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Tuesday, Apr 27, 2010 4:43 PM UTC2010-04-27T16:43:00Zl, M j, Y g:i A T

Goldman Sachs on trial

An investment bank public relations disaster: Wall Street's best and brightest get hung out to dry in Washington

Goldman Sachs executives testify before a Senate subcommittee.

Goldman Sachs executives testify before a Senate subcommittee.

Fans and detractors of Goldman Sachs agree on at least one point: The investment bank employs the smartest traders on Wall Street. The best risk managers, the most deadly sharks, the crème de la crème. But at the start of a full day of congressional hearings featuring Goldman Sachs executives, past and present, Sen. Carl Levin, chairman of the Senate’s Permanent Subcommittee on Investigations, made Daniel Sparks, Goldman’s former head of mortgage trading, look pretty dumb.

The first panel featured four Goldman executives at the heart of Goldman’s structured finance division, including Fabrice Tourre, the trader who is the focus of the SEC’s allegations of securities fraud against the investment bank. It would not be an exaggeration to describe these four men as the belly of the structured finance beast — the creators and marketers of the complex financial instruments whose collapse was at the heart of the financial crisis.

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Andrew Leonard

Andrew Leonard is a staff writer at Salon. On Twitter, @koxinga21.  More Andrew Leonard

Wednesday, Feb 15, 2012 5:31 PM UTC2012-02-15T17:31:00Zl, M j, Y g:i A T

Occupy defends the Volcker Rule

Radical protesters are reborn as policy analysts; they tell the SEC to curb Wall Street speculators

Occupy the SEC's radical message

Occupy the SEC's radical message

As the Occupy the SEC march made its way past the Goldman Sachs building in New York City on Monday night I looked up from the near-constant tweeting I do at these events just in time to see a man in a top-shelf suit rush past us holding a bottle of champagne. I imagined him looking at the 100-plus crowd of activists disrupting the walk to his luxury mid-size, pouting indignantly, “You’re gonna do this to a guy in a $4,000 suit? Come on!”

Occupy the SEC held the march to celebrate the release of its 325-page comment letter to the SEC calling for it to strengthen – and then, more important, enforce – the Volcker Rule, which will go into effect on July 21, 2012. According to Aaron Bornstein, who helped organize the march, Occupy the SEC’s comment is about twice the size of the next longest letter, drafted by the Securities Industry and Financial Markets Association, a financial interest lobbying group.

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John Knefel, a comedian, is co-host of Radio Dispatch. Follow him @johnknefel.  More John Knefel

Saturday, Jan 21, 2012 2:34 AM UTC2012-01-21T02:34:00Zl, M j, Y g:i A T

Occupy San Francisco gets down to business

After a brief hibernation, a refocused movement takes aim at corporate America

OLYMPUS DIGITAL CAMERA

Warren Langley: from stock exchange chief to occupier

SAN FRANCISCO–Act II of the Occupy Wall Street movement, San Francisco version, kicked off on a rainy, blustery Friday in the heart of the city’s financial district. Targeting specific corporations like Wells Fargo and Bank of America and emphasizing real, tangible issues like home foreclosures, affordable health care and education as well as broader ones like the Supreme Court’s Citizens United decision, several hundred protesters – the exact number was impossible to estimate – fanned out across the city, snarling traffic, getting arrested, holding sidewalk teach-ins, and generally serving notice that after its brief winter hibernation, the Occupy movement was back and kicking.

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Gary Kamiya is a Salon contributing writer.  More Gary Kamiya

Thursday, Dec 15, 2011 12:45 PM UTC2011-12-15T12:45:00Zl, M j, Y g:i A T

Salon Corporate Challenge: Goldman Sachs

All of Wall Street's big banks are equally guilty of bad citizenship. But some are more equal than others

goldman sachs corp challenge

In the magisterial report released in April by the Senate’s Permanent Subcommittee on Investigations, “Wall Street and the Financial Crisis: Anatomy of a Financial Collapse,” a section recounting how Goldman Sachs profited off speculation in mortgage-backed securities — at the expense of its own clients! — closes with the following j’accuse:

Investment banks were the driving force behind the structured finance products that provided a steady stream of funding for lenders originating high risk, poor quality loans and that magnified risk throughout the U.S. financial system. The investment banks that engineered, sold, traded, and profited from mortgage related structured finance products were a major cause of the financial crisis.

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Andrew Leonard

Andrew Leonard is a staff writer at Salon. On Twitter, @koxinga21.  More Andrew Leonard

Wednesday, Dec 14, 2011 5:47 PM UTC2011-12-14T17:47:00Zl, M j, Y g:i A T

The case for making a storm in the ports

A Salon writer claims it doesn't hurt the 1 percent. Here's how he's wrong

Protestors leave the Port of Oakland after successfully blocking the entrances

Protestors leave the Port of Oakland after successfully blocking the entrances on December 12.  (Credit: AP/Beck Diefenbach)

The Occupy movement is sailing into murky waters. The coordinated West Coast port shutdown wasn’t just risky because of police violence against occupiers. Shutting down the ports of Longview, Wash., Portland, Ore., and Oakland, Calif., as the protesters did (along with more limited shut-downs in Vancouver, Seattle, Bellingham, Wash., San Diego, Los Angeles, and at a Walmart distribution center in Colorado), has had the result of taking some work hours away from port and shipping laborers who are in a very precarious situation. Actions in Ventura, Calif., Tacoma, Wash., Houston and Anchorage targeted the ports as well, but for this reason did not actually attempt to shut them down.

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Aaron Bady, graduate student at UC Berkeley, is an occupant of Oakland. His work has appeared in the Guardian, Technology Review, the Chronicle of Higher Education, American Literature, Possible Futures, and his blog zunguzunguMore Aaron Bady

Tuesday, Dec 13, 2011 2:02 PM UTC2011-12-13T14:02:00Zl, M j, Y g:i A T

Busted for tweeting

Police escalation in New York as my brother and 17 other people are arrested for observing an occupation

ny police

Police outside New York's Winter Garden  (Credit: Molly Knefel)

Monday  morning marked yet another Day of Action for the Occupy Wall Street movement. Eight cities on the West Coast attempted to shut down ports. (The hashtag #PortShutdown on Twitter is moving a mile a minute.) In New York City, there was a solidarity march targeting Goldman Sachs that began at 7:30 a.m.  The march was well attended, peaceful and culminated in a street-theater Vampire Squid press conference held in front of the Goldman Sachs building.  Everyone was laughing and having a great time, and my brother John and I were there to tweet and take pictures.  As things calmed down after the fake press conference, word began to spread that protesters should reconvene at the Winter Garden, a nearby public atrium owned by Brookfield Properties (the same company that owns Zuccotti Park).

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Molly Knefel is a New York writer.  More Molly Knefel

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