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Economy
Prepared Testimony of Lloyd C. Blankfein for Tomorrow’s Senate Hearing
Below are the prepared remarks of Goldman's CEO Lloyd Blankfein for his testimony tomorrow before the Senate Subcommittee on Investigations. Fabrice Tourre will also testify. Chairman Levin, Ranking Member Coburn and Members of the…
Guest Post: Questions from the Goldman Scandal
This is a post by Bill Black and Eliot Spitzer which originally appeared at New Deal 2.0.
Bill Black is an associate professor of economics and law at the University of Missouri – Kansas City (UMKC). He was the executive director of the…
Senator Blanche Lincoln’s Derivatives Reform Bill Must Pass
This is a fiery take on derivatives and too-big-to-fail institutions by Randall Wray which originally appeared at New Deal 2.0. Professor Wray believes naked shorting via derivatives should be outlawed. He goes further to say that the…
Thinking about Creditanstalt today
The news about Greece's bailout has me thinking a lot about Creditanstalt, the Austrian bank which collapsed in 1931. This account bears remembering because we should see the 1929-1933 descent as a two-part episode, with the second part…
Marc Faber: "Symptoms of a bubble building in China"
Marc Faber spoke with Bloomberg News recently and had some interesting things to say about China and what he sees a burgeoning bubble. His sentiments echo those from Ten ways to spot a bubble in China by Edward Chancellor, author of a…
John Paulson’s letter to investors defending his firm’s actions in the Abacus deals
Paulson Letter on Abacus AC1
Why don’t the President’s ethics rules apply to Greg Craig, now at Goldman
"As far as the White House is concerned, it's case closed for Greg Craig's newest legal venture representing Goldman Sachs against the Securities and Exchange Commission. Administration spokesmen brushed aside questions about…
Jeremy Grantham on Bubbles
Bubbles are important for the country because there is nothing more dangerous and damaging to an economy than a great asset bubble that breaks. And this is something the Fed never seems to get. … We looked back as far as we could, , 32…
Bill Black: Lehman’s demise is "a story of fraud"
Veteran regulator believes Lehman Brothers is a case of fraud and believes the Feds need to bring charges. But, more than that, Black hones in one the mortgage fraud which underlies much of the speculative fervour in the market by citing…
Goldman gets ex-White House counsel
Goldman Sachs is launching an aggressive response to its political and legal challenges with an unlikely ally at its side — President Barack Obama’s former White House counsel, Gregory Craig. The beleaguered Wall Street bank hired…