Word: goldmans
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...that the tug of recession. "Our core view is that banks' [stocks] will not bottom until nonperforming [loan] growth decelerates," opined Goldman Sachs analyst Richard Ramsden in a report to clients on Friday. "All of the data points we track in the first quarter point to an acceleration." Banks are expected to report their results for the first few months of the year in the next two weeks. And despite positive statements from bank CEOs in recent weeks, earnings at nearly all of the nation's largest banks will likely have fallen in the first quarter versus one year...
Former AIG chief executive Maurice (Hank) Greenberg told Congress on Thursday morning that as much as $50 billion in payments that AIG has made in the past few months to banks and other financial firms, including Goldman Sachs and Deutsche Bank, should not have been made. Greenberg believes the banks should be forced to reinvest some of those trading profits in AIG by buying the company's shares...
...process of unwinding its large derivative-trading book; in the past few months, it has terminated as much as $1.1 billion in derivative contracts. Traders say Goldman Sachs, Citigroup and others have either driven hard bargains with AIG or made specific trades that would benefit from AIG's problems. Those moves are exacerbating the losses at AIG and increasing the cost of the insurer's bailout. "There is an argument to be made that the recent profits at the banks are because of AIG," says Bianco...
Because the goal remains valid. Meers (a former managing director at Goldman Sachs) and Strober (managing director of a private-equity firm in Silicon Valley) do an admirable job of building a case that a 50-50 marriage helps both partners. "We are two working moms who believe that everyone wins when men are full parents and women have full careers. When both parents pay the bills and care for kids, this life is possible--we know from experience...
...Treasury Department has said that PPIP program could buy up to $1 trillion in "legacy" banks loans and other debt. That suggests banks could lose up to $210 billion on those sales alone (see chart below). Citigroup, for example, has about $200 billion in residential U.S. real estate loans. Goldman estimates that Citigroup values those loans on its books at about $0.94. If it were to sell half of its mortgage loans, Citigroup would lose an estimated $23 billion, about 15% of the total capital the banks had back...