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September 10, 2013

Major changes coming to the Dow Jones Industrial Average before the end of September

  • In Goldman Sachs, Visa and Nike have been added to the Dow Jones industrial average, replacing several poorly performing companies from the exclusive group of 30 publicly-owned corporations. The new Dow Jones additions are also expected to diversify one of the most-commonly used gauges of the U.S. stock market.
  • Out To make room for the new arrivals, Alcoa, Hewlett-Packard and Bank of America have been removed from the Dow, following consistently slumping stock performances from each. The changes are set to take effect on September 23, and represent the largest alteration of the Dow Jones line-up in roughly a decade. source
14:12 // 1 year ago
August 2, 2012
8:59 // 2 years ago
June 16, 2012

Former Goldman Sachs board member Rajat Gupta found guilty of insider trading

  • 4 insider trading convictions for former Goldman Sachs board member source

» Raj and Rajat: Back in 2011 Raj Rajaratnam, the founder of the once-colossal Galleon Group hedge fund management firm, was sentenced to 11 years in prison for insider trading. Rajaratnam had gained choice information unavailable to the public at large by using a series of secret contacts – one of whom, Rajat Gupta, has now faced the music himself. Prosecutors successfully argued that Gupta, a former board member of both Goldman Sachs and Procter & Gamble, was one of Rajaratnam’s sources, leaking him the details of Goldman’s first-ever quarterly loss in late 2008. Convicted on four out of six counts of insider trading, Gupta will likely face prison time when sentenced later in the year.

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15:09 // 2 years ago
March 29, 2012

Former Goldman Sachs VP Greg Smith could cash in with memoirs

  • $1 million bidding war for memoirs by the ex-Goldman Sachs VP source

» Remember former Goldman Sachs VP Greg Smith? You know, the one who published his resignation letter in the New York Times? Well now he’s writing a book that will cover his 12 years with the company, and at least one expert on the bank expects serious blowback. William Cohan, author of Money & Power: How Goldman Sachs Came to Rule the World, explained that while the idea of the bank putting its own interests before its customers was not a new one, “what is new is that it’s an employee saying it.”

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15:53 // 2 years ago
March 14, 2012
We disagree with the views expressed, which we don’t think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves.
A spokeswoman for Goldman Sachs • Discussing the claims made in a New York Times op-ed by now-departing exec Greg Smith. An exec speaking off the record in the response story says that Smith’s job was a “relatively junior position held by thousands of Goldman employees around the world,” despite the fact that he’s listed as a vice president. I’m sorry, what sort of effed-up corporate culture must you have to have thousands of vice presidents? On a side note, Smith’s letter is already a meme. Check out these quips, thought up by HyperVocal.
10:56 // 2 years ago
inothernews:

It should be noted that the Times decided to illustrate Greg Smith’s Goldman Sachs resignation op-ed with this, reminding us all that he’s still a buzzard, feeding on carcasses — and now he’s just going to go feed off another.
(Illustration: Victor Kerlow / NY Times)

Story of the morning. Perhaps the most iconic open letter since Steve Jobs’ “Thoughts on Flash” from two years ago. Also worth a read when you’re done. (ht @AntDeRosa on that front)

inothernews:

It should be noted that the Times decided to illustrate Greg Smith’s Goldman Sachs resignation op-ed with this, reminding us all that he’s still a buzzard, feeding on carcasses — and now he’s just going to go feed off another.

(Illustration: Victor Kerlow / NY Times)

Story of the morning. Perhaps the most iconic open letter since Steve Jobs’ “Thoughts on Flash” from two years ago. Also worth a read when you’re done. (ht @AntDeRosa on that front)

8:25 // 2 years ago
November 4, 2011
BREAKING: Jon Corzine resigns from troubled, bankrupt MF Global
He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source
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He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source

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8:14 // 2 years ago
November 2, 2011
MF Global CEO Jon Corzine: Surprisingly calm dinner host. On October 24, the former Goldman Sachs head and ex-New Jersey governor spoke to a bunch of traders during a steak dinner at the Helmsley Park Lane Hotel in NYC. Some guests called him “delightful.” But he had to leave early because he had an earnings call the next day. The next day, MF Global announced the bottom fell out. Less than a week later, they filed for bankruptcy. Talk about holding it together. (Above: Jon Corzine playing affable dinner host at another party. Amanda Gordon/ Bloomberg)

MF Global CEO Jon Corzine: Surprisingly calm dinner host. On October 24, the former Goldman Sachs head and ex-New Jersey governor spoke to a bunch of traders during a steak dinner at the Helmsley Park Lane Hotel in NYC. Some guests called him “delightful.” But he had to leave early because he had an earnings call the next day. The next day, MF Global announced the bottom fell out. Less than a week later, they filed for bankruptcy. Talk about holding it together. (Above: Jon Corzine playing affable dinner host at another party. Amanda Gordon/ Bloomberg)

11:27 // 2 years ago
November 1, 2011
Reports of short falls of client money … if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore.
A trader based out of London • Discussing the situation with MF Global, a financial firm hard hit by the Euro debt crisis, which apparently failed to keep customer money separate from the firm’s own accounts. The company, led by former Goldman Sachs leader and ex-New Jersey Gov. Jon Corzine (great combination), is raising the spectre of some if the 2008 financial crisis gunk — remember Lehmann Bros.? Let’s hope they can get this settled and — most importantly — customers can get their money out. source (viafollow)
11:30 // 2 years ago
October 21, 2011
15:18 // 3 years ago