Yesterday, Goldman Sachs settled fraud charges associated with Abacus CDOs for $550 million. Not surprisingly, the settlement excluded Fabrice P. Tourre, who will no doubt be hung out to dry as the Tourre de Toxic winds to a close. Personally, I think the government...
I’ve been extremely critical of Goldman Sachs. The bonuses, funded by taxpayer bailouts, teed me off. And back on January 2, I asked, What does $22 billion in Goldman bonuses buy? Now, I have a different concern: Is the prosecution of Goldman Sachs going too...
In the Senate chamber yesterday, our elected officials grilled reps from Goldman Sachs. The Senators illustrated, I think, the outrage felt by Americans over bailout dollars that turned into banker bonuses. Even if—Senator Carl Levin (D-Michigan) trash-talked...
Michael Lewis has done it again. The Big Short is a must read, even if you don't know anything about finance. With his trademark ability to identify unlikely heroes, he chronicles the lives of people who bet against subprime mortgages. The prose is lucid. The...
Bank Says Losses Prove No Ill Intent On Monday I posted questions about Goldman Sachs and the CDO that is now a household name: Abacus 2007-AC1. Specifically, I asked: Why did Goldman lose $75 million on this trade, when its negative bets on the housing sector yielded...
The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.
The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.