Synopsis of Case Study

Size: px
Start display at page:

Download "Synopsis of Case Study"

Transcription

1 Obliged: Goldman Sachs vs. The U.S. Securities and Exchange Commission

2 Synopsis of Case Study This case study highlights the public relations and external communications of financial services firm Goldman Sachs Group, Inc. prior to and amidst its 2010 lawsuit and eventual $550 million settlement with the U.S. Securities and Exchange Commission. Set against a backdrop of financial crisis, economic recession and increased government regulation of financial services firms, this case study underscores the importance of reputation management and the obligations of transparency in the face of public and legal scrutiny.

3 Case Study Summary Chronology Initial Setting / Backdrop A Financial Crisis for Financial Institutions (September 2008) Goldman Sachs announcement of record profits (June 2009) Announcement of Goldman s CSR Campaign 10,000 Small Business Initiative (November 2009) Financial Crisis Inquiry Commission Testimony by Goldman CEO and Chairman Lloyd Blankfein (January 2010) Case Study SEC Lawsuit Announced (April 16, 2010) Senate Permanent Subcommittee on Investigations Testimony (April 27, 2010) Goldman Sachs announces creation of Business Standards Committee (May 7, 2010) $550 million settlement with SEC, U.S. Senate passes Dodd-Frank financial reform bill (July 15, 2010)

4 A Financial Crisis for Financial Institutions 3/17/08 Fall of Bear Stearns, purchased by J.P. Morgan for $236 million /15/08 Lehman Brothers files for bankruptcy, Bank of America buys Merrill Lynch 10/3/08 $700bn Federal bailout passed 3/16/09 AIG bonus scandal /16/08 Government buys 80% of AIG 9/26/08 Washington Mutual largest bank failure in U.S. history 7/15/09 Goldman Sachs announces record bonuses and profit 12/11/08 Bernard Madoff arrested Figure by The Author Sources: The Wall Street Journal, The New York Times, Reuters, Bloomberg,

5 A Brief Timeline End of the 1990s to 2005 Significant rise in house prices in the U.S Burst of housing bubble, home prices start falling, increase in home foreclosures

6 Housing Boom

7 Housing Bust

8 A Brief Timeline, Cont September 8 Bailout of mortgage finance companies Fannie Mae and Freddie Mac September 15 Lehman Brothers files for bankruptcy October 3 President Bush signs the approximately $700 billion Troubled Asset Relief Program (TARP) in to law November 4 Barack Obama elected 44th U.S. President 2009 February 17 American Recovery and Reinvestment Act of 2009 ( Recovery Act, or, The Stimulus Package ) signed into law by President Obama May 20 Establishment of the Federal Crisis Inquiry Commission (FCIC) June Media reports that Goldman Sachs on pace to award record bonuses July 14 Goldman Sachs posts its richest quarterly profit in history, confirms earmarking of $11.4 billion in employee compensation November 17 Goldman Sachs initiates corporate social responsibility campaign, committing $500 million to its 10,000 Small Business Initiative (Sources: The New York Times, The Wall Street Journal, The Guardian, The Economist, Bloomberg, Reuters,

9 History of U.S. Bailouts $347.5 billion $1.7 trillion (Original Image Source: www. propublica.org; Aggregate financial information from

10 Goldman 2008 Compensation

11 A Brief Timeline, Cont September 22 Goldman Sachs approved to become bank holding company, changing its primary regulator from the SEC to the Federal Reserve Board January 13 Goldman Sachs CEO Lloyd Blankfein testifies before the FCIC at its first hearing April 16 SEC files complaint against Goldman Sachs April 27 Goldman Sachs employees appear before US Senate Permanent Subcommittee on Investigations (PSI) hearing in Washington May 7 Goldman announces creation of Business Standards Committee to review business practices July 15, 2010 Goldman Sachs agrees to pay $550 Million to settle SEC charges related to ABACUS 2007-AC1 amounting to the largest fine levied on a Wall Street firm July 21, 2010 President signs financial reform bill Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank Act ) which creates new financial regulatory organizations and includes the Volcker Rule, a proposal to reform proprietary trading at brokerage firms (Sources: The New York Times, The Wall Street Journal, The Guardian, The Economist, Bloomberg, Reuters,

12 A One Sentence News Release The SEC s charges are completely unfounded in law and fact and we will vigorously contest them and defend the firm and its reputation. - Goldman Sachs news release dated April 16, 2010.

13 The U.S. Securities and Exchange Commission Primary regulator of securities firms in the U.S. The mission of the SEC is: to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation Source: The investor s advocate, 2010.

14 Cartoon by Sean Delonas, New York Post, April 20, 2010.

15 Goldman Sachs Group, Inc. U.S. Government Publics SEC The Federal Reserve U.S. Congress U.S. Treasury Department Federal Crisis Inquiry Commission Protections Feedback Stakeholder Publics Tax-paying citizens Clients Shareholders / Investors The Economy Regulation (Securities Acts, SEC Enforcements) Legislation (Dodd-Frank Act, TARP) Figure by The Author

16 GS Revenue Mix

17 GS Stock Performance -Crisis

18 GS Stock Performance -Trial

19 Acknowledgements The Author wishes to thank Dr. Pierre Yared, Columbia University Business School Assistant Professor of Finance and economics for his guidance on this project obtained in a personal telephone interview with The Author on November 15, 2010.

Lecture 16: Financial Crisis

Lecture 16: Financial Crisis Lecture 16: Financial Crisis What is a Financial Crisis? A financial crisis occurs when there is a particularly large disruption to information flows in financial markets, with the result that financial

More information

Deficits as far as the eye can see

Deficits as far as the eye can see Testimony of Mark A. Calabria, Ph.D. Director, Financial Regulation Studies, Cato Institute Submitted to the Subcommittee on Insurance, Housing, & Community Opportunity House Committee on Financial Services

More information

The Causes of the Financial Crisis and its Consequences

The Causes of the Financial Crisis and its Consequences The Causes of the Financial Crisis and its Consequences Peter J. Wallison June 18, 2010 Presentation to the IPAA, Colorado Springs What Happened Timeline of the Financial Crisis Timeline of Financial

More information

The financial crisis and its issues

The financial crisis and its issues The financial crisis and its issues James B. Bexley Sam Houston State University Joe F. James Sam Houston State University James Haberman Sam Houston State University ABSTRACT The financial crisis has

More information

The Value of the Too Big to Fail Big Bank Subsidy

The Value of the Too Big to Fail Big Bank Subsidy Issue Brief September 2009 Center for Economic and Policy Research 1611 Connecticut Ave, NW Suite 400 Washington, DC 20009 tel: 202-293-5380 fax: 202-588-1356 www.cepr.net The Value of the Too Big to Fail

More information

BKA HERBSTTAGUNG. November 12, 2008

BKA HERBSTTAGUNG. November 12, 2008 Federal Bureau of Investigation Criminal Investigative Division Deputy Assistant Director Michael C. Mines BKA HERBSTTAGUNG November 12, 2008 Mortgage Fraud Tool? Lender was stuck with a $250,000 loan.

More information

Testimony of. Kenneth D. Lewis. Chairman and Chief Executive Officer. Bank of America. Before the. Committee on Financial Services

Testimony of. Kenneth D. Lewis. Chairman and Chief Executive Officer. Bank of America. Before the. Committee on Financial Services Testimony of Kenneth D. Lewis Chairman and Chief Executive Officer Bank of America Before the Committee on Financial Services U.S. House of Representatives Washington, DC February 11, 2009 Chairman Frank,

More information

Bonds Gone Wild. The following is a timeline of events that have specifically affected the sale of municipal securities:

Bonds Gone Wild. The following is a timeline of events that have specifically affected the sale of municipal securities: By Joy A Howard WM Financial Strategies (Update 1) January 27, 2009 Bonds Gone Wild Background The financial turmoil that began with subprime mortgage defaults is also affecting municipal borrowing. Recent

More information

Egan-Jones Ratings Company

Egan-Jones Ratings Company Egan-Jones Ratings Company Tel. 1-888-837-4878 Research@Egan-Jones.com Providing timely, accurate credit ratings to Institutional Investors Testimony of Sean J. Egan, Managing Director, Egan-Jones Ratings

More information

Executive Compensation, Ethics, and Investor Confidence

Executive Compensation, Ethics, and Investor Confidence Executive Compensation, Ethics, and Investor Confidence Nathan Lindsey 1 Maury Noonan 2 Following the 2008 financial collapse, American policy makers and the public scrutinized executive compensation.

More information

Historical Context. Prior to Great Depression mortgages were short term 5 years. o Households rolled them over

Historical Context. Prior to Great Depression mortgages were short term 5 years. o Households rolled them over Historical Context Prior to Great Depression mortgages were short term 5 years o Households rolled them over o Worked well if financial markets were calm, Leads to rollover crisis and mass evictions if

More information

Proposal to Allow Treasury to Buy Mortgage- Related Assets to Address Financial Instability

Proposal to Allow Treasury to Buy Mortgage- Related Assets to Address Financial Instability Order Code RS22957 September 22, 2008 Proposal to Allow Treasury to Buy Mortgage- Related Assets to Address Financial Instability Summary Edward V. Murphy Analyst in Financial Economics Government and

More information

Statement of Edward L. Golding Senior Vice President Economics and Policy Freddie Mac

Statement of Edward L. Golding Senior Vice President Economics and Policy Freddie Mac Statement of Edward L. Golding Senior Vice President Economics and Policy Freddie Mac Hearing of the Philadelphia, PA Chair Warren and members of the, thank you for inviting me to speak today. I am Edward

More information

Howard S. Altarescu. Profile. Practices. Education. Honors. Partner New York (212) 506-5315

Howard S. Altarescu. Profile. Practices. Education. Honors. Partner New York (212) 506-5315 Partner New York (212) 506-5315 Profile Howard Altarescu serves as Co-Head of Orrick s global Finance Business Unit, which includes its Banking and Finance, Public Finance, Real Estate, Restructuring and

More information

S.E.C. Accuses Goldman of Fraud in Housing Deal By LOUISE STORY and GRETCHEN MORGENSON

S.E.C. Accuses Goldman of Fraud in Housing Deal By LOUISE STORY and GRETCHEN MORGENSON Page 1 of 5 Reprints This copy is for your personal, noncommercial use only. You can order presentation-ready copies for distribution to your colleagues, clients or customers here or use the "Reprints"

More information

CAPITAL SHORTFALL: A NEW APPROACH TO RANKING and REGULATING SYSTEMIC RISKS Viral Acharya, Robert Engle and Matthew Richardson 1

CAPITAL SHORTFALL: A NEW APPROACH TO RANKING and REGULATING SYSTEMIC RISKS Viral Acharya, Robert Engle and Matthew Richardson 1 CAPITAL SHORTFALL: A NEW APPROACH TO RANKING and REGULATING SYSTEMIC RISKS Viral Acharya, Robert Engle and Matthew Richardson 1 We discuss a method to estimate the capital that a financial firm would need

More information

SUBJECT: HOME AFFORDABLE MODIFICATION PROGRAM YEAR SIX PAY FOR PERFORMANCE INCENTIVE

SUBJECT: HOME AFFORDABLE MODIFICATION PROGRAM YEAR SIX PAY FOR PERFORMANCE INCENTIVE TO: Freddie Mac Servicers January 29, 2015 2015-1 SUBJECT: HOME AFFORDABLE MODIFICATION PROGRAM YEAR SIX PAY FOR PERFORMANCE INCENTIVE This Single-Family Seller/Servicer Guide ( Guide ) Bulletin announces

More information

FREQUENTLY ASKED QUESTIONS ON TREASURY S PROGRAM TO SELL MBS

FREQUENTLY ASKED QUESTIONS ON TREASURY S PROGRAM TO SELL MBS FREQUENTLY ASKED QUESTIONS ON TREASURY S PROGRAM TO SELL MBS The following frequently asked questions provide further information regarding Treasury s program to wind down its $142 billion portfolio of

More information

TESTIMONY OF STEVEN L. ANTONAKES COMMISSIONER OF BANKS COMMONWEALTH OF MASSACHUSETTS SEEKING SOLUTIONS:

TESTIMONY OF STEVEN L. ANTONAKES COMMISSIONER OF BANKS COMMONWEALTH OF MASSACHUSETTS SEEKING SOLUTIONS: TESTIMONY OF STEVEN L. ANTONAKES COMMISSIONER OF BANKS COMMONWEALTH OF MASSACHUSETTS On SEEKING SOLUTIONS: FINDING CREDIT FOR SMALL AND MID-SIZE BUSINESSES IN MASSACHUSETTS Before the COMMITTEE ON FINANCIAL

More information

The New FDIC Insurance Premium Assessments: A Better Way Scott Hein and Timothy Koch April 6, 2009

The New FDIC Insurance Premium Assessments: A Better Way Scott Hein and Timothy Koch April 6, 2009 The New FDIC Insurance Premium Assessments: A Better Way Scott Hein and Timothy Koch April 6, 2009 Effective January 1, 2009 the FDIC increased the annual insurance assessment rate by 7 basis points applied

More information

Testimony of Mr. C. R. Cloutier President and CEO, MidSouth Bank, NA. On behalf of the Independent Community Bankers of America.

Testimony of Mr. C. R. Cloutier President and CEO, MidSouth Bank, NA. On behalf of the Independent Community Bankers of America. Testimony of Mr. C. R. Cloutier President and CEO, MidSouth Bank, NA On behalf of the Independent Community Bankers of America Before the Congress of the United States House of Representatives Subcommittee

More information

Statement of. David Hehman President and CEO Federal Home Loan Bank of Cincinnati. Before the. House Financial Services Committee

Statement of. David Hehman President and CEO Federal Home Loan Bank of Cincinnati. Before the. House Financial Services Committee Statement of David Hehman President and CEO Federal Home Loan Bank of Cincinnati Before the House Financial Services Committee September 25, 2003 Mr. Chairman, Ranking Member Frank, and Members of the

More information

DSCC INTRODUCES WALL STREET DERIVATIVES TRADER PAT TOOMEY TO PENNSYLVANIA IN FIRST TV AD: DEALER

DSCC INTRODUCES WALL STREET DERIVATIVES TRADER PAT TOOMEY TO PENNSYLVANIA IN FIRST TV AD: DEALER For Immediate Release August 13, 2010 Contact: Deirdre Murphy DSCC INTRODUCES WALL STREET DERIVATIVES TRADER PAT TOOMEY TO PENNSYLVANIA IN FIRST TV AD: DEALER Millionaire Pat Toomey Has Fought For Wall

More information

Paul Bennett. Senior Vice President and Chief Economist. New York Stock Exchange. Testimony before the

Paul Bennett. Senior Vice President and Chief Economist. New York Stock Exchange. Testimony before the Paul Bennett Senior Vice President and Chief Economist New York Stock Exchange Testimony before the U.S. Senate Banking Committee, Subcommittee on International Trade and Finance Hearing on Growth and

More information

1. The financial crisis of 2007/2008 and its impact on the UK and other economies

1. The financial crisis of 2007/2008 and its impact on the UK and other economies 1. The financial crisis of 2007/2008 and its impact on the UK and other economies Do you still feel vague about the causes and the effects of the financial crisis of 2007/8? Are you preparing for a job

More information

auditor independence and audit firm rotation. As the history section of the situations and, for most of the subsequent debates over the last 30 years,

auditor independence and audit firm rotation. As the history section of the situations and, for most of the subsequent debates over the last 30 years, Auditor Independence and Audit Firm Rotation Charles A. Bowsher Former Comptroller General of the United States March 21, 2012 I am very pleased to be with you today, and to discuss this very important

More information

OFFICE MARKET ANALYSIS SUBURBAN CHICAGO. According to Costar Property, the Suburban Chicago office market is distributed as follows:

OFFICE MARKET ANALYSIS SUBURBAN CHICAGO. According to Costar Property, the Suburban Chicago office market is distributed as follows: OFFICE MARKET ANALYSIS SUBURBAN CHICAGO Market Composition & Distribution According to Costar Property, the Suburban Chicago office market is distributed as follows: Office Submarket Cluster Distribution

More information

John Maynard Keynes. ''The difficulty lies not so much in developing new ideas as in escaping from old ones'' Dr David Rees

John Maynard Keynes. ''The difficulty lies not so much in developing new ideas as in escaping from old ones'' Dr David Rees John Maynard Keynes ''The difficulty lies not so much in developing new ideas as in escaping from old ones'' Dr David Rees 1883-1946 British Founder of Keynesian Macroeconomics (Western economic paradigm

More information

Lecture 4: The Aftermath of the Crisis

Lecture 4: The Aftermath of the Crisis Lecture 4: The Aftermath of the Crisis 2 The Fed s Efforts to Restore Financial Stability A financial panic in fall 2008 threatened the stability of the global financial system. In its lender-of-last-resort

More information

The Dodd-Frank Act and the new Consumer Financial Protection Bureau

The Dodd-Frank Act and the new Consumer Financial Protection Bureau The Dodd-Frank Act and the new Consumer Financial Protection Bureau What s all the fuss about? Electronic Check Council Forum May 18, 2011 Andrew J. Lorentz, Partner Washington, D.C. Office Agenda The

More information

The State of the Corporate Banking Industry 2008 2009 Banking Industry Crisis Andrew Cardimen, Senior Vice President Middle Market Corporate Banking Harris Bank, N.A. 1 The 2008 2009 Credit Crisis 2 ~8,300

More information

Testimony of Christopher M. Ryon Principal and Senior Municipal Bond Portfolio Manager The Vanguard Group

Testimony of Christopher M. Ryon Principal and Senior Municipal Bond Portfolio Manager The Vanguard Group I. Introduction Testimony of Christopher M. Ryon Principal and Senior Municipal Bond Portfolio Manager The Vanguard Group Before the United States Senate Committee on Banking, Housing, and Urban Affairs

More information

Goldman Sachs Presentation to Credit Suisse Financial Services Conference

Goldman Sachs Presentation to Credit Suisse Financial Services Conference Goldman Sachs Presentation to Credit Suisse Financial Services Conference Lloyd C. Blankfein Chairman and Chief Executive Officer February 0, 205 Cautionary Note on Forward-Looking Statements Today s presentation

More information

GAO FEDERAL RESERVE SYSTEM. Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance

GAO FEDERAL RESERVE SYSTEM. Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance GAO United States Government Accountability Office Report to Congressional Addressees July 2011 FEDERAL RESERVE SYSTEM Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance

More information

Wall Street s Campaign Contributions and Lobbyist Expenditures

Wall Street s Campaign Contributions and Lobbyist Expenditures SOLD OUT 99 Wall Street s Campaign Contributions and Lobbyist Expenditures The financial sector invested more than $5 billion in political influence purchasing in the United States over the last decade.

More information

What s next for US banks

What s next for US banks JUNE 2009 f i n a n c i a l s e r v i c e s p r a c t i c e What s next for US banks Two different kinds of accounting fair value and hold to maturity have created two different kinds of crises. One is

More information

James W. Brody Managing Member American Mortgage Law Group, P.C.

James W. Brody Managing Member American Mortgage Law Group, P.C. James W. Brody Managing Member American Mortgage Law Group, P.C. As a Managing Member, Mr. Brody actively manages complex mortgage banking mitigation and litigation matters for the American Mortgage Law

More information

J.P. Morgan FinTech and Specialty Finance Forum December 2015

J.P. Morgan FinTech and Specialty Finance Forum December 2015 J.P. Morgan FinTech and Specialty Finance Forum December 2015 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange

More information

Wells Fargo s perspective:

Wells Fargo s perspective: Third Quarter Update 2015 Wells Fargo s perspective: Topics in the news We want all our stakeholders customers, communities, investors, and our team members to have the facts on where Wells Fargo stands

More information

Goldman Sachs Presentation to Credit Suisse Financial Services Conference

Goldman Sachs Presentation to Credit Suisse Financial Services Conference Goldman Sachs Presentation to Credit Suisse Financial Services Conference Lloyd C. Blankfein Chairman and Chief Executive Officer February 9, 206 Cautionary Note on Forward-Looking Statements Today s presentation

More information

The Securities Industry in New York City

The Securities Industry in New York City The Securities Industry in New York City Thomas P. DiNapoli New York State Comptroller Kenneth B. Bleiwas Deputy Comptroller Report 5-216 October 215 Highlights Broker/dealer profits of the member firms

More information

The U.S. Postal Regulatory Commission. The Postal Regulatory Environment in the U.S.

The U.S. Postal Regulatory Commission. The Postal Regulatory Environment in the U.S. The U.S. Postal Regulatory Commission The Postal Regulatory Environment in the U.S. ANACOM Conference 2011 Liberalization of the Postal Service Year One Lisboa, October 6, 2011 Ruth Goldway Chairman Outline

More information

THE WHITE HOUSE. Office of the Press Secretary. For Immediate Release March 10, 2015. March 10, 2015

THE WHITE HOUSE. Office of the Press Secretary. For Immediate Release March 10, 2015. March 10, 2015 THE WHITE HOUSE Office of the Press Secretary For Immediate Release March 10, 2015 March 10, 2015 MEMORANDUM FOR THE SECRETARY OF THE TREASURY THE SECRETARY OF EDUCATION THE COMMISSIONER OF SOCIAL SECURITY

More information

EFFECT OF THE SARBANES-OXLEY ACT OF 2002

EFFECT OF THE SARBANES-OXLEY ACT OF 2002 EFFECT OF THE SARBANES-OXLEY ACT OF 2002 August 15, 2002 President Bush signed the Sarbanes-Oxley Act of 2002 (the Act ) into law on July 30, 2002, after numerous business and accounting scandals had rocked

More information

U.S. Accounting for the Fiscal Response to the Financial Crisis

U.S. Accounting for the Fiscal Response to the Financial Crisis U.S. Accounting for the Fiscal Response to the Financial Crisis 2 Principal Entities Involved in Fiscal Response Department of the Treasury FASAB standards (The Federal Accounting Standards Advisory Board)

More information

GAO FEDERAL RESERVE SYSTEM. Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance

GAO FEDERAL RESERVE SYSTEM. Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance GAO United States Government Accountability Office Report to Congressional Addressees July 2011 FEDERAL RESERVE SYSTEM Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance

More information

Why a Credible Budget Strategy Will Reduce Unemployment and Increase Economic Growth. John B. Taylor *

Why a Credible Budget Strategy Will Reduce Unemployment and Increase Economic Growth. John B. Taylor * Why a Credible Budget Strategy Will Reduce Unemployment and Increase Economic Growth John B. Taylor * Testimony Before the Joint Economic Committee of the Congress of the United States June 1, 011 Chairman

More information

Economic Experts vs. Average Americans. Online Appendix

Economic Experts vs. Average Americans. Online Appendix Paola Sapienza and Luigi Zingales 1 Economic Experts vs. Average Americans Online Appendix TABLE 1: EXACT WORDING OF THE QUESTIONS FROM TABLE I IN THE PAPER Short summary FTI EEP School Vouchers to public

More information

Re: Advance Notice of Proposed Rulemaking Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies

Re: Advance Notice of Proposed Rulemaking Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies JAMES D. MACPHEE Chairman SALVATORE MARRANCA Chairman-Elect JEFFREY L. GERHART Vice Chairman JACK A. HARTINGS Treasurer WAYNE A. COTTLE Secretary R. MICHAEL MENZIES SR. Immediate Past Chairman November

More information

The Securities Industry in New York City

The Securities Industry in New York City The Securities Industry in New York City Highlights Securities industry profits declined by 11 percent to $14.3 billion in 215, the third consecutive year of decline. The industry earned $9.3 billion in

More information

Business Ethics 1. Goldman Sachs Bonuses: Justified or Not? Brian Leonard

Business Ethics 1. Goldman Sachs Bonuses: Justified or Not? Brian Leonard Business Ethics 1 Goldman Sachs Bonuses: Justified or Not? by Brian Leonard 2 Ethical Issues Goldman Sachs, one of the most successful investment banks in the world, has traditionally relied on large bonuses

More information

extend certain foreclosure protections afforded under the Servicemember Civil Relief Act to servicemembers serving in harm s way.

extend certain foreclosure protections afforded under the Servicemember Civil Relief Act to servicemembers serving in harm s way. FACT SHEET: President Obama Announces New Steps to Provide Housing Relief to Veterans and Servicemembers and Help More Responsible Homeowners Refinance In his State of the Union address, President Obama

More information

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84

GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 NEW YORK, October 18, 2011 - The Goldman Sachs Group, Inc. (NYSE:

More information

Tenure by Household Size - 2009

Tenure by Household Size - 2009 NEIGHBORHOOD APARTMENT MARKET ANALYSIS CITY OF CHICAGO Market Composition & Distribution The neighborhood apartment market consists of a range of properties developed from the early 1900s to more modern,

More information

Statement Regarding Maturity Extension Program and Agency Security Reinvestments

Statement Regarding Maturity Extension Program and Agency Security Reinvestments Case study for October 31, 2011 The following is a summary of new Federal Reserve monetary policy tools used during the most recent recession and financial crisis. The first article summarizes a new tool

More information

SECURITIES LITIGATION & REGULATION

SECURITIES LITIGATION & REGULATION Westlaw Journal Formerly Andrews Litigation Reporter SECURITIES LITIGATION & REGULATION Litigation News and Analysis Legislation Regulation Expert Commentary VOLUME 16, ISSUE 7 / AUGUST 10, 2010 Expert

More information

Many Banks and Thrifts Overly Reliant on Hot Money Deposits:

Many Banks and Thrifts Overly Reliant on Hot Money Deposits: Many Banks and Thrifts Overly Reliant on Hot Money Deposits: Why an FDIC Coverage Increase to $250,000 May Not Stop Bank Runs and Could Cause Other Collateral Damage Submitted by Martin D. Weiss, Ph.D.

More information

Top Corporate Tax Dodgers

Top Corporate Tax Dodgers Top Corporate Tax Dodgers Meet a few of the job destroyers and tax evaders that want to cut Social Security, Medicare, and Medicaid while lowering the tax rate for the top 2% U.S. Senator Bernard Sanders

More information

PEW RESEARCH CENTER NEWS INTEREST INDEX SEPTEMBER 29-OCTOBER 2, 2011 OMNIBUS FINAL TOPLINE N=1,000

PEW RESEARCH CENTER NEWS INTEREST INDEX SEPTEMBER 29-OCTOBER 2, 2011 OMNIBUS FINAL TOPLINE N=1,000 1 PEW RESEARCH CENTER NEWS INTEREST INDEX SEPTEMBER 29-OCTOBER 2, 2011 OMNIBUS FINAL TOPLINE N=1,000 ASK ALL: PEW.1 As I read a list of some stories covered by news organizations this past week, please

More information

Welcoming Remarks. Financial Interdependence in the World s Post-Crisis Capital Markets. Charles I. Plosser

Welcoming Remarks. Financial Interdependence in the World s Post-Crisis Capital Markets. Charles I. Plosser Welcoming Remarks Financial Interdependence in the World s Post-Crisis Capital Markets Presented by GIC in partnership with the Philadelphia Council for Business Economics, the CFA Society of Philadelphia,

More information

Viral V Acharya NYU Stern School of Business February 2012

Viral V Acharya NYU Stern School of Business February 2012 Viral V Acharya NYU Stern School of Business February 2012 Released November 2010 September 15, 2008 Lehman declared bankruptcy and the most severe events of the financial crisis began. The U.S. had arranged

More information

Annual Highlights. Book value per common share increased by 5% during the year to $171.03.

Annual Highlights. Book value per common share increased by 5% during the year to $171.03. The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $12.14 FOR 2015; RMBS WORKING GROUP SETTLEMENT (1) REDUCED EARNINGS PER COMMON

More information

STATEMENT BY SEN. BERNARD SANDERS AT CFTC OIL SPECULATION HEARING

STATEMENT BY SEN. BERNARD SANDERS AT CFTC OIL SPECULATION HEARING STATEMENT BY SEN. BERNARD SANDERS AT CFTC OIL SPECULATION HEARING Chairman Gensler, let me begin by commending you for holding these important hearings, and for giving me this opportunity to testify today.

More information

Capital Alternatives for Financial Institutions: Treasury s TARP Capital Purchase Program

Capital Alternatives for Financial Institutions: Treasury s TARP Capital Purchase Program News Bulletin March 2009 Capital Alternatives for Financial Institutions: Treasury s TARP Capital Purchase Program On October 3 rd, President Bush signed into law the Emergency Economic Stabilization Act

More information

Progress and Peril III: Taking Action: A Status Report on the Compact for Home Opportunity

Progress and Peril III: Taking Action: A Status Report on the Compact for Home Opportunity Progress and Peril III: Taking Action: A Status Report on the Compact for Home Opportunity Executive Summary This status report describes progress toward implementation of the Compact for Home Opportunity,

More information

The Role of Tax Reform in Comprehensive Deficit Reduction and Fiscal Policy. Martin Feldstein

The Role of Tax Reform in Comprehensive Deficit Reduction and Fiscal Policy. Martin Feldstein For Release on Delivery September 13, 2011 at 2 p.m. The Role of Tax Reform in Comprehensive Deficit Reduction and Fiscal Policy Martin Feldstein Thank you, Mr. Chairman. I am very pleased to have this

More information

THE NEW SEC WHISTLEBLOWER PROPOSAL: MAKE IT FAIR, MAKE IT PAY, AND THEY WILL COME. Daniel J. Hurson*

THE NEW SEC WHISTLEBLOWER PROPOSAL: MAKE IT FAIR, MAKE IT PAY, AND THEY WILL COME. Daniel J. Hurson* THE NEW SEC WHISTLEBLOWER PROPOSAL: MAKE IT FAIR, MAKE IT PAY, AND THEY WILL COME Daniel J. Hurson* Buried deep within President Obama s historic new proposals to oversee and regulate the financial markets

More information

Challenges in Corporate Governance: The Role of Directors in a Corporate Crisis. Full Bios of Moderator and Panelists

Challenges in Corporate Governance: The Role of Directors in a Corporate Crisis. Full Bios of Moderator and Panelists Challenges in Corporate Governance: The Role of Directors in a Corporate Crisis Full Bios of Moderator and Panelists The Honorable Cynthia A. Glassman, Senior Research Scholar at ICR Cynthia A. Glassman

More information

Email Archiving for the Financial Industry

Email Archiving for the Financial Industry jatheon technologies whitepaper hot ISSUE Email Archiving for the Financial Industry 2... I ntroduction 2... Challenges Faced b y the Financial Sector 2... Why Financial Firms Need to Comply 3... Compliance

More information

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $2.68

GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $2.68 The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $2.68 NEW YORK, April 19, 2016 - The Goldman Sachs Group, Inc. (NYSE:

More information

NMHC/NAA Multifamily Analysis: Bipartisan Johnson-Crapo Legislation

NMHC/NAA Multifamily Analysis: Bipartisan Johnson-Crapo Legislation NMHC/NAA Multifamily Analysis: Bipartisan Johnson-Crapo Legislation Background Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R- Idaho, released draft legislation

More information

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $1.98; LITIGATION PROVISIONS REDUCED EARNINGS PER COMMON SHARE BY $2.

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $1.98; LITIGATION PROVISIONS REDUCED EARNINGS PER COMMON SHARE BY $2. The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $1.98; LITIGATION PROVISIONS REDUCED EARNINGS PER COMMON SHARE BY

More information

How The $25 Billion Foreclosure Settlement Will Really Affect The Housing Market

How The $25 Billion Foreclosure Settlement Will Really Affect The Housing Market How The $25 Billion Foreclosure Settlement Will Really Affect The Housing Market Well, struggling homeowners, that long-anticipated mortgage relief plan President Obama has been alluding to has finally

More information

Consumer Protection and Regulatory Changes in the Dodd-Frank Bill

Consumer Protection and Regulatory Changes in the Dodd-Frank Bill 31 August 2010 Part II of A NERA Insights Series Consumer Protection and Regulatory Changes in the Dodd-Frank Bill By Dr. Ethan Cohen-Cole Summary On 21 July 2010, President Obama signed into law the Dodd-Frank

More information

TESTIMONY OF NEW YORK STATE ATTORNEY GENERAL ELIOT SPITZER

TESTIMONY OF NEW YORK STATE ATTORNEY GENERAL ELIOT SPITZER STATE OF NEW YORK OFFICE OF THE ATTORNEY GENERAL 120 BROADWAY NEW YORK, NY 10271 ELIOT SPITZER Attorney General (212) 416-8050 UNITED STATES SENATE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS HEARING

More information

C. How do corporations go public and continue to grow? What are agency problems? What is corporate governance?

C. How do corporations go public and continue to grow? What are agency problems? What is corporate governance? Mini Case (p.45) Assume that you recently graduated and have just reported to work as an investment advisor at the brokerage firm of Balik and Kiefer Inc. One of the firm's clients is Michelle Della Torre,

More information

Statistical Report Lehman Brothers

Statistical Report Lehman Brothers Statistical Report Lehman Brothers Financial Risk MVE220 Chalmers University of Technology Group nr 8 Linn Hantoft 910406-3749 Henrik Nel Jerkrot 920627-0499 2012-12-03 The report has been written and

More information

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $3.72. Highlights

GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $3.72. Highlights The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $3.72 NEW YORK, July 19, 2016 - The Goldman Sachs Group, Inc. (NYSE:

More information

Chairman Harkin, Ranking Member Alexander, and members of the Committee, thank you for inviting me to testify today.

Chairman Harkin, Ranking Member Alexander, and members of the Committee, thank you for inviting me to testify today. Testimony of Illinois Attorney General Lisa Madigan for a Hearing on The Role of States in Higher Education before the Committee on Health, Education, Labor, and Pensions United States Senate Thursday,

More information

STATEMENT OF THE NATIONAL ASSOCIATION OF HOME BUILDERS. Hearing Entitled: Appraisal Oversight: The Regulatory Impact on Consumers and Businesses

STATEMENT OF THE NATIONAL ASSOCIATION OF HOME BUILDERS. Hearing Entitled: Appraisal Oversight: The Regulatory Impact on Consumers and Businesses STATEMENT OF THE NATIONAL ASSOCIATION OF HOME BUILDERS Hearing Entitled: Appraisal Oversight: The Regulatory Impact on Consumers and Businesses Subcommittee on Insurance, Housing and Community Opportunity

More information

The Dodd-Frank Wall Street Reform and Consumer Protection Act: Insurance Provisions

The Dodd-Frank Wall Street Reform and Consumer Protection Act: Insurance Provisions The Dodd-Frank Wall Street Reform and Consumer Protection Act: Insurance Provisions Baird Webel Specialist in Financial Economics August 17, 2010 Congressional Research Service CRS Report for Congress

More information

Let me provide you a bit more detail of what we accomplished in 2009.

Let me provide you a bit more detail of what we accomplished in 2009. New York State Housing Finance Agency State of New York Mortgage Agency New York State Affordable Housing Corporation 641 Lexington Avenue, New York, NY 10022 (212) 688-4000 www.nyhomes.org Testimony by

More information

Budget Reveals Possible Future Tax Scenarios

Budget Reveals Possible Future Tax Scenarios Budget Reveals Possible Future Tax Scenarios As you might have expected, President Barack Obama s tax policy objectives have changed. During last year s presidential campaign we heard some promises, but

More information

Strict New Executive Compensation Standards Under TARP

Strict New Executive Compensation Standards Under TARP Strict New Executive Compensation Standards Under TARP Treasury Announces Strict New Executive Compensation Guidelines Under TARP. Changes Follow Clarification of Existing Standards and Additional Reporting

More information

TESTIMONY OLIVER IRELAND

TESTIMONY OLIVER IRELAND TESTIMONY OF OLIVER IRELAND BEFORE THE SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT OF THE UNITED STATES HOUSE OF REPRESENTATIVES COMMITTEE ON FINANCIAL SERVICES EXAMINING LEGISLATIVE PROPOSALS

More information

Measuring the Costs and Benefits of New Rules

Measuring the Costs and Benefits of New Rules Measuring the Costs and Benefits of New Rules Chairman McHenry, Ranking Member Quigley, and members of the Committee, I want to thank you for the opportunity to testify today. My name is J.W. Verret. I

More information

STATEMENT FOR THE RECORD

STATEMENT FOR THE RECORD STATEMENT FOR THE RECORD On The U.S. House Committee on Financial Services, Subcommittee on Capital Markets and Government Sponsored Enterprises Securities Investor Protection Corporation: Past, Present,

More information

H.R. 7327 The Worker, Retiree, and Employer Recovery Act of 2008

H.R. 7327 The Worker, Retiree, and Employer Recovery Act of 2008 ~ United States Senate ~ For Immediate Release Contact: Dan Virkstis (Baucus) December 11, 2008 Jill Gerber (Grassley) (202) 224-4515 Anthony Coley (Kennedy) (202) 202-224-2633 Craig Orfield (Enzi) (202)

More information

Testimony Prepared for the Hearing: Executive Compensation Oversight after the Dodd-Frank Wall Street Reform and Consumer Protection Act

Testimony Prepared for the Hearing: Executive Compensation Oversight after the Dodd-Frank Wall Street Reform and Consumer Protection Act Testimony Prepared for the Hearing: Executive Compensation Oversight after the Dodd-Frank Wall Street Reform and Consumer Protection Act United States House of Representatives Committee on Financial Services

More information

TESTIMONY OF MARK P. WETJEN ACTING CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION BEFORE THE U.S. HOUSE COMMITTEE ON FINANCIAL SERVICES WASHINGTON, DC

TESTIMONY OF MARK P. WETJEN ACTING CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION BEFORE THE U.S. HOUSE COMMITTEE ON FINANCIAL SERVICES WASHINGTON, DC TESTIMONY OF MARK P. WETJEN ACTING CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION BEFORE THE U.S. HOUSE COMMITTEE ON FINANCIAL SERVICES WASHINGTON, DC February 5, 2014 Good morning Chairman Hensarling,

More information

INTERACTIVE BROKERS LLC A Member of the Interactive Brokers Group

INTERACTIVE BROKERS LLC A Member of the Interactive Brokers Group David M. Battan Executive Vice President and General Counsel INTERACTIVE BROKERS LLC A Member of the Interactive Brokers Group 1725 EYE STREET, N.W. SUITE 300 WASHINGTON, DC 20006 TEL (202) 530-3205 July

More information

Archive footage: - Great Depression, unemployed people on bread lines & in soup kitchens - President Roosevelt (FDR) at desk, signing legislation

Archive footage: - Great Depression, unemployed people on bread lines & in soup kitchens - President Roosevelt (FDR) at desk, signing legislation Archive footage: - Great Depression, unemployed people on bread lines & in soup kitchens - President Roosevelt (FDR) at desk, signing legislation NARRATOR (V.O.): In 1933, during the Great Depression,

More information

Synthetic Financing by Prime Brokers

Synthetic Financing by Prime Brokers yale program on financial stability case study 2014-1e-v1 november 1, 2014 Basel III E: 1 Synthetic Financing by Prime Brokers Christian M. McNamara 2 Andrew Metrick 3 Abstract Hedge funds rely on prime

More information

A Pro-Investor Blueprint for Mutual Fund Reform

A Pro-Investor Blueprint for Mutual Fund Reform A Pro-Investor Blueprint for Mutual Fund Reform Prepared by Mercer Bullard, Founder and President of Fund Democracy and Barbara Roper, Director of Investor Protection for the Consumer Federation of America

More information

Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv.

Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv. The National Mortgage Settlement Carson City Office: Office of the Attorney General 100 North Carson Street, Carson City, NV 89701 Phone: 775-684-1100 Website: Ag.nv.gov Multistate Settlement Investigation

More information

TESTIMONY OF BERT A. OTTO DEPUTY COMPTROLLER, CENTRAL DISTRICT OFFICE OF THE COMPTROLLER OF THE CURRENCY. before the

TESTIMONY OF BERT A. OTTO DEPUTY COMPTROLLER, CENTRAL DISTRICT OFFICE OF THE COMPTROLLER OF THE CURRENCY. before the For Release Upon Delivery 11:00 a.m., November 30, 2009 TESTIMONY OF BERT A. OTTO DEPUTY COMPTROLLER, CENTRAL DISTRICT OFFICE OF THE COMPTROLLER OF THE CURRENCY before the SUBCOMMITTEE ON OVERSIGHT AND

More information

FINANCIAL CRISES AND ITS IMPACT ON THE FINANCIAL SYSTEM. Lecturer Oleg Deev oleg@mail.muni.cz

FINANCIAL CRISES AND ITS IMPACT ON THE FINANCIAL SYSTEM. Lecturer Oleg Deev oleg@mail.muni.cz FINANCIAL CRISES AND ITS IMPACT ON THE FINANCIAL SYSTEM Lecturer Oleg Deev oleg@mail.muni.cz Essential readings 1. Geisst, C.R. (2009). Globalization and the US Financial System. US Department of State

More information

Statement of Grady G. Thomas, Jr. President, The Interstate Group, Division of Morgan Keegan & Company, Inc.

Statement of Grady G. Thomas, Jr. President, The Interstate Group, Division of Morgan Keegan & Company, Inc. Statement of Grady G. Thomas, Jr. President, The Interstate Group, Division of Morgan Keegan & Company, Inc. Before the Committee on Banking, Housing, and Urban Affairs of the United States Senate Washington,

More information

Saving and Investment

Saving and Investment Saving and Investment How is investment financed by saving? No Financial Assets Simple economy, saver and investor are the same person. Financial Assets Saver and investor are different people, need financial

More information

FIDUCIARY STANDARDS FOR INVESTMENT ADVISORS

FIDUCIARY STANDARDS FOR INVESTMENT ADVISORS FIDUCIARY STANDARDS FOR INVESTMENT ADVISORS Attorneys for Family Held Enterprises Annual Meeting in Washington DC, April 2016 Michael Warszawski Senior Managing Director FIDUCIARY INVESTMENT ADVISORS Investment

More information