Tag: Goldman Sachs
Say what you will about Lloyd Blankfein, the CEO of Goldman Sachs, but for all his failings he’s probably quite intelligent. Here’s what he said in response to a question on the upcoming Facebook IPO from Eric Schatzker of Bloomberg TV. Continue Reading
“He’s having a midlife crisis.”
“He wasn’t very senior, anyway.”
“It’s just sour grapes.”
All of this is being said about Greg Smith, the former Goldman Sachs executive who exited the firm and left a blistering farewell note on the New York Times op-ed page on his way out. Many are pooh-poohing him as a vampire squid gone rogue, accusing him of false naïveté. They say that he was perfectly happy to feed at the trough for 12 years and is only piping up now because his career there is stalled.
This all may be true, but who cares? Continue Reading
After several years of banking only with companies, Citi has decided to jump with both feet into Africa’s most populous nation, with its regional head announcing plans to open a consumer banking franchise in Nigeria (schedule unknown.) The country of 165 million people is apparently “at the top of the list” of Citi’s African prospects. Continue Reading
Here’s what you may have missed on the Finance Addict this week. Also check out our GIF of the Week after the jump!
- Risky repos rear their head and threaten us all. Looks like there’s a storm brewing in the U.S. repo markets.
- Why Dodd-Frank has already failed. Here’s why Dodd-Frank is irredeemably flawed and won’t do enough to protect our economy from troubled financial institutions.
- The Super Bowl & general ad spend: bullish indicator? Super Bowl commercials, and ad spending in general, are great economic indicators since ad budgets are usually the first to go in a downturn.
- The saga of Maiden Lane II. Nothing better captures the bailout dilemma than the saga of Maiden Lane II.
- Fannie Mae and Freddie Mac to really leave the stage? Can we realistically abolish Fannie Mae and Freddie Mac’s central role in the housing market? What are the implications?
- Of fallen angels and demons restored. Alan Greenspan is a fallen angel. Who else do you think will go from hero to zero, and vice versa, when we look back again?
Nothing better captures the bailout dilemma than the saga of Maiden Lane II.
In 2008 Tim Geithner and his New York Federal Reserve Bank saved AIG’s hide. It did so in part by creating a special purpose vehicle and lending it $19.5 billion so that it could buy AIG’s subprime-mortgage backed bonds — bonds of which a very frightened market wanted no part. Continue Reading