Word: goldmans
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...firms that will be directly helped by the bailout is Goldman Sachs. Paulson, the man who is leading the bailout, is a former Goldman Sachs CEO, and mega-investor Warren Buffet, who called the bailout "the right thing" for Congress to do, had just bought a huge stake in Goldman Sachs. These are clear signs that the big money-men are likely to turn the bailout to their own profit. Banks and firms that bet on paper securities not backed by real assets should be left to die on their own swords. Sivaswamy Mohanakrishnan, Auckland...
...publisher could craft a more sterling publicity campaign to launch Charles D. Ellis' saga of Goldman Sachs than Wall Street has for the past three months. Proving, yet again, that there's no such thing as bad publicity, the white-knuckle drama being played out in today's market offers a scarily fitting backdrop for Ellis' ambitious and absorbing tale of men (no women), money, ambition and redemption. It is, he writes, the saga of a company and its people "with unusual strengths [whose] aspirations were not on what they wanted to be, but on what they wanted...
...position this important, Kashkari, the American-born son of Kashmiri immigrants, may seem an unlikely pick: he's been in finance for only eight years, two as a student at the Wharton School and four as an executive in the San Francisco office of Paulson's old firm, Goldman Sachs. At Goldman, Kashkari was so low on the food chain that he only got to know Paulson well after they both moved to the Treasury...
...Partnership: The Making of Goldman Sachs By Charles D. Ellis Penguin Press; 729 pages...
...plan to try and gig the frozen market for commercial paper, offering to loan companies unlimited amounts of money three months at a time, sometimes with little or no collateral, a move unseen since the Great Depression. And at the Treasury, Paulson appointed a 35-year-old former Goldman Sachs banker as temporary head of the agency charged with using the $700 billion to lift bad loans out of the financial system. The banker, Neel Kashkari, immediately took bids from companies interested in running a market to price the bad loans. On Wednesday morning, in a surprising move...