Goldman Sachs fraud

Goldman Sachs Details Revenue in Bid to Deflect Criticism

Goldman Sachs Group (GS) will publish details on how it earns its revenue as it works to deflect criticism that it puts its own profits ahead of client interests. Goldman is releasing the 63-page report today, The Wall Street Journal said. The report will break down its revenue to show how much comes from its own trading and investing.

Goldman Sachs Fined by FINRA for Disclosure Delays

Goldman Sachs has been fined $650,000 by the Financial Industry Regulatory Authority for failing to properly disclose to regulators that two of its executives were going to be investigated by the Securities & Exchange Commission, FINRA announced Tuesday.

Goldman Sued by German Bank Over Mortgage-Backed Securities

Goldman Sachs Group (GS) was sued by German bank Landesbank Baden-Wuerttemberg for allegedly mis-representing the credit quality of its mortgage-backed securities. The German bank ended up posting a $37 million loss on the investment.

Legal Briefing: Was SEC's Goldman Suit Political?

In Friday's legal news, the timing of the SEC's suit against Goldman Sachs may have had more to do publicity than with advancing the Democrat's agenda; the delinquent Harrisburg Authority tries to make good on its debts; and the justice department wants to determine policy regarding gays in the military.

Axa Slashed Goldman Stake in the Second Quarter

Axa (AXAHY), the largest investor in Goldman Sachs (GS), cut its stake by more than 50% in the second quarter as the bank dealt with civil fraud charges and flagging business. Axa, a French insurance and wealth management company, reduced its stake in Goldman from about 5% at the start of April to 2.1% at the end of June, the Financial Times reported. That%u2019s a sell-off of more than 16 million shares.

Legal Briefing: Texas Sues BP Over Refinery Pollution

In Tuesday's legal news, the Texas Attorney General has joined the long line of plaintiffs against BP, filing an environmental enforcement action over air pollution that spewed for 40 days from a BP refinery in Texas.

FCIC Threatens Goldman Sachs with Audit

While Goldman Sachs has settled the SEC's fraud case against it, its dispute with the Financial Crisis Inquiry Commission is ongoing. Goldman says it's cooperating, but the FCIC is unconvinced: It's threatening the investment bank with an outside audit of its derivatives business.

Time for Investors to Lower Their Goldman Expectations?

After eyeballing the firm's revealing second-quarter results, maybe investors should start getting used to the idea that Goldman Sachs will no longer be the invincible Wall Street powerhouse it has been all these many years.

Three High-Quality Stocks That Could Double

Formula Capital's James Altucher says that there has never been a better time to pick up high-quality stocks at bargain prices -- as long as you choose the right ones. Altucher recommends three "beaten over the head with a bat" stocks he expects will double in the next one to two years.

Legal Briefing: Ratings Agencies Try to Avoid Lawsuits

Now that credit rating agencies can be sued for issuing inflated ratings, they're refusing to allow their ratings to be used to sell bonds. Unfortunately, since some types of bonds are required to have such ratings, those parts of the bond market are shutting down.

Legal Briefing: Conrad Black to Get Bail for Appeal

Former newspaper mogul Conrad Black will get out of jail on bail as he appeals his conviction for defrauding shareholders based on the now-narrowed "honest services" statute. The bail order comes even though Black was also convicted of an obstruction of justice charge.

Goldman vs. SEC: Who Will Be the Ultimate Victor?

It's hard to judge who ultimately won in the settlement between Goldman Sachs and the Securities and Exchange Commission because some provisions may have major, negative impacts for Goldman in the future. However, in the short run, and in the court of public opinion, Goldman clearly wins.

Goldman Makes Another Great Deal -- for Goldman

The $550 million SEC settlement is just 8.9% of the $6.2 billion increase in Goldman's market value on the day the deal was announced. And it's an even smaller portion of the cash, backdoor, taxpayer-funded bailout Goldman was handed in 2008.

Goldman Shares Rising on SEC Settlement, Upgrade

Goldman Sachs shares have jumped some 4.7% in premarket trading to around $152following the announcement of an agreement with the SEC for a record $550 million settlement over fraud claims linked to the subprime mortgage investment known as Abacus.

Goldman Sachs Settles With the SEC

The Securities and Exchange Commission reached a record $550 million settlement with investment banking firm Goldman Sachs over fraud claims linked to subprime mortgage investments. Goldman stock surged in late afternoon trading.

Goldman Sachs May Be Seeking a Broad SEC Settlement

Goldman Sachs is pushing for a global settlement with the Securities and Exchange Commission, reports The Wall Street Journal, which is why it's again expected to ask for a delay in answering the SEC's fraud charges.

These Days, a Good Reputation Is Everything

Some companies don't realize how important their reputations are until they're gone, but a new survey of corporate directors shows that reputational risk is their second biggest worry. It should be: As much as 70% of a company's value may rest on that one intangible asset.

Goldman Delays Answering SEC Fraud Charges

Goldman Sachs was due to answer the Securities and Exchange Commission's fraud charges today. Instead, the investment bank just filed an agreement with the SEC giving Goldman until July 19 to answer.

Will Warren Buffett Take Over Goldman Sachs?

As Goldman Sachs gets tangled in more lawsuits and investigations, its situation is looking more and more like that of Salomon Brothers in 1991, when top executives resigned in disgrace and Warren Buffett took over. Could the billionaire investor be getting ready for a repeat performance?

Legal Briefing: Facebook Privacy Settings Matter in Court

Lawyers have already exploited Facebook to help win in divorce cases, investigate potential jurors, and market themselves. Now, a California judge has ruled on when parties can subpoena Facebook data in a civil suit, and yes, your privacy settings are the key factor.

Will the Heat on Lloyd Blankfein Get Unbearable?

The Financial Crisis Inquiry Commission's subpoena of Goldman Sachs for documents has thrust the beleaguered firm back in the spotlight. And now even a bullish top analyst is calling for CEO Lloyd Blankfein's head.

Goldman to Detail Fraud Defense Soon

Rumors of a settlement between the SEC and Goldman Sachs are overblown, at least for now. CNBC reports Goldman is preparing a detailed answer to the SEC's complaint, and it will actively pursue discovery. Until Goldman sees what the SEC has against it, this fraud case will go on.

As Probes Mount, Will Bank Profits Suffer?

In this climate, any banker in his right mind will think twice before taking more than the usual share of risk. And generally, low risk equals low profits. Plus, financial reform could cut off some of Wall Street's most lucrative income streams.