goldman-sachs

Goldman's Latest Mishap

cityfile · 11/30/09 09:55AM

Goldman Sachs just can't catch a break. The embattled bank faced another round of construction trouble over the weekend when glass panes atop of Goldman's new 43-story HQ on Vesey Street—the one Mayor Bloomberg described as one of the safest buildings in the city—rained down on the street below. No one was injured in the incident, but the shattered glass did disrupt traffic for two hours, quite possibly adding several thousand motorists to the list of people who now despise Goldman Sachs. [NYP]

Goldman Sachs Adds Insult to Injury

cityfile · 11/24/09 02:30PM

Goldman Sachs bankers are going to be out buying new Porsches and weekend homes in East Hampton just as soon as they collect their record year-end bonuses. But that's not what the rest of us are going to be getting this holiday season, at least according to Goldman Sachs. The firm's retail analysts say that most Americans—the ones that aren't getting seven-figure sums in a few weeks—should expect to see lots of crummy sweaters under the tree this Christmas. Thanks for rubbing it in, guys. [WSJ/Marketbeat]

Goldman Goes for Broke

cityfile · 11/20/09 11:25AM

It was once thing when politicians and members of the media were haranguing Goldman Sachs over its plans to pay out massive year-end bonuses. But now shareholders are getting into the act, too, a move that shows "how anger over its big-money culture is spilling into the ranks of investors who typically shy away from debates over Wall Street pay." Naturally, these giant mutual funds aren't speaking up on principle. (They'd like to benefit a bit more from the firm's record earnings.) And whether they really plan to do anything about it is up in the air. But there's an indication that all the PR troubles that the firm has faced this week—and this may go down as the worst week in the firm's history from a public relations standpoint—are about to vanish instantly.

Lloyd Blankfein: 'I'm Sorry'

cityfile · 11/17/09 02:01PM

Ten days ago, John Reed apologized for his role in creating Citigroup. Now Goldman Sachs chief Lloyd Blankfein is apologizing for anything Goldman did to precipitate the financial crisis: "We participated in things that were clearly wrong and have reason to regret," Blankfein said at a conference today. "We apologize." Then he stunned the crowd by announcing that Goldman would be turning over its fourth quarter profits to feed America's neediest, which would still leave the firm with about $16 billion to pay out year-end bonuses. Just kidding! He's not that sorry! [Bloomberg]

Today in Goldman Sachs

cityfile · 11/12/09 11:59AM

There's good news, bad news, more bad news and more good news for Goldman Sachs today. Let's review, shall we?

Lloyd Blankfein Has Some Catching Up to Do

cityfile · 11/11/09 01:13PM

Goldman Sachs is on track to turn in its most profitable year ever, and the bank's near collapse last fall—along with the financial system as a whole—is quickly becoming a distant memory for Goldman chief Lloyd Blankfein. So why is he giving less money to charity than he did before the downturn?

The Lord's Work Pays Nicely

cityfile · 11/09/09 10:38AM

Goldman Sachs, Morgan Stanley, and JPMorgan Chase are all on track to pay record bonuses this year, as you've probably heard. "The firms—the three biggest banks to exit the Troubled Asset Relief Program—will hand out $29.7 billion in bonuses, according to analysts' estimates. That's up 60 percent from last year and more than the previous high of $26.8 billion in 2007." But as Goldman chief Lloyd Blankfein explained to the London Times over the weekend, they're doing "God's work," and you can't put a price on that, can you? [Bloomberg]

Flu Flap

cityfile · 11/06/09 01:42PM

Did you hear that a handful of large Wall Street banks have been getting the swine flu vaccine to give to their "high-risk" employees, even though area hospitals have yet to receive it or are now running low on their supplies? A little public pressure seems to be paying off. Morgan Stanley says it will return its 1,000 doses to the city health department since some hospitals are still without the vaccine. But not every firm is following suit. Goldman Sachs is still "more important than you are," reports the Wall Street Journal. But you'd probably figured that out already. [WSJ]

Golden Goldman

cityfile · 11/04/09 02:53PM

More great news for Goldman Sachs employees: "A whopping 36 times in the third quarter, the firm generated more than $100 million in revenue in a single day just from trading stocks, bonds and other instruments. That translates to 55% of the time, considering there were 65 trading days last quarter. The number of days Goldman traders lost money? Just one." [Crain's]

Pete Peterson, Image Expert

cityfile · 10/29/09 12:56PM

If Goldman Sachs wants to redeem its reputation, it would have to donate "at least $1 billion" to charity, says billionaire Pete Peterson. "'Only a donation that size would 'have much resonance in the public,' Peterson, the 83-year-old co-founder of Blackstone Group LP, the world's largest private-equity company, said in an interview in New York yesterday." Fair enough. But we're thinking Peterson might need to rename a concert hall or build a new hospital if he expects us to not immediately think of his fame-obsessed grandson every time we hear the name "Peterson." [Bloomberg]