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Tuesday, Jul 20, 2010 10:57 PM UTC2010-07-20T22:57:00Zl, M j, Y g:i A T

Judge approves $550 million Goldman settlement

The agreement calls for $300 million to go to the government and $250 million to compensate two European banks

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A federal judge in New York City has approved the deal calling for Goldman Sachs & Co. to pay $550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments.

Federal Judge Barbara Jones approved the settlement in Manhattan with a written order.

The settlement was announced last Thursday by the Securities and Exchange Commission. It calls for Goldman to pay a $535 million fine and $15 million in restitution of fees it collected.

The agreement calls for $300 million to go to the government and $250 million to compensate two European banks that lost money on their investments.

The penalty was the largest against a Wall Street firm in SEC history.

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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

Thursday, Oct 20, 2011 11:45 AM UTC2011-10-20T11:45:00Zl, M j, Y g:i A T

Student loan debts crush an entire generation

Updated: Hyped like subprime mortgages, school loans now run to hundreds of billions with no relief in sight

OWS debt

[UPDATED] USA Today says that at some point this year, student loan debt will exceed $1 trillion, surpassing even credit card debt. Felix Salmon says the number is closer to $550 billion. Either way total student loan debt is rising as other debts have tailed off. Delinquency has increased, too, since the height of the financial crisis.

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Alex Pareene

Alex Pareene writes about politics for Salon. Email him at apareene@salon.com and follow him on Twitter @pareene  More Alex Pareene

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