http://www.bloomberg.com/news/2010-12-01/goldman-sachs-emergency-fed-loans-topped-24-billion-in-crisis.html
Did the SEC change the rules again and I missed it?
What's up with Sachs not reporting these loans?
It's a standard requirement.
God man how many veins where they tappin "us" from?
Goldman Sachs Group Inc., which rebounded from the financial crisis to post record profit last year, was a regular borrower from two emergency Federal Reserve programs in 2008 and early 2009, new data show.
The firm borrowed from the Fed’s Term Securities Lending Facility most weeks from March 2008 through April 2009, data released by the Fed today show. At the peak, Goldman Sachs borrowed $24.2 billion on Oct. 15, which included $18 billion for the firm’s U.S. broker-dealer and $6.2 billion for the firm’s London division, the data show.
In its quarterly filings with the U.S. Securities and Exchange Commission, Goldman Sachs didn’t disclose that it borrowed from the PDCF.
The firm also borrowed from the Term Securities Lending Facility, which offered longer-term funding than the PDCF’s overnight loans
The two largest TSLF loans to Goldman Sachs were $7.5 billion on Dec. 4, 2008, and the same amount on Dec. 31, 2008, the data show.
The firm also didn’t disclose its TSLF borrowing in its quarterly SEC filings, although it provided data on its borrowing to the U.S. Treasury.
Showing posts with label Morgan Stanley. Show all posts
Showing posts with label Morgan Stanley. Show all posts
Friday, December 3, 2010
Tuesday, November 9, 2010
Bankers misdemeanor is your felony
http://dailybail.com/home/outrage-morgan-stanley-banker-escapes-felony-charges-for-hit.html
Look how "WE" live now kids.
They say it's a two tier class but not according to this article.
This show just how highly rated bankers are.
Who gives a damn if he wasted a Doctor, his banking position is considered more important than that of the doctors ability to save a life.
White collar crime is NEVER prosecuted and neither are those that wear the white collar.
A Morgan Stanley wealth manager will not face felony charges for a hit-and-run because Colorado prosecutors don't want him to lose his job.
Martin Joel Erzinger, who manages more than $1 billion in assets for Morgan Stanley in Denver, is being accused only of a misdemeanor for allegedly driving his Mercedes into a cyclist and then fleeing the scene, Colorado's Vail Daily reports. The victim, Dr. Steven Milo, whom Erzinger allegedly hit in July, suffered spinal cord injuries, bleeding from his brain and, according to his lawyer Harold Haddon, "lifetime pain."
But District Attorney Mark Hurlbert says it wouldn't be wise to prosecute Erzinger -- doing so might hurt his source of income.
Look how "WE" live now kids.
They say it's a two tier class but not according to this article.
This show just how highly rated bankers are.
Who gives a damn if he wasted a Doctor, his banking position is considered more important than that of the doctors ability to save a life.
White collar crime is NEVER prosecuted and neither are those that wear the white collar.
A Morgan Stanley wealth manager will not face felony charges for a hit-and-run because Colorado prosecutors don't want him to lose his job.
Martin Joel Erzinger, who manages more than $1 billion in assets for Morgan Stanley in Denver, is being accused only of a misdemeanor for allegedly driving his Mercedes into a cyclist and then fleeing the scene, Colorado's Vail Daily reports. The victim, Dr. Steven Milo, whom Erzinger allegedly hit in July, suffered spinal cord injuries, bleeding from his brain and, according to his lawyer Harold Haddon, "lifetime pain."
But District Attorney Mark Hurlbert says it wouldn't be wise to prosecute Erzinger -- doing so might hurt his source of income.
Monday, July 26, 2010
Goldman reveals where bailout cash went
http://www.usatoday.com/money/industries/banking/2010-07-24-goldman-bailout-cash_N.htm
By Karen Mracek and Thomas Beaumont, Des Moines Register
It's enough to make you sick.
Goldman Sachs sent $4.3 billion in federal tax money to 32 entities, including many overseas banks, hedge funds and pensions, according to information made public Friday night.
"We thought originally we were bailing out AIG. Then later on ... we learned that the money flowed through AIG to a few big banks, and now we know that the money went from these few big banks to dozens of financial institutions all around the world."
Grassley said he was reserving judgment on the appropriateness of U.S. taxpayer money ending up overseas until he learns more about the 32 entities.
Goldman Sachs (GS) received $5.55 billion from the government in fall of 2008 as payment for then-worthless securities it held in AIG. Goldman had already hedged its risk that the securities would go bad. It had entered into agreements to spread the risk with the 32 entities named in Friday's report.
Overall, Goldman Sachs received a $12.9 billion payout from the government's bailout of AIG, which was at one time the world's largest insurance company.
Goldman Sachs also revealed to the Senate Finance Committee that it would have received $2.3 billion if AIG had gone under. Other large financial institutions, such as Citibank, JPMorgan Chase and Morgan Stanley, sold Goldman Sachs protection in the case of AIG's collapse. Those institutions did not have to pay Goldman Sachs after the government stepped in with tax money.
Goldman had not disclosed the names of the counterparties it paid in late 2008 until Friday, despite repeated requests from Elizabeth Warren, chairwoman of the Congressional Oversight Panel.
"I think we didn't get the information because they consider it very embarrassing," Grassley said, "and they ought to consider it very embarrassing."
By Karen Mracek and Thomas Beaumont, Des Moines Register
It's enough to make you sick.
Goldman Sachs sent $4.3 billion in federal tax money to 32 entities, including many overseas banks, hedge funds and pensions, according to information made public Friday night.
"We thought originally we were bailing out AIG. Then later on ... we learned that the money flowed through AIG to a few big banks, and now we know that the money went from these few big banks to dozens of financial institutions all around the world."
Grassley said he was reserving judgment on the appropriateness of U.S. taxpayer money ending up overseas until he learns more about the 32 entities.
Goldman Sachs (GS) received $5.55 billion from the government in fall of 2008 as payment for then-worthless securities it held in AIG. Goldman had already hedged its risk that the securities would go bad. It had entered into agreements to spread the risk with the 32 entities named in Friday's report.
Overall, Goldman Sachs received a $12.9 billion payout from the government's bailout of AIG, which was at one time the world's largest insurance company.
Goldman Sachs also revealed to the Senate Finance Committee that it would have received $2.3 billion if AIG had gone under. Other large financial institutions, such as Citibank, JPMorgan Chase and Morgan Stanley, sold Goldman Sachs protection in the case of AIG's collapse. Those institutions did not have to pay Goldman Sachs after the government stepped in with tax money.
Goldman had not disclosed the names of the counterparties it paid in late 2008 until Friday, despite repeated requests from Elizabeth Warren, chairwoman of the Congressional Oversight Panel.
"I think we didn't get the information because they consider it very embarrassing," Grassley said, "and they ought to consider it very embarrassing."
Thursday, April 29, 2010
Morgan Stanley settles oil-trading flap
http://www.mcclatchydc.com/2010/04/29/93170/in-another-wall-street-misdeed.html
Does Wall Street do anything honestly?
But then again....To big to fail doesn't have to does it.
They just pay the offence away. It's a standard practice.
In another black eye for Wall Street, the Commodity Futures Trading Commission late Thursday announced a $14 million fine against Morgan Stanley Capital Group Inc. for allegedly hiding its complex oil trades.
The settlement, in which Morgan Stanley did not admit or deny the accusations, comes as oil prices have continued their steady upwards march and have some oil analysts again saying that excessive speculation is again pushing up energy prices. One recent estimate put the cost of that to consumers and businesses at $300 billion annually.
In an announcement after U.S. markets had closed, the CFTC said that a trader from Morgan Stanley conspired on Feb. 6, 2009, with a counterpart from Swiss financial firm UBS Securities to hide from authorities a prohibited trading activity.
The CFTC said Morgan Stanley was on the other end of a deal with a client of UBS. Morgan Stanley was looking to buy more than 33,000 March-dated contracts for future delivery of oil and sell the same quantities of April contracts for oil. The two parties agreed to a deal in which they’d settle on a price after trading had finished for the day_ something called a Trade at Settlement agreement.
The problem, said regulators, is that Morgan Stanley asked its unidentified business partner, the UBS client, to not disclose the special trade until after oil trading had settled that day. The law requires immediate notification to the New York Mercantile Exchange, where oil is traded
Read more: http://www.mcclatchydc.com/2010/04/29/93170/in-another-wall-street-misdeed.html#ixzz0mYeiV3n6
Does Wall Street do anything honestly?
But then again....To big to fail doesn't have to does it.
They just pay the offence away. It's a standard practice.
In another black eye for Wall Street, the Commodity Futures Trading Commission late Thursday announced a $14 million fine against Morgan Stanley Capital Group Inc. for allegedly hiding its complex oil trades.
The settlement, in which Morgan Stanley did not admit or deny the accusations, comes as oil prices have continued their steady upwards march and have some oil analysts again saying that excessive speculation is again pushing up energy prices. One recent estimate put the cost of that to consumers and businesses at $300 billion annually.
In an announcement after U.S. markets had closed, the CFTC said that a trader from Morgan Stanley conspired on Feb. 6, 2009, with a counterpart from Swiss financial firm UBS Securities to hide from authorities a prohibited trading activity.
The CFTC said Morgan Stanley was on the other end of a deal with a client of UBS. Morgan Stanley was looking to buy more than 33,000 March-dated contracts for future delivery of oil and sell the same quantities of April contracts for oil. The two parties agreed to a deal in which they’d settle on a price after trading had finished for the day_ something called a Trade at Settlement agreement.
The problem, said regulators, is that Morgan Stanley asked its unidentified business partner, the UBS client, to not disclose the special trade until after oil trading had settled that day. The law requires immediate notification to the New York Mercantile Exchange, where oil is traded
Read more: http://www.mcclatchydc.com/2010/04/29/93170/in-another-wall-street-misdeed.html#ixzz0mYeiV3n6
Friday, April 9, 2010
Major U.S. banks masked risk levels: report
http://finance.yahoo.com/news/Major-US-banks-masked-risk-rb-3309707061.html?x=0&sec=topStories&pos=7&asset=&ccode=
Oh look it wasn't just Leman, everyone was doing it.
It's called fraud and Timmy and Ben had no idea..........right?
Makes you wonder what else Tim and Ben had no idea about either, doesn't it.
Major U.S. banks temporarily lowered their debt levels just before reporting in the past five quarters, making it appear their balance sheets were less risky, the Wall Street Journal said, citing data from the Federal Reserve Bank of New York.
The paper said on Friday 18 banks, including Goldman Sachs Group (NYSE:GS - News), Morgan Stanley (NYSE:MS - News), J.P. Morgan Chase (NYSE:JPM - News) Bank of America (NYSE:BAC - News) and Citigroup (NYSE:C - News), understated the debt levels used to fund securities trades by lowering them an average of 42 percent at the end of each period.
The banks had increased their debt in the middle of successive quarters, it said.
Citi, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley were not immediately available for comment when contacted by Reuters outside regular U.S. business hours
Oh look it wasn't just Leman, everyone was doing it.
It's called fraud and Timmy and Ben had no idea..........right?
Makes you wonder what else Tim and Ben had no idea about either, doesn't it.
Major U.S. banks temporarily lowered their debt levels just before reporting in the past five quarters, making it appear their balance sheets were less risky, the Wall Street Journal said, citing data from the Federal Reserve Bank of New York.
The paper said on Friday 18 banks, including Goldman Sachs Group (NYSE:GS - News), Morgan Stanley (NYSE:MS - News), J.P. Morgan Chase (NYSE:JPM - News) Bank of America (NYSE:BAC - News) and Citigroup (NYSE:C - News), understated the debt levels used to fund securities trades by lowering them an average of 42 percent at the end of each period.
The banks had increased their debt in the middle of successive quarters, it said.
Citi, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley were not immediately available for comment when contacted by Reuters outside regular U.S. business hours
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