Goldman Sachs (GS) announced an 11% drop in earnings for Q2, although their EPS beat estimates. The hit comes most from declining M&A fees as merger activity has slowed down. While YoY numbers look good, their earnings over Q1 seem to be fading. For example, its trading revenue, a staple of strong revenue for the [...]
We’ll never be able to stop crony capitalists as long as we continue with our present system. This report of a Wednesday meeting at the NY Fed is not the first one and no doubt will not be the last:
Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein, J.P. Morgan Chase & Co. CEO James Dimon, Bank of [...]
We are not surprised that nothing has changed in the world of Crony Capitalism. We warned of this in our criticism of Dodd-Frank. We have identified that Wall Street-Washington Financial Complex. We have criticized the Fed for its boom-bust policy. President Obama knew well that nothing would change since he hired Larry Summers and Tim [...]
Goldman Sachs couldn’t even buy good press now. Here is another look inside the center of Crony Capitalism.
To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this [...]