and Evans, 12 other executives are on the committee. Jeffrey W. Schroeder, Goldman Sachs chief administrative officer, who will be its chief operating officer, and David J. Greenwald, Goldman Sachs International general counsel, will serve as its legal counsel.
The committee will have five working groups, including one to examine client relationships and another to focus on disclosure and transparency. The committee will seek input from outside experts, clients, regulators and others.
A final report that the committee will submit to the board of directors after its mid-December meeting will be made public.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Goldman has an unrivaled and influential network of lobbyists, including about 50 people with close ties to Congress and past White Houses, a Huffington Post Investigative Fund analysis of lobbying and campaign records shows. The lobbyists are challenging reforms aimed at Goldman’s profit centers, including the trading of complex contracts known as derivatives. The Senate this week will continue debating proposed regulations of derivatives, which are blamed for fueling the financial crisis.
Perceptions of Goldman’s role in the crisis, along with a civil fraud case brought against the bank last month by the Securities and Exchange Commission, have already spurred predictions of a less dominant future. But all is not lost for Goldman, which still stands out as perhaps the most influential of the nation’s top six banks — a remarkable feat given a crowded field of well-connected institutions.
Goldman’s professional persuaders hail from 14 different lobbying firms, Senate lobbying records show. No other top bank — not JPMorgan Chase & Co., Bank of America, Morgan Stanley, Wells Fargo or Citigroup — has as many firms lobbying on its behalf. Goldman has hired nearly 40 lobbyists, all former government employees, to target financial reform alone, Senate disclosure records show.
These services have not come cheaply. Since the beginning of 2009, Goldman has spent nearly $6 million on lobbying, according to the nonpartisan Center for Responsive Politics. Only Citigroup and JPMorgan spent more.
So far this year, Goldman has revved up its lobbying even further. In the first three months of 2010, the bank spent $1.53 million lobbying, a 22 percent jump over the same period last year. Goldman also has increased its donations to political campaigns.
“It does show how a corporation will leave no stone unturned — creating a powerful and potentially influential lobbying force,” said Ellen Miller, co-founder and executive director of the Sunlight Foundation, a Washington-based nonprofit organization that advocates for greater disclosure of how Washington works and is influenced.
To be sure, Goldman isn’t the only investment bank with a sophisticated lobbying operation, and pro-financial reform groups have attacked them all. Last week, three liberal advocacy groups said they had tallied the amount of money big banks are spending to influence financial reform: An estimated $600 million on lobbying and political campaign contributions since the government bailed out Bear Stearns in March 2008, and a lobbying force of more than 240 former government officials and Capitol Hill staffers. (Labor groups today will take to the lobbying industry’s venerable K Street corridor in Washington to protest the prominent role lobbyists are playing in the financial reform debate.)
Most of Goldman’s lobbying is done through an internal firm, The Goldman Sachs Group.
Leading the group is Michael Paese, who was deputy staff director of the House Financial Services Committee until September 2008. Rep. Barney Frank (D-Mass.), chairman of the committee, has prohibited Paese from lobbying the committee for two years. He did so to prevent Paese from influencing the House’s Wall Street reform bill, which Frank largely crafted. Paese can still lobby other lawmakers, the White House and government agencies.
Paese and his group have indeed cast a wide net, lobbying the House, the Senate, the SEC and the Commodity Futures Trading Commission, records examined by the Investigative Fund show. Last year, in the wake of the financial crisis, the group zeroed in on Congress’ impending overhaul of Wall Street. They lobbied on financial reform issues each quarter, records show.
A Goldman spokeswoman declined to comment for this story and several Goldman lobbyists did not return calls seeking comment. Without speaking to the lobbyists, it can be hard to tell exactly what they are arguing for or where they stand, because of the vagueness of lobbying disclosure reports.
Public statements suggest that, on the face of it, Goldman appears to support reform. “I think, on the whole, financial reform is absolutely essential,” Goldman’s Chief Executive Lloyd Blankfein told the Senate Permanent Subcommittee on Investigations last month. “America will be a big beneficiary” from reform, he predicted, though he added, “we will as well.”
But some congressional staffers note that big banks are vigorously opposed to reforming their profit-making ways.
The legislation is “especially tough on Wall Street,” said Steve Adamske, a spokesman for the financial services committee. “They’ve all come to talk to us, and none of them like the bill.”
Financial reform legislation, in particular some proposed regulations of derivatives, could hit Goldman especially hard.
Derivatives protect companies from the risks of investing in stocks, commodities and mortgage-related securities, among other items. In the lead up to the 2008 financial collapse, Goldman would sometimes sell risky mortgage-related securities to investors, use derivatives to bet that the securities would fail and profit when they did.
At the hearing last month, Blankfein said he supported new derivatives rules, which for the first time would bring much of the $600 trillion private market onto regulated exchanges and clearinghouses.
“While derivatives are an important tool to help companies and financial institutions manage their risk, we need more transparency for the public and regulators as well as safeguards in the system for their use,” Blankfein said.
But Senate disclosure records show that Goldman's lobbyists have paid close attention to proposed derivatives regulations during the past year. After all, the bank could lose 41 percent of its profits if the new derivatives regulations pass, according to a new report by Bernstein Research.
One controversial provision in the bill would prohibit banks from trading derivatives altogether, which could cost Goldman billions of dollars in revenue. The plan would force banks to spin off their derivatives trading into separate entities. This idea came from Sen. Blanche Lincoln (D-Ark.), chairwoman of the Senate Agricultural Committee, which passed a derivatives reform bill last month.
Goldman executives and lobbyists met with Lincoln last month to voice their objection to her proposal, according to news reports. Goldman also planned to host a campaign fundraiser in New York for Lincoln, who is facing a fierce primary challenge Tuesday. After the SEC filed its fraud case against Goldman, Lincoln canceled the fundraiser and said she wouldn’t take any more cash from the bank. Goldman executives and the bank’s political action committee have given about $2.4 million to federal candidates during the last two years, according to the Center for Responsive Politics.
Meanwhile, Goldman’s arsenal of lobbyists — a collection of former White House staffers, government employees and congressional committee aides — has provided the bank with direct access to lawmakers.
Paese answers to Faryar Shirzad, head of global government affairs for the Goldman Sachs Group. Shirzad was a top economic and national security aide to President George W. Bush. The group also employs Ken Connolly, a former staff director for the Senate Environment and Public Works Committee; Joyce Brayboy, a former chief of staff for Rep. Melvin Watt (D-N.C.); and Joe Wall, a former deputy assistant for legislative affairs under former Vice President Dick Cheney.
Goldman also hired 13 outside lobbying firms, according to Senate lobbying disclosure forms. These lobbyists include former House Majority Leader Richard Gephardt; Stephen Elmendorf, Gephardt’s former adviser; Ken Duberstien, former chief of staff to President Ronald Reagan; and Janice O’Connell, former adviser to Sen. Chris Dodd (D-Conn.), chairman of the Senate Banking Committee. Goldman also has tapped Harold Ford Sr., a former Democratic congressman from Tennessee and Daniel Meyer, former chief of staff to then-Speaker of the House Newt Gingrich.
The bank, once nicknamed “Government Sachs,” has a long tradition of swapping employees with the federal government, including Treasury Secretaries Henry Paulson and Robert Rubin. Elena Kagan, the U.S. solicitor general and recent nominee to the Supreme Court, served on a Goldman advisory council from 2005 to 2008.
Goldman has also gained influence by hiring a series of Washington insiders who technically aren’t lobbyists. In April, Goldman hired communications specialist Mark Fabiani, known as the "Master of Disaster” for his handling of public relations crises. The bank also hired veteran New York Times reporter Stephen Labaton, who wrote about regulatory issues. Labaton, who also is a lawyer, serves as a full-time consultant and reports to Blankfein.
Although Goldman’s influence troops have largely focused on banking issues, the bank has also lobbied the House and Senate over transportation infrastructure legislation and renewable energy tax incentives for wind and solar power.
Goldman’s lobbyists last year also aimed to influence the Treasury Department as it decided whether to allow the bank to pay back $10 billion in bailout funds received in 2008. In April of last year, the bank paid back the money in order to shake off compensation and hiring restrictions imposed on banks that took government aid. The bank expressed its “disapproval” of these restrictions, according to last year’s lobbying records.
Goldman’s more immediate concern, meanwhile, is the SEC’s accusations of fraud and potential criminal charges that could ensue from that case.
In response to the commission’s accusations, Goldman is beefing up its legal team. The megabank is projected to hire Paul, Weiss, Rifkind, Wharton & Garrison, a prominent corporate law firm, according to a Financial Times report. An SEC spokesman said he could not comment if Goldman, after hearing about the civil fraud investigation, dispatched lobbyists to dissuade the commission from pursuing the case.
Staff Reporter Ben Protess contributed to this report
Related Topics: Goldman Sachs, financial reform, SEC
REPUBLISH THIS STORY FOR FREE: The Huffington Post Investigative Fund licenses its content through Creative Commons. We encourage you to republish our stories in full with proper attribution.
und hier der ganze Artikel:
http://www.ftd.de/unternehmen/...ter-droht-mit-rueckzug/50115405.html
Könnte ja eigentlich mal wieder aufwärts gehen.
Gemittelte Kursprognose für GS: 200 USD
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Einen schönen Tag allen!!
RJ
Recht hat er wohl...
vielleicht aber besser erst, wenn ich ohne Verlust raus bin!
Hier der Artikel:
http://www.manager-magazin.de/unternehmen/artikel/...8,695541,00.html
kann mir als Investor nur recht sein.
Allen einen schönen Tag!!
RJ
WASHINGTON (dpa-AFX) - Die von US-Präsident Barack Obama geplante Finanzreform zur stärkeren Kontrolle der Wall Street stößt auf unerwartet heftigen Widerstand. Oppositionellen US-Republikanern gelang es am Mittwoch (Ortszeit), eine rasche Verabschiedung im Senat zu blockieren. Dabei wurden sie von zwei Demokraten unterstützt.
http://www.ariva.de/news/Rueckschlag-fuer-Obamas-Finanzreform-3439487
Elliot Clark is the CEO and Chairman of Corporate Responsibility Magazine.
There is a lot of debate about whether Goldman Sachs is guilty of fraud and securities violations. Every legal expert I have read has said the SEC has a hard case to make, which may be why only three of the five SEC Commissioners voted for proceeding with the prosecution. The issues of the case are not clear. It revolves around whether Goldman Sachs properly disclosed information to both sides of trades on complex instruments (Collaterized Debt Obligations, or CDOs) that bundled mortgages.
Stepping back for a moment, I know that when I sell a stock, I am happy someone on the other end of the trade buys it. If no one buys my shares, I have a problem. I know Goldman Sachs is not supposed to reveal the identity of trading partners. I know Goldman Sachs was the only company that made money when the housing bubble burst, so they read the market properly. I know making money in a downturn made their clients happy. From that perspective, it seems clear. Goldman Sachs did nothing wrong.
Everything above makes sense until you read the self-congratulatory e-mails among the traders. The e-mails from Fabrice Tourre and others will leave you, at best, feeling uncomfortable. At this point, “wrong” takes a left turn from black-letter law into the very subjective territory of morality. Was it immoral to profit from the misfortune of thousands of homeowners or was it smart business?
From a leadership perspective, morality and corporate ethics at Goldman Sachs (or any company) is a tricky business. SEC prosecutions or congressional hearings are not a solution. Even new legislation fails, because law is a weak bulwark against immorality. Bad people find a way to break laws. All the current controls did not stop Bernie Madoff or Richard Stanford.
Morality is a cultural issue. Who will own it in the corporate setting? Will it fall to the Human Resources function or Corporate Responsibility function? We all know the so-called “tone at the top” from the C-suite counts, but which group will manage the message throughout the company?
People in long black robes will decide if what Goldman Sachs did was illegal. You need to decide if you personally feel it was immoral. Did Goldman Sachs aspire to the culture we see in these e-mails, or was this the work of a single bad actor? In Goldman and other companies, who will own the responsibility for the moral and ethical spirit of the organization is an important issue in business leadership.
Tags: collateralized debt obligations, goldman sachs, SEC
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Wer weiß was nächste Woche ist...
Goldman Sachs shares rise on settlement rumor
(Reuters) - Goldman Sachs Group Inc shares rose as much as 4.5 percent on Friday morning on rumors of a possible settlement with U.S. regulators and a feeling that the stock could be oversold.
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The shares were up 4.4 percent at $142.09 in late morning on the New York Stock Exchange, off an earlier high at $142.25. Goldman's share rise came as bank stocks reversed losses and rose shortly after the open.
Goldman's perennial rival Morgan Stanley was also up, gaining 5 percent.
The shares were further helped by a broader rally that sent the KBW Banks index up 3.67 percent.
Analysts said the jump in Goldman shares -- following Thursday's slump in U.S. stocks -- was based on rumors that the bank might be close to a settlement with the U.S. Securities and Exchange Commission and because the stock is oversold.
"We are seeing some signs that we may be close to a settlement. I think that the key here is conciliatory comments that we've been hearing from the CEO of Goldman, Lloyd Blankfein, where he's taken a far more apologetic tone to what has happened," said David Dietze, President and Chief Investment Strategist at Point View Financial Services in Summit, New Jersey.
Blankfein told India's Economic Times on Friday that he regrets participating in transactions that "brought too much leverage into the world."
"He's basically admitting that they didn't do some things as well as they could have and that is suggesting that there is some posturing to be able to come to an accord with the SEC," Dietze said.
Goldman Sachs and the SEC declined to comment.
Salem, Massachusetts-based Cabot Money Management fixed income manager William Larkin, who owns Goldman bonds, said Goldman stock has been oversold.
"Goldman has been oversold, and the bonds have been widening pretty substantially the last couple days," he said.
(Reporting by Clare Baldwin, Jonathan Spicer, Rachelle Younglai, Joe Rauch and Edward Krudy, editing by Matthew Lewis)
Schöne Pfingsten allen die es Gut mit GS meinen und den anderen auch ;-)
RJ
hoffe trotzdem auf eine weitere Kurserholung!
May 21, 2010 1:15 PM EDT
In response to earlier rumors, sources told Reuters that the SEC and Goldman Sachs (NYSE: GS) have not reached a deal on a settlement over civil fraud charges related to the Abacus CDO.
Shares of Goldman Sachs are up 4.4% currently, only backing off slightly since the Reuters report.
Quelle: StreetInsider.com
Goldman Sachs has seen its stock drop 24% since the SEC fraud charges were announced on April 16th. The SEC said Goldman defrauded clients by not disclosing to them that John Paulson's hedge fund was short and helped create the CDOs that Goldman sold.
In addition to the settlement rumors, some investors that were selling into the passage of the financial reform bill are now buying after it was passed in the Senate. This is the "sell the rumor, buy the news" trade.
private bank in February poached seven Goldman advisers in Atlanta. Citigroup's Citi Private Bank a few weeks ago hired Goldman's Rudolf Hitsch in China. The former Goldman broker estimates more than 10 teams have left the bank over the past two years. Still, many recruiters said Goldman's public relations disaster will have to persist for quite a bit longer, and hit brokers in their wallets, before the industry sees major defections. "I don't see advisers going out the door at this point. It's wait and see," said Michael King of Michael King Associates. "I do think that this puts a chink in their armor." (Reporting by Joseph A. Giannone and Joe Rauch; editing by John Wallace) Keywords: GOLDMAN/WEALTH (joseph.giannone@thomsonreuters.com; +1 646 242 6184; Reuters Messaging: joseph.giannone.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Hier der link zum Artikel:
http://www.cnbc.com/id/37365203//
RJ
Hier der Artikel:
By Joe Bel Bruno Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Goldman Sachs Group Inc. (GS) could wind up paying about $621 million to reach a settlement that would end the fraud lawsuit against the investment bank and trader Fabrice Tourre, an analyst said on Thursday.
Brad Hintz, the former Lehman Brothers chief financial officer who is now a banking analyst for Bernstein Research, believes the Securities and Exchange Commission would agree to a $250 million fine based on previous settlements between the government and Wall Street. Further, he said Goldman will likely be made to redeem $371 million from investors who had money in the securities that are at the root of the investigation.
The amount could trim earnings by $1.05 per share, an amount that Hintz said would be "painful to Goldman" but "allow both Goldman Sachs and the SEC to walk away declaring victory." Analysts project that the investment bank will report a profit of $19.53 per share during 2010, according to Thomson Reuters.
"Certainly Goldman wants this case settled," Hintz said in the report. "Its management has stated that it wants a 'normal' relationship with its regulators."
He noted in the report that Goldman's shares have been volatile on concerns about what the SEC investigation would do to the investment bank's business. He said Goldman "is in the center of a political cyclone" that could cause client defections and the departure of top talent.
Goldman shares have bounced back in recent days, but are still down about 23% from when the SEC unveiled the charges in April. The stock was up $2.51 to $142.44 in early trading on the New York Stock Exchange.
The agency accused Goldman in a suit filed April 16 in U.S. District Court in New York of selling a collateralized debt obligation called Abacus 2007-AC1 without disclosing that hedge-fund firm Paulson & Co. helped to pick some of the underlying mortgage securities and was betting on the financial instrument's decline.
People familiar with the matter said last week that no agreement has been reached or is imminent. Goldman Sachs declined to comment.
Preliminary settlement discussions held May 4 didn't include any specific terms, such as the amount of a fine or agreements Goldman could make with the SEC, according to a previous report by The Wall Street Journal. It has also been reported that the Justice Department is exploring the possibility of bringing a criminal action against Goldman, though Hintz believes it would be unlikely the government would be able to prove such a case beyond a reasonable doubt.
-By Joe Bel Bruno, Dow Jones Newswires; 212-416-2469; joe.belbruno@dowjones.com