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On Wall Street, Membership Has Its Privileges - Just Ask Deutsche
Bank -05/17/10 at 9:37
AM CDTby Judd Bagley
One of the great episodes of The Simpsons
follows Homer as he comes to realize that not all Springfield
citizens are treated equally. The difference, Homer eventually
discovers, is membership in a secret society known as the
Stonecutters. Once on the inside, Homer is delighted to find his
new affiliation subjects him to an enviable set of alternate
rules....
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GS
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Goldman's Gold Has Lost Its Luster
-05/11/10 at 1:17 PM
CDTby Judd Bagley
The most clichéd, yet satisfying, moment
in any movie comes when the brutally bullying antagonist discovers
he’s lost that which had empowered his abusive nature.
Wait…I take that back. Seeing that fear in the bad
guy’s eyes is the second most satisfying movie moment, the
first being the inevitable administration of long-overdue ...
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The SEC's Culture of Regulatory Capture Prior to Goldman
Sachs -04/30/10 at
12:31 AM CDTby Judd
Bagley
Perspective is a funny thing. The full taxpayer
cost of the S&L bailout came to an enormous, inflation-adjusted
tab of around $255-billion; and yet, in the shadow of the latest
spate of bank bailout checks written by Congress, that
doesn’t seem like much. Similarly, the $60-billion Madoff
fiasco tends to make the many Ponzi scheme busts that fol...
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Goldman Sachs, Deutsche Bank, UBS, and Others Who Pumped and Dumped
O... -04/20/10 at 6:05
PM CDTby Mark Mitchell
It is perhaps beyond the ability of an innocent
public to believe this, but there is a growing body of evidence
that a few mad scientists might have engineered the
near-destruction of the American financial system. Except they
weren’t scientists, per se – they were unscrupulous,
market manipulating hedge fund managers, and we can almost hear
t...
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Guest Thrown Off Live TV Show For Calling CNBC Hosts "Public
Relation... -04/17/10
at 9:12 PM CDTby Reggie
Abaca
It was as if a security breach had occurred at
CNBC. A first time guest to the show by the name of Sylvain
Raynes, author of The Analysis of Structured Securities and an
upcoming title, The Elements of Structured Finance, was bullied and
thrown off a program after he broke some kind of previously unknown
rule of not bringing up CNBC ties with Gold...
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How David Einhorn and Dan Loeb along with Goldman Sachs Brought
Their... -03/04/10 at
2:49 PM CSTby Mark
Mitchell
You don’t hear much about it, but the
March 2007 bankruptcy of a company called New Century Financial was
arguably one of the most important events leading up to the
financial crisis that nearly caused a second Great Depression. It
was the demise of New Century, then the nation’s second
largest mortgage lender, that triggered the collapse of t...
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John Paulson's "Greatest Trade Ever" - Something of a
Scam -01/20/10 at 10:34
PM CSTby Mark Mitchell
By now, everybody knows that the market for
collateralized debt obligations was riddled with fraud in the
lead-up to the financial crisis. What is less known is the fact
that hedge fund managers helped create and inflate the market for
these toxic securities specifically so that they could bet against
them and profit from the inevitable collapse. An examp...
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Did The Markit Group, A Black-Box Company Partially Owned By
Goldman ... -11/17/09
at 5:44 PM CSTby Mark
Mitchell
Although much attention has been directed at the
contribution made by credit default swaps to the financial
crisis, most discussion has focused on the companies, such as
American International Group (AIG), that posted big losses because
they sold these instruments without sufficient due diligence.
Another line of inquiry has not been pursued, howeve...
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Did Hayman Capital Spread The Goldman Sachs Rumor That Helped
Destroy... -10/30/09 at
5:17 PM CDTby Mark
Mitchell
It was perhaps the single most important moment
leading to the downfall of Bear Stearns. On March 13, 2007,
reporter David Faber, live on CNBC, said, “I’m
told by a hedge fund that I know well…I’m told that
[last night] Goldman would not accept the counterparty risk of Bear
Stearns.” Faber and that hedge fund might as w...
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Congress prepares to bypass impotent SEC
-10/20/09 at 2:36 PM
CDTby Judd Bagley
Something of great importance in the effort to
finally end illegal naked short selling took place recently.
Senator Ted Kaufman of Delaware, together with three colleagues,
distributed a letter to the remaining 96 members of the Senate
formally requesting co-sponsors for SB 605: A bill to require the
Securities and Exchange Commission to reinstate The Upt...
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Three Short Hours Inside the SEC, and an International Bancshares
Cor... -10/01/09 at
12:19 AM CDTby Judd
Bagley
And so it was with today’s second and
concluding session of the SEC’s roundtable on securities
lending and short selling: I expected the absolute worst, but in
the end was pleasantly surprised to find that it wasn’t quite
as bad as I feared. That’s not the same as proclaiming it a
good thing, because it was not. Indeed, I stick by ...
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SAC Capital Gets "Tips" from Goldman Sachs; If Only There Were a
Pattern -08/31/09 at
10:23 AM CDTby Mark
Mitchell
Earlier this week, The Wall Street Journal
published what should have been a fairly explosive story
implicating Goldman Sachs (GS) and its favored hedge fund clients
in yet more market miscreancy. Predictably, though, this story did
not have what journalists call “legs.” No other
mainstream media outlets picked it up. There was no outrag...
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