Goldman Sachs (GS) 02 (May 10 - Dec 19)

Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby iam802 » Wed Jun 02, 2010 9:47 pm

Goldman Sachs (GS) does not want to agree to a settlement with the SEC that would imply that the investment bank may have committed fraud, according to CNBC. However, the two sides may be able to reach a settlement if the SEC drops fraud charges against the investment bank and only seeks to prosecute Goldman for misleading investors, reported CNBC, which cited a source close to the matter.

http://www.cnbc.com/id/37449088
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby iam802 » Mon Jun 07, 2010 10:45 pm

WASHINGTON, June 7 (Reuters) - Goldman Sachs Group Inc <GS.N>: * Financial Crisis Inquiry Commission says issues subpoena to Goldman Sachs * FCIC says subpoena to Goldman Sachs is for failing to comply with a request
for documents and interviews in a timely manner
((Company news desk in Washington; +1 202 898 8400, [email protected]))
© Thomson Reuters Limited. Click for restrictions.
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby iam802 » Tue Jun 08, 2010 1:41 am

Deutsche Bank cuts Goldman Sachs Group <GS.N> price target to $205 from $220
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby iam802 » Tue Jun 08, 2010 1:55 am

GS has break session low.

Let's hope we can see it break year's low at around $135
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby millionairemind » Tue Jun 08, 2010 10:45 am

How to lose friends and create enemies...

Jun 8, 2010
Goldman hit with subpoenas
WASHINGTON - A HIGH-PROFILE panel investigating the causes of the financial crisis announced Monday it had subpoenaed Goldman Sachs for failing to cooperate with the probe.

Leading members of Financial Crisis Inquiry Commission angrily accused Goldman of ignoring 'multiple' requests for information and of trying to overwhelm the commission's small staff with mountains of irrelevant documents.

'We did not ask them to pull up a dump truck to our offices and dump a bunch of rubbish, we asked for very specific items,' said commission chair Phil Angelides, announcing the demand. The panel claims Goldman had dumped around 2.5 billion pages of documents on its staff of around 50, much of which did not address specific requests.

'Our view is that this has been a very deliberate effort, over time, to run down the clock,' said Mr Angelides. 'We are not going to allow the American people to be played for chumps here.'

The subpoenas include a request for embattled Goldman chief executive Lloyd Blankfein to appear for interview. 'Their conduct has been extraordinary, they are the outliers, the vast majority, the overwhelming number of people and institutions we have asked for information have replied and complied in a very timely manner,' Mr Angelides said.

Commission vice-chair, Bill Thomas accused Goldman of trying to hide something from the panel. 'The question... is why aren't they willing to comply with requests, what is it that we are liable to find if we are allowed to look at this material in a reasonable fashion,' said a clearly irked Thomas. 'What have they got to hide?' The answer, according Goldman, is nothing. 'We have been and continue to be committed to providing the FCIC with the information they have requested,' the firm said in a statement. -- AFP
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby millionairemind » Thu Jun 10, 2010 6:55 pm

Looks like GOD is not too happy with this company who claims to be doing his work. :P

June 10, 2010, 12.48 pm (Singapore time)

Goldman sued by hedge fund over notorious CDO deal

* Fund says Goldman misrepresented value of Timberwolf CDO
* Says traders' role in picking securities not disclosed
* Seeks US$56m in compensatory damages
* Seeks US$1b in punitive damages
* SEC examines second Goldman security: FT report


NEW YORK - An Australian hedge fund is suing Goldman Sachs Group Inc over an investment in a sub-prime mortgage-linked security that contributed to the fund's demise in 2007.

The lawsuit filed on Wednesday accuses Goldman of misrepresenting the value of the notorious Timberwolf collateralised debt obligation (CDO), which garnered a lot of attention during a recent congressional hearing.

Basis Yield Alpha Fund sued Goldman to recoup the US$56 million it lost on the CDO, said Eric Lewis, a Washington-based lawyer for the fund. The suit also seeks US$1 billion in punitive damages.

The litigation is the latest in a string of legal and public relations headaches for Goldman. In April, US securities regulators charged the powerful Wall Street bank with civil fraud in connection with the structuring and sale of another CDO called Abacus 2007.

The Financial Times reported on Wednesday that the US Securities and Exchange Commission (SEC) was examining another Goldman CDO - Hudson Mezzanine Funding - that was not part of the April civil fraud lawsuit. The FT, citing people familiar with the matter, said the inquiry into the US$2 billion CDO was part of a wider probe into the CDOs of Wall Street banks.

The Australian hedge fund decided to file suit after months of settlement talks with Goldman broke down. Reuters on Tuesday first reported on the likelihood of a lawsuit. The suit was filed in US District Court for the Southern District of New York.

The 36-page complaint opens with a rhetorical flourish that repeats a Goldman executive's description of the Timberwolf CDO as 'one shitty deal'.

The suit alleges that Goldman pitched the Timberwolf deal to Basis even as the bank's sales force and mortgage traders knew the market for CDOs could soon crumble. In June 2007, Basis paid US$78 million for two pieces of the CDO with a face value of US$100 million.

Basis, which financed the transaction with a loan from Goldman, said it lost more than US$50 million when the bank began making margin calls on the product just weeks after selling the deal. Basis said the margin calls quickly forced it into insolvency.

'You can't say you are basically selling a strong performing high-yielding security that you know is going to tank,' said Mr Lewis, a partner with the law firm Baach Robinson & Lewis.

'Misguided attempt'
Goldman called the suit 'a misguided attempt by Basis ... to shift its investment losses to Goldman Sachs.'

Michael DuVally, a Goldman spokesman, said, 'Basis is now trying to recoup its losses based on false allegations that it was misled about aspects of the transaction and market conditions.'

The US$1 billion Timberwolf CDO and the aggressive tactics Goldman employed to sell the deal were a focal point of an April hearing by the Senate Permanent Subcommittee on Investigations. One of the documents unearthed by the panel was an email in which former Goldman mortgage executive Thomas Montag called Timberwolf 'one shitty deal', just days after the firm completed the sale to Basis.

The hedge fund's lawsuit, which draws on other documents introduced by the Senate panel, alleges that Goldman misrepresented the value of the Timberwolf securities and failed to disclose that Goldman's trading desk had a role in working with Greywolf Capital Management in picking Timberwolf's underlying securities.

Goldman coordination
During the Senate subcommittee hearing in April, Goldman chief executive Lloyd Blankfein said the bank's employees are often unaware of what strategies are being employed elsewhere at the firm.

'We have 35,000 people and thousands of traders making markets throughout our firm,' he said in response to a question from Senator Carl Levin. 'They might have an idea. But they might not have an idea.'

But the Basis lawsuit raises new questions about the coordination between Goldman's trading desks and its sales staff.

David Lehman, who joined Goldman in 2004 and worked as a managing director in Goldman's mortgage trading operation, met with representatives of Basis to convince them that the prices Goldman was selling the Timberwolf deal at were fair and legitimate.

The lawsuit alleges that Goldman's sales and trading desks worked together to sell the deal, while Goldman itself was betting against the performance of the CDO.

'This is not a bad case for dealing with the whole issue of how Goldman was conducting its business,' said Mr Lewis. 'They were selling bonds like they were used cars, in that you say what you need to get it done.'

More lawsuits?
Other investors in Goldman's CDO products are likely to keep a close eye on the Basis case.

'If they can prove there is some smoke there, many investors could feel they have a right to say they were also harmed in some way,' said Matt McCormick, a portfolio manager and banking analyst at Bahl & Gaynor Investment Counsel in Cincinnati.

Still, lawsuits against firms over the marketing of toxic CDOs have been rare.

Scott Berman, a partner with Friedman Kaplan Seiler & Adelman who frequently represents institutional investors, said it's a bit of mystery that the financial crisis hasn't spawned more private litigation over CDOs and other exotic investments.

'Some of it may be being dealt with in private arbitration rather than litigation,' said Mr Berman. 'It's also possible that many institutions are simply wary of suing each other.' -- REUTERS
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby winston » Thu Jun 10, 2010 8:11 pm

* Seeks US$56m in compensatory damages
* Seeks US$1b in punitive damages


US$56m for compensation and US$1b to punish them ? :roll: :roll:
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby iam802 » Fri Jun 11, 2010 12:25 am

GS new low.

Edit:
I wonder if they short themselves (as in short their own shares).
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby kennynah » Fri Jun 11, 2010 1:03 am

:lol: :lol: :lol:
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Re: Goldman Sachs (GS) 2 (May 10 - Oct 10)

Postby iam802 » Tue Jun 22, 2010 12:08 am

Goldman Sachs, SEC, Agree to Extend Goldman’s Reply

http://noir.bloomberg.com/apps/news?pid ... ybdGqndM0U

Note:
- Original dateline is June 21 (today)
- new date is July 19!!! :x :x :x
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