Can Brian Moynihan Save Bank of America?
The CEO of the US’s biggest bank doesn’t have much charisma or a track record, but he’s “doing as well as any little Dutch boy can—sticking his fingers in the dike.”
The CEO of the US’s biggest bank doesn’t have much charisma or a track record, but he’s “doing as well as any little Dutch boy can—sticking his fingers in the dike.”
Dawn Kopecki, Paul M. Barrett Businessweek Sep 2011 20min Permalink
On September 11, 2001, three out of every four people who worked for Howard Lutnick died. The story of a recovery.
Susanne Craig New York Times Sep 2011 Permalink
According to a whistleblower, the SEC has been systematically destroying records of investigations for the last twenty years:
By whitewashing the files of some of the nation's worst financial criminals, the SEC has kept an entire generation of federal investigators in the dark about past inquiries into insider trading, fraud and market manipulation against companies like Goldman Sachs, Deutsche Bank and AIG. With a few strokes of the keyboard, the evidence gathered during thousands of investigations – "18,000 ... including Madoff," as one high-ranking SEC official put it during a panicked meeting about the destruction – has apparently disappeared forever into the wormhole of history.
Matt Taibbi Rolling Stone Aug 2011 20min Permalink
On William H. McMasters, who ten days after being hired as Charles Ponzi’s publicist wrote a scathing exposé in The Boston Post that revealed the biggest fraud, at the time, in American history.
Cora Bullock Fraud Magazine Jul 2011 10min Permalink
By 2006, S&P was making its own study of such loans' performance. It singled out 639,981 loans made in 2002 to see if its benign assumptions had held up. They hadn't. Loans with piggybacks were 43% more likely to default than other loans, S&P found. In April 2006, S&P said it would raise by July the amount of collateral underwriters must include in many new mortgage portfolios. For instance, S&P could require that mortgage pools have extra loans in them, since it now expected a larger number to go bad. Still, S&P didn't lower its ratings on existing securities, saying it had to further monitor the performance of loans backing them. It thus helped the market for these loans hold up through the end of 2006.
Aaron Lucchetti, Serena Ng The Wall Street Journal Aug 2007 10min Permalink
In anonymous warehouses in Detroit, Goldman Sachs has hoarded a quarter of the world’s supply of aluminum, placing them firmly in control of trading on the London Metal Exchange.
Clare Baldwin, Melanie Burton, Pratima Desai, Susan Thomas Reuters Jul 2011 10min Permalink
A profile of under-fire Goldman Sachs Ceo Lloyd Blankfein.
Jessica Pressler New York Jul 2011 25min Permalink
How Ray Dalio built the world’s richest and strangest hedge fund.
John Cassidy New Yorker Jul 2011 35min Permalink
On the prosecution of former hedge fund star Raj Rajaratnam.
George Packer New Yorker Jun 2011 45min Permalink
Bob Rodriguez, the oracular mutual fund manager with the best record over the last quarter century and two correctly-predicted crashes under his belt, says another spectacular crash is on its way within five years.
Mina Kimes Fortune Jun 2011 15min Permalink
The downfall of a Goldman Sachs director:
"Now from, for the last three or four, I mean four or five years, I've given him a million bucks a year, right?" says Rajaratnam. "Yeah, yeah," says Gupta, who doesn't appear taken aback at all by Rajaratnam's next remark: "After taxes. Offshore. Cash."
Suzanna Andrews Businessweek May 2011 Permalink
A field trip to the video gamey world of the modern trader.
James Somers The Atlantic May 2011 10min Permalink
While much of the Levin report describes past history, the Goldman section describes an ongoing? crime — a powerful, well-connected firm, with the ear of the president and the Treasury, that appears to have conquered the entire regulatory structure and stands now on the precipice of officially getting away with one of the biggest financial crimes in history.
Matt Taibbi Rolling Stone May 2011 25min Permalink
How automated ‘execution algorithms’ are taking the world’s markets on a wild ride that few economists can even understand, much less control.
Donald MacKenzie London Review of Books May 2011 20min Permalink
A series on how some Wall Street bankers, seeking to enrich themselves at the expense of their clients and sometimes even their own firms, at first delayed but then worsened the financial crisis.
Jake Bernstein, Jesse Eisinger ProPublica Jan 2010 55min Permalink
The story of $220M in bailout money.
Matt Taibbi Rolling Stone Apr 2011 10min Permalink
On Ray Dalio, who built the world’s biggest hedge fund by running it like a cult.
Kevin Roose New York Apr 2011 10min Permalink
On billionaire financier Lynn Tilton and her quest to become a public figure.
Jessica Pressler New York Apr 2011 25min Permalink
In the late ’80s, Lewis went to Japan to research a hypothetical: what would the economic fallout be if a major quake hit?
Michael Lewis Manhattan Inc. Jun 1989 30min Permalink
“The entire system set up to monitor and regulate Wall Street is fucked up. Just ask the people who tried to do the right thing.”
Matt Taibbi Rolling Stone Mar 2010 30min Permalink
A look at the legislative lobbying efforts of Michael Bloomberg’s $7 billion-per-year company. While the mayor has no specific day-to-day role at Bloomberg LP, he maintains “the type of involvement that he believes is consistent with his being the majority shareholder.”
Aram Roston The Nation Feb 2011 Permalink
A primer on income inequality in America.
Tyler Cowen The American Interest Feb 2011 Permalink
On the gap between how the world sees Goldman Sachs and how Goldman Sachs sees itself.
Bethany McLean Vanity Fair Jan 2010 35min Permalink
How Cantor Fitzgerald is bringing the principles of day trading to sports betting in Vegas.
Michael Kaplan Wired Nov 2010 25min Permalink
“For years, the most profitable industry in America has been one that doesn’t design, build, or sell a single tangible thing.” The case for why investment banking is socially useless.
John Cassidy New Yorker Nov 2010 30min Permalink