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The financial system has become a farce

In Blog by Ian Fraser1 Comment

12 January 2012 By Eric Sprott and David Baker 2011 was a merry-go-round of more bailouts, more deferrals and more denial. Everyone is tired of the Eurozone. It’s not fixable. There’s too much debt. The politicians don’t know what’s going on. Nothing has structurally changed. We’re still on the wrong path. …

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Goodwin may face criminal charges after all

In Blog by Ian Fraser0 Comments

14 December 2011 Note: An edited version of this blog post is available at Huffington Post UK The FSA spent an estimated £10m on its report into the failure of RBS, including £7.7m paid to ‘Big Four’ accountants PWC. But the Canary Wharf-based regulator has lived up to its name …

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Inside the topsy turvy world of Goldman Sachs

In Blog by Ian Fraser0 Comments

5 August 2010 I just found Antonio Garcia-Martinez’s blog which encapsulates the corrosive culture at New York-based investment bank Goldman Sachs. In 2005 Garcia-Martinez was studying for a physics PhD at the University of California, Berkeley, when he was tempted to Wall Street by the prospect of filthy lucre. He accepted a …

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SEC vs Goldman Sachs = changed days for Wall Street

In Blog by Ian Fraser0 Comments

5 May 2010 The torrent of speculation surrounding the SEC’s chances of succeeding with its attempts to nail the “giant vampire squid” (a.k.a. Goldman Sachs) over alleged fraudulence in its Abacus 2007-AC1 CDO seems to have obscured the true import of what happened last Friday. For Goldman Sachs, traditionally the …

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Why America is so sickened by the squid

In Blog by Ian Fraser0 Comments

1 May 2010 New York-based financial blogger the Epicurean Dealmaker has written a blog post which outlines why America has fallen out of love with the squid. The writer, himself an investment banker, suggests that the Americans have finally had the scales lifted from their eyes and recognised that a …

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Telling right from wrong on Wall Street

In Blog by Ian Fraser0 Comments

23 April 2010 One consequence of the Abacus 2007-AC1 fraud, which could yet be the undoing of investment bank Goldman Sachs, is that bond traders are going to have to learn to distinguish between right and wrong, writes Michael Lewis Michael Lewis says: “Just as there was a time when …

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The secrets and lies of Gordon Brown

In Blog by Ian Fraser5 Comments

18 April 2010 Gordon Brown’s hypocrisy towards the banking sector knows no bounds. The doomed prime minister recently branded the investment bank Goldman Sachs as “morally bankrupt” and asked the FSA to investigate. Yet Brown has ignored corruption and moral bankruptcy closer to home. Has he “forgotten” that, eighteen months …

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Who’s less popular? Lloyd Blankfein or the Pope?

In Blog by Ian Fraser0 Comments

17 April 2010 [Note February 2017 — the Bloomberg TV video is no longer available] The extraordinary saga of how Goldman Sachs defrauded its own clients by palming them off with toxic CDOs that had been designed to fail is gathering legs. The New York-based investment bank sold the ‘long’ side …

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Goldman Sachs loses its grip

In Blog by Ian Fraser0 Comments

23 November 2009 About two months ago I wrote a blog post that concluded “Yes, it seems that the game may finally be up for Goldman” (see Is the game up for Goldman? published October 4th, 2009). Well it looks like things are unravelling faster than I expected for the …