Boycotts, Social Media & Goldman Sachs [Editor’s Note: if TV networks play re-runs during traditionally slow times of the year . . . bloggers can recycle old posts. The following, which originally appeared November 13, 2009 (!), is one of my favorites. “Your Money’s No Good” is also the title of the second book I...Read More
Wall Street Journal: ‘Blame the Regulators’ Chutz-pah′: killing your parents, then throwing yourself on the mercy of the court because you’re an orphan. So, according to The Wall Street Journal, who’s to blame for the still-missing $1 billion of client funds at now-bankrupt MF Global? Not the company’s senior management, led by CEO Jon Corzine,...Read More
Is That Like Charlie Sheen “Winning?” John Paulson, one of the winners of the subprime crisis, is having a bad year. Investors are showing unusual patience. –“Despite Losses, Investors Stick With Paulson“; The New York Times (11/2/2011) Did you know that the housing bust has also had big “winners?” People like hedge fund titan John Paulson,...Read More
Wall Street’s Machiavellian Sharks Perhaps it’s uncharitable to complain about the piddling $12 million severance Jon Corzine was poised to gain if he had managed to sell his current firm, MF Global Holdings, over the weekend. But I’m going to complain anyway. The idea that Corzine, who single-handedly destroyed MF Global Holdings, was in a position to...Read More
Lloyd Blankfein’s Very Well-Qualifed Attorney It isn’t clear precisely why [Goldman Sachs CEO Lloyd] Blankfein hired Reid Weingarten, who focuses his practice on white-collar criminal defense. –“Goldman Officers Lawyer Up“; The Wall Street Journal (8/23/2011) It “isn’t clear” why Blankfein hired his own counsel? Really?? After countless allegations of corporate fraud, misrepresentation, self-dealing, front-running, perjury and other illegal —...Read More
Shooting the, uh . . . Messenger “Who elected the credit rating agencies?” is certainly a popular refrain on (some) Op-Ed pages lately. The sentiment is that the credit rating agencies are unfairly holding a dagger to the U.S. financial system — threatening to downgrade U.S. debt unless it demonstrably gets its house in order....Read More
