Post by kranker on Feb 25, 2007 10:10:08 GMT -4
Until becoming US Treasury Secretary in July 2006, Henry Paulson was the Chairman and CEO of Goldman Sachs between June 1998 and July 2006
en.wikipedia.org/wiki/Henry_Paulson
The following is a partial list of Goldman Sachs accomplishments:
Goldman fined $2m by SEC and Nyse
The Securities and Exchange Commission and the NYSE Regulation today settled separate enforcement proceedings against a prime broker and clearing affiliate of The Goldman Sachs Group for its violations arising from in an illegal trading scheme carried out by customers through their accounts at the firm.
tinyurl.com/2vjrve
www.finextra.com:80/fullpr.asp?id=13891
Goldman Sachs Added as Defendant in Fannie Mae Suits
"Complaints allege that Goldman, Sachs & Co. violated U.S. securities laws while allegedly arranging Fannie Mae-sponsored bond deals, the brokerage said in its quarterly report with the Securities and Exchange Commission (SEC). The deals relate to real estate mortgage investment conduits, which are bonds collateralized with mortgage-backed securities, MarketWatch reported."
cmkxunitedforum.proboards70.com/index.cgi?action=display&board=general&thread=1160188954&page=1
"Ten of Nation's Top Investment Firms Settle Enforcement Actions Involving Conflicts of Interest Between Research and Investment Banking
Historic Settlement Requires Payments of Penalties of $487.5 Million, Disgorgement of $387.5 Million, Payments of $432.5 Million to Fund Independent Research, and Payments of $80 Million to Fund Investor Education and Mandates Sweeping Structural Reforms
The ten firms against which enforcement actions are being announced today are:
Goldman, Sachs & Co. (Goldman)"...
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1139169328
"A lawsuit filed in Suffolk Superior Court in 2004 alleged that a hedge fund operated by the Boston firm had been executing naked short sales through an account at Goldman Sachs, targeting American Business Financial Services stock."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1138722905
"And even then, let’s say that they continue to sell naked, helping out their hedge fund clients – you know, a big house like UBS or Lehman or Bear or Goldman just sells and sells, day after day."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1137782520
"Early last year, Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) agreed to pay $40 million each to settle Securities and Exchange Commission allegations about laddering. JPMorgan previously had paid $25 million to settle an SEC case arising out of the same investigation, although the agency didn't accuse JPMorgan of laddering or other market manipulation. "
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1145929566
"a scheme that implicates hedge funds, Smith Barney, Goldman Sachs and a aptly named company called “Flip Firm”, who helped to cover the trail of the naked short sellers"
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1139876932
Henry Paulson, from betting against US Treasuries to the head of the US Treasury
cmkxunitedforum.proboards70.com/index.cgi?action=display&board=general&thread=1168833597&page=1
"Morgan Stanley, Bear Stearns and Goldman Sachs Group Inc. have a hammerlock on providing hedge fund services after spending more than $200 million a year on trading systems, offering more stock for short sales and courting former employees who left to start their own hedge funds, according to a survey by Tremont Capital Management Inc., an industry consulting firm in Rye, New York."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1142527283
"Someone explain to me how Goldman and whomever else signed off on the DD for REFCO when it IPOed last August missed the CEO's hidden $500 million in debt and now this. Something is broken here folks, and broken bad.."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1142421037
"Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and 10 other banks had outlined in a Dec. 16 letter to the Fed that they would halve the number of unconfirmed transactions by May, compared with the amount outstanding in September."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140140818
"The Post states that regulators will be looking for the trading and customer ledgers of Bear Stearns, Morgan Stanley and Goldman Sachs."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140122248
"All 20 members of DTCC’s board, including Jill M. Considine, Chair and CEO, and Donald F. Donahue, COO, DTCC; Jonathan E. Beyman, CEO, Lehman Brothers (NYSE: LEH); Randolph L. Cowen, Global Head of Technology and Operations, Goldman Sachs Group (NYSE: GS); Dianne Schueneman, Senior VP, Merrill Lynch & Co. (NYSE: MER), New York; Douglas Shulman, President, NASD, Inc., Washington, DC; and Timothy J. Theriault, President, The Northern Trust Co. (NASDAQ: NTRS); and Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange, had been asked by Shichtman to “reign in” Thompson and other high executives of DTCC following two documented instances of media tampering involving FinancialWire."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140013365
"Utah and Connecticut regulators' first line of attack will be to get Wall Street firms' trading records via the Depository Trust & Clearing Corporation, which tracks and settles all stock trades. Regulators will be looking for the trading and customer ledgers of Bear Stearns, Morgan Stanley and Goldman Sachs, which all have large and highly lucrative clearance operations"
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140047107
"Goldman said on Dec. 16 that it paid Chief Executive Officer Henry Paulson about $37 million in shares and stock options."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1137020115
"This year’s bonus total for Wall Street was over $21 Billion with Goldman Sachs handing out an average of $500,000 to their employees. Abelow worked for Goldman Sachs."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140954602
"The original Stockholders of the Federal Reserve Banks in 1913 were the Rockefeller's, JP Morgan, Rothschild's, Lazard Freres, Schoellkopf, Kuhn-Loeb, Warburgs, Lehman Brothers and Goldman Sachs."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1141000934
--------------------------------------------------------------------------------
December 3, 2002
Goldman Sachs (NYSE: GS ), Morgan Stanley (NYSE: MWD), the Salomon Smith Barney unit of Citigroup, the Deutsche Bank Securities unit of Deutsche Bank and the U.S. Bancorp Piper Jaffray unit of U.S. Bancorp (NYSE: USB ) each agreed to pay $1.65 million in fines for allegedly violating e-mail record-keeping requirements. The fines were assessed to each company by the SEC, the New York Stock Exchange and the NASD. In accepting the penalties, the broker-dealers neither admit nor deny the allegations.
December 20, 2002
Late last night regulators and investment banks agreed to a series of fines and sanctions in response to Wall Street's mistreatment of individual investors through bastardized, conflicted research.
The total tab in fines is $1 billion. Citigroup (NYSE: C), parent of Salomon Smith Barney, took the largest hit, at $325 million, but a baker's dozen of other Wall Street firms got fines, including Credit Suisse First Boston (NYSE: CSR) at $150 million, and Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MWD) at $50 million apiece. On top of these fines the companies will be required to fund a trust as seed capital for an independent stock-analysis entity.
April 4, 2003
Spear, Leeds & Kellogg, a unit of Goldman Sachs, and four employees agreed to be censured and fined $435,000 for alleged trading misconduct on the floor of the exchange between 1999 and 2002. Although Spear's Amex floor operations were sold off in late 2002, it remains the largest NYSE specialist outfit.
April 28, 2003
Goldman Sachs was found to have “issued research reports that were not based on principles of fair dealing and good faith .. contained exaggerated or unwarranted claims.. and/or contained opinions for which there were no reasonable bases.” The firm was fined $110 million dollars, for a total of $119.3
million dollars in fines in six months.
September 4, 2003
In a settlement with the SEC, Goldman Sachs & Co., a unit of Goldman Sachs Group (NYSE: GS ), agreed to pay $4.3 million in restitution and a $5 million penalty related to improper trading in U.S. Treasury securities and futures. Without admitting or denying the findings, Goldman consented to the SEC's order. The restitution and penalty relate to improper trading in 30-year bonds on Oct. 31, 2001, that the SEC alleges was caused by embargoed information received by then senior economist John Youngdahl. The SEC has filed a civil complaint against Youngdahl and Peter Davis, a Washington, D.C.-based consultant, who allegedly supplied Youngdahl with a tip that the U.S. Treasury was about to announce the suspension of the 30-year bond. Youngdahl has also been charged with seven counts of criminal activity by the U.S. attorney for the Southern District of New York. Davis, also charged by the U.S. attorney, has already pleaded guilty. A lawyer for Youngdahl says that his client intends to fight the charges. (See "Goldman Scuffs Its Shoes.")
March 15, 2004
Goldman Sachs& Cowas (“Goldman”)censured and fined $15,000 for the following conduct. On 21 occasions during the fourth quarter 2002, and on 23 occasions during the first and second quarter of 2003, Goldman failed to expose customer orders it represented as agent for 30 seconds prior to entering offsetting and interacting firm proprietary orders. (ISE Rule 717(d)) Goldman failed to maintain satisfactory written procedures to assure compliance with proper facilitation of customer orders. (ISE Rule 401) The fine was composed of $10,000 for violations of 717(d) and $5,000 for the written supervisory procedures violation.
July 1, 2004
Goldman Sachs Group agreed to pay $2 million to settle an administrative proceeding with the SEC. According to the SEC, sales traders at Goldman violated the waiting period for marketing an IPO before a registration became effective. Additionally, the SEC alleged that a Goldman executive spoke to the media about an IPO by PetroChina (NYSE: PTR) before an initial registration was filed. In the settlement, Goldman neither admitted nor denied the findings.
February 17, 2005
Following several months of negotiations, the parent companies of the five largest specialists at the New York Stock Exchange revealed nearly $240 million in total fines and restitution related to alleged NYSE rule violations. In the agreements in principle, still being finalized by the SEC and NYSE, the companies claim they will neither admit nor deny findings that allege the specialists failed to maintain a fair or orderly market. The Spear, Leeds & Kellogg unit of Goldman Sachs (NYSE: GS ) will pay a total of $45.5 million.
January 26, 2005
Goldman Sachs and Morgan Stanley have agreed to pay a combined $80m (£43m) to settle allegations that they manipulated markets to ensure big first day gains in flotations during the stock market boom.
The Wall Street banks were accused of guaranteeing clients bigger allocations in initial public offerings if they agreed to buy more of the shares when they started trading. The scheme is known on Wall Street as "laddering".
March 22, 2005
The NASD fined a Goldman Sachs Group Inc. unit $1 million for hiding initial public offering allocations after being pressured by clients demanding anonymity. The regulator said Spear, Leeds & Kellogg LP, which in January was renamed Goldman Sachs Execution & Clearing LP, used its system to circumvent the Depository Trust Corp.'s IPO Tracking System, which lets underwriters monitor the quick trading, or "flipping," of new issues. DTC provides clearance and settlement services to the securities industry. The NASD fined a Goldman Sachs Group Inc. unit $1 million for hiding initial public offering allocations after being pressured by clients demanding anonymity. The regulator said Spear, Leeds & Kellogg LP, which in January was renamed Goldman Sachs Execution & Clearing LP, used its system to circumvent the Depository Trust Corp.'s IPO Tracking System, which lets underwriters monitor the quick trading, or "flipping," of new issues. DTC provides clearance and settlement services to the securities industry.
April 1, 2005
In Indonesia, Goldman has had an ongoing problem largely ignored by the U.S. media. According to the Hong Kong Standard, on 3-4: “Goldman Sachs Group colluded with Indonesia's state oil company, Pertamina, to ensure Frontline buys two supertankers for as much as US$56 million (HK$436.8 million) below the market price in July 2004, the country's anti-monopoly agency said.” Goldman was fined $15.76 million by Indonesia, a levy that came in close proximity to another fine, in which Goldman was fined $1 million by the NASD in a case that involved withholding IPO information from the market.
June 9, 2005
NASD today announced that it has ordered three firms - Morgan Stanley & Co, J.P. Morgan Securities, Inc., and Goldman, Sachs & Co. - to pay more than $2.9 million following sales of restricted securities in violation of lock-up agreements as required by Each of the firms, or entities or individuals affiliated with the firms, acquired the securities from issuers in private placements prior to each issuer's IPO. Each of the firms subsequently served as an underwriter of the issuer's IPO. Under NASD rules, certain of the private placement securities were deemed underwriting compensation and were restricted from sale for a period of one year from the date of the IPO. In addition, NASD rules provided that if a member firm agreed to restrict the sale of securities for an additional period of time - one or two years - additional discounts would be provided to the value assigned to the shares for purposes of determining underwriting compensation.NASD rules.
August, 2005
The NASD censured and fined 20 firms a total of $1.65 million for late and inaccurate reporting of municipal bond trades. Goldman Sachs was fined $140,000.
--------------------------------------------------------------------------------
June 18, 2004
Goldman Sachs Sued Over Use of Stock Pool
DENVER -- The former head of an HMO has sued Goldman Sachs & Co., blaming it for losses in a private stock pool whose contributors included executives at Tyco International, Enron Corp. and other scandal-ridden companies, The Associated Press reported Thursday.
www.nysscpa.org/home/2004/604/3week/article82.htm
October 10, 1995
COMPANY NEWS;GOLDMAN, SACHS IS SUED ABOUT A TRADING LOSS
BLOOMBERG BUSINESS NEWS
Goldman, Sachs & Company has been sued in arbitration for $45 million by the Minebea Company about a trading loss the Japanese maker of bearings and machine parts said it suffered, people familiar with the case said yesterday. Minebea, of Tokyo, says that Goldman sold it $40 million of debt securities in 1989 that were backed by corporate loans and whose principal was guaranteed in writing by a Goldman trader. The company contends that Goldman did not disclose the risks of the securities.
query.nytimes.com/gst/fullpage.html?res=9405E0DC1339F933A25753C1A963958260
December 23, 1989
Goldman Sued by Ex-Officer
By REUTERS
Goldman, Sachs & Company has been sued by a former vice president, who charges that he was dismissed for refusing to give confidential client information to a partnership made up of Goldman principals.
Leo Haviland, who had headed Goldman's Energy Futures and Options Group, filed the suit in Federal court in Manhattan on Wednesday, contending that Goldman had violated the Racketeer Influenced and Corrupt Organizations Act.
A Goldman spokesman said the suit was ''completely without merit.''
query.nytimes.com/gst/fullpage.html?res=950DE7DE123BF930A15751C1A96F948260
Sunday, June 19, 2005 7:05:38 PM ET
ETOYS SUED GOLDMAN SACHS FOR MISHANDLING THEIR INITIAL PUBLIC OFFERING.
Etoys sued Goldman Sachs for mishandling their initial public offering ("IPO"). Etoys filed for bankruptcy last year after their stock became worthless. Etoys is suing Goldman Sachs in New York State Supreme Court.
Etoys has filed this lawsuit after conducting a year long investigation regarding Goldman Sach's conduct. Unsecured investors of Etoys have sued Goldman Sachs for breach of contract, fraud, and breach of fiduciary duty for underpricing their stock and for receiving kick-backs from their customers.
www.newratings.com/analyst_news/article_879149.html
September 6, 2003
Ex-Goldman economist sued for insider trading
By Jonathan Fuerbringer
A former senior economist at Goldman Sachs in the US was indicted on Friday for insider trading, fraud, perjury and other charges in connection with the purchase of about $US318 million of 30-year bonds and bond futures minutes ahead of the Treasury's announcement in 2001 that it was ending the sale of 30-year bonds.
www.smh.com.au/articles/2003/09/05/1062549026468.html?from=storyrhs
Are Taxpayers Goldman Sachs' Santa Claus?
News Type: Opinion — Mon Dec 18, 2006 1:23 PM EST
If you haven't heard the news yet, Goldman Sachs is paying out $16 billion in Christmas bonuses to their traders and deal brokers this year. That's an extraordinarily large slush fund and it seems that business that good really doesn't need help from the taxpayers but they get it. The question is why?
The links are below but from the 2005 reports on the lower Manhattan rebuilding efforts here are the facts quoted from then Governor Pataki(R) about the reconstruction at ground zero. "As incentive for the tower's construction, the state and city offered Goldman Sachs a $115 million incentive package that includes $25 million in Job Creation and Retention Program funds and sales-tax exemption on construction costs and equipment purchases. The company also was given more than $1.6 billion in Liberty Bonds -- part of the federal government's $20 billion aid package to New York following 9/11."
pameladrew.newsvine.com/_news/2006/12/18/486907-are-taxpayers-goldman-sachs-santa-claus-
Briefing: 13 finance firms sued over short-selling fees
Bloomberg News
Monday, December 4, 2006
NEW YORK: 13 finance firms sued over short-selling fees
Morgan Stanley, Goldman Sachs, Merrill Lynch, J.P. Morgan Chase and nine other financial firms have been accused in a lawsuit of conspiring to rig the fees charged to short-sellers.
In a class action filed in federal court in New York on Friday, two short-sellers claimed that the 13 firms conspired to charge excessive fees for certain "hard-to-borrow" stocks, in violation of antitrust laws. The defendants locate, borrow and deliver stocks involved in most short sales, the complaint said.
The plaintiffs, Forza Capital Management and BHL Capital Partners, have not specified the damages they seek.
www.iht.com/bin/print.php?id=3776578
THE REGENTS OF THE UNIVERSITY OF
CALIFORNIA and NATHANIEL PULSIFER,
TRUSTEE OF THE SHOOTERS HILL
REVOCABLE TRUST, On Behalf of Themselves
and All Others Similarly Situated,
Plaintiffs,
vs.
MILBANK, TWEED, HADLEY & McCLOY
LLP, ANDREWS & KURTH L.L.P., THE
GOLDMAN SACHS GROUP, INC., and
GOLDMAN SACHS & CO.,Defendants.
COMPLAINT FOR VIOLATIONS OF THE SECURITIES LAWS
1. This is a securities class action on behalf of purchasers of Enron Corporation’s
(“Enron” or the “Company”) publicly traded equity and debt securities between 10/19/98 and
11/27/01 (the “Class Period”)1 against:
(a) Milbank, Tweed, Hadley & McCloy LLP;
(b) Andrews & Kurth L.L.P.;
(c) The Goldman Sachs Group, Inc. and Goldman Sachs & Co.
2. Each of the defendants sued for fraud engaged or participated in the implementation
of manipulative devices to inflate Enron’s reported profits and financial condition, made or
participated in the making of false and misleading statements and participated in a scheme to defraud
or a course of business that operated as a fraud or a deceit on purchasers of Enron’s publicly traded
securities between 10/19/98 and 11/27/01.2
www.universityofcalifornia.edu/news/enron/jan04complaint.pdf
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
________________________________________
:
VULCAN INTERNATIONAL CORPORATION, :
: CIVIL ACTION NO.:
: 99 Civ. (03023)
Plaintiff, :
:
v. :
: CLASS ACTION COMPLAINT
THE GOLDMAN SACHS GROUP, L.P.; :
GOLDMAN, SACHS & CO.; :
MORGAN STANLEY & CO. INCORPORATED; :
COWEN & COMPANY; SCHRODER & CO. INC.; :
AMF BOWLING, INC.; RICHARD A. FRIEDMAN; : JURY TRIAL DEMANDED
and DOUGLAS J. STANARD, :
:
Defendants.
securities.stanford.edu/1011/PIN99/001.html
Treasury Nominee Hank Paulson Needs to Answer Some Questions
by Steven Milloy (More by this author)
Posted: 06/13/2006
There are many unanswered questions that the Senate Finance Committee ought to pose to Treasury Secretary nominee Henry Paulson during his confirmation hearing.
Key inquiries should involve an unusual land deal Paulson oversaw while simultaneously serving as chairman and CEO of Goldman Sachs and as vice chairman and, later, chairman of The Nature Conservancy (TNC), which is an environmental group that acquires private lands to place them permanently off-limits to commercial and residential uses.
www.humanevents.com/article.php?id=15481
Insurance Companies Offer $67 Million Settlement
By Amy Beth Hanson
July 16, 2004
Insurance companies covering former Montana Power Co. directors and officers have offered to pay $67 million to settle a shareholders' lawsuit over the sale of the utility's assets, attorney Frank Morrison Jr. confirmed July 13.
The settlement offer "is a small step, but a very significant one because it shows the credibility of our case,'' Morrison said. "If we weren't right about this, they wouldn't have paid us 90 percent of their insurance coverage.''
Shareholders sued Montana Power Co., the investment firm Goldman Sachs Group Inc., and the New York law firm Milbank, Tweed, Hadley & McCloy LLC. The suits claimed the sale was illegal because it was done without shareholder approval.
"They didn't go to shareholders until the last part,'' Morrison said.
www.insurancejournal.com/news/west/2004/07/16/44057.htm?print=1
Goldman IPO Practices Unfair, Says Congress
Oct 3, 2002 | USA Today
Goldman Sachs awarded shares in hot initial public offerings to senior executives at 21 companies at the same time the companies were directing lucrative investment banking business to the brokerage firm, according to documents examined by congressional investigators.
www.yourlawyer.com/articles/read/2189
SEC, NYSE, NASD Fine Five Firms
Total of $8.25 Million for Failure
To Preserve E-Mail Communications
FOR IMMEDIATE RELEASE
2002-173
Washington, D.C., December 3, 2002 — The Securities and Exchange Commission, the New York Stock Exchange and NASD today announced joint actions against five broker-dealers for violations of record-keeping requirements concerning e-mail communications. The firms consented to the imposition of fines totaling $8.25 million, along with a requirement to review their procedures to ensure compliance with record-keeping statutes and rules.
www.sec.gov/news/press/2002-173.htm
By Keith Regan
E-Commerce Times
Part of the ECT News Network
04/29/05 10:42 AM PT
According to the lawsuit, Goldman Sachs offered eBay executives early access to IPO shares of technology companies between 1999 and 2001. That practice is known as "spinning" and has been used by investment banks to reward their best clients. The practice of spinning shares was banned in 2003 but was legal before that.
www.linuxinsider.com/story/42745.html
Posted on Thu, Dec. 07, 2006
Supreme Court to hear IPO lawsuit against Wall Street firms
WASHINGTON (AP) - The Supreme Court agreed Thursday to consider a lawsuit against major Wall Street firms accused of conspiring to manipulate prices on newly issued shares during the stock market boom of the 1990s.
www.siliconvalley.com/mld/siliconvalley/business/technology/16187468.htm?source=rss&channel=siliconvalley_tech
MORE,
tinyurl.com/22klrx
en.wikipedia.org/wiki/Henry_Paulson
The following is a partial list of Goldman Sachs accomplishments:
Goldman fined $2m by SEC and Nyse
The Securities and Exchange Commission and the NYSE Regulation today settled separate enforcement proceedings against a prime broker and clearing affiliate of The Goldman Sachs Group for its violations arising from in an illegal trading scheme carried out by customers through their accounts at the firm.
tinyurl.com/2vjrve
www.finextra.com:80/fullpr.asp?id=13891
Goldman Sachs Added as Defendant in Fannie Mae Suits
"Complaints allege that Goldman, Sachs & Co. violated U.S. securities laws while allegedly arranging Fannie Mae-sponsored bond deals, the brokerage said in its quarterly report with the Securities and Exchange Commission (SEC). The deals relate to real estate mortgage investment conduits, which are bonds collateralized with mortgage-backed securities, MarketWatch reported."
cmkxunitedforum.proboards70.com/index.cgi?action=display&board=general&thread=1160188954&page=1
"Ten of Nation's Top Investment Firms Settle Enforcement Actions Involving Conflicts of Interest Between Research and Investment Banking
Historic Settlement Requires Payments of Penalties of $487.5 Million, Disgorgement of $387.5 Million, Payments of $432.5 Million to Fund Independent Research, and Payments of $80 Million to Fund Investor Education and Mandates Sweeping Structural Reforms
The ten firms against which enforcement actions are being announced today are:
Goldman, Sachs & Co. (Goldman)"...
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1139169328
"A lawsuit filed in Suffolk Superior Court in 2004 alleged that a hedge fund operated by the Boston firm had been executing naked short sales through an account at Goldman Sachs, targeting American Business Financial Services stock."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1138722905
"And even then, let’s say that they continue to sell naked, helping out their hedge fund clients – you know, a big house like UBS or Lehman or Bear or Goldman just sells and sells, day after day."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1137782520
"Early last year, Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) agreed to pay $40 million each to settle Securities and Exchange Commission allegations about laddering. JPMorgan previously had paid $25 million to settle an SEC case arising out of the same investigation, although the agency didn't accuse JPMorgan of laddering or other market manipulation. "
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1145929566
"a scheme that implicates hedge funds, Smith Barney, Goldman Sachs and a aptly named company called “Flip Firm”, who helped to cover the trail of the naked short sellers"
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1139876932
Henry Paulson, from betting against US Treasuries to the head of the US Treasury
cmkxunitedforum.proboards70.com/index.cgi?action=display&board=general&thread=1168833597&page=1
"Morgan Stanley, Bear Stearns and Goldman Sachs Group Inc. have a hammerlock on providing hedge fund services after spending more than $200 million a year on trading systems, offering more stock for short sales and courting former employees who left to start their own hedge funds, according to a survey by Tremont Capital Management Inc., an industry consulting firm in Rye, New York."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1142527283
"Someone explain to me how Goldman and whomever else signed off on the DD for REFCO when it IPOed last August missed the CEO's hidden $500 million in debt and now this. Something is broken here folks, and broken bad.."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1142421037
"Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and 10 other banks had outlined in a Dec. 16 letter to the Fed that they would halve the number of unconfirmed transactions by May, compared with the amount outstanding in September."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140140818
"The Post states that regulators will be looking for the trading and customer ledgers of Bear Stearns, Morgan Stanley and Goldman Sachs."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140122248
"All 20 members of DTCC’s board, including Jill M. Considine, Chair and CEO, and Donald F. Donahue, COO, DTCC; Jonathan E. Beyman, CEO, Lehman Brothers (NYSE: LEH); Randolph L. Cowen, Global Head of Technology and Operations, Goldman Sachs Group (NYSE: GS); Dianne Schueneman, Senior VP, Merrill Lynch & Co. (NYSE: MER), New York; Douglas Shulman, President, NASD, Inc., Washington, DC; and Timothy J. Theriault, President, The Northern Trust Co. (NASDAQ: NTRS); and Catherine R. Kinney, President and Co-Chief Operating Officer, New York Stock Exchange, had been asked by Shichtman to “reign in” Thompson and other high executives of DTCC following two documented instances of media tampering involving FinancialWire."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140013365
"Utah and Connecticut regulators' first line of attack will be to get Wall Street firms' trading records via the Depository Trust & Clearing Corporation, which tracks and settles all stock trades. Regulators will be looking for the trading and customer ledgers of Bear Stearns, Morgan Stanley and Goldman Sachs, which all have large and highly lucrative clearance operations"
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140047107
"Goldman said on Dec. 16 that it paid Chief Executive Officer Henry Paulson about $37 million in shares and stock options."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1137020115
"This year’s bonus total for Wall Street was over $21 Billion with Goldman Sachs handing out an average of $500,000 to their employees. Abelow worked for Goldman Sachs."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1140954602
"The original Stockholders of the Federal Reserve Banks in 1913 were the Rockefeller's, JP Morgan, Rothschild's, Lazard Freres, Schoellkopf, Kuhn-Loeb, Warburgs, Lehman Brothers and Goldman Sachs."
cmkxunitedforum.proboards70.com/index.cgi?board=general&action=display&thread=1141000934
--------------------------------------------------------------------------------
December 3, 2002
Goldman Sachs (NYSE: GS ), Morgan Stanley (NYSE: MWD), the Salomon Smith Barney unit of Citigroup, the Deutsche Bank Securities unit of Deutsche Bank and the U.S. Bancorp Piper Jaffray unit of U.S. Bancorp (NYSE: USB ) each agreed to pay $1.65 million in fines for allegedly violating e-mail record-keeping requirements. The fines were assessed to each company by the SEC, the New York Stock Exchange and the NASD. In accepting the penalties, the broker-dealers neither admit nor deny the allegations.
December 20, 2002
Late last night regulators and investment banks agreed to a series of fines and sanctions in response to Wall Street's mistreatment of individual investors through bastardized, conflicted research.
The total tab in fines is $1 billion. Citigroup (NYSE: C), parent of Salomon Smith Barney, took the largest hit, at $325 million, but a baker's dozen of other Wall Street firms got fines, including Credit Suisse First Boston (NYSE: CSR) at $150 million, and Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MWD) at $50 million apiece. On top of these fines the companies will be required to fund a trust as seed capital for an independent stock-analysis entity.
April 4, 2003
Spear, Leeds & Kellogg, a unit of Goldman Sachs, and four employees agreed to be censured and fined $435,000 for alleged trading misconduct on the floor of the exchange between 1999 and 2002. Although Spear's Amex floor operations were sold off in late 2002, it remains the largest NYSE specialist outfit.
April 28, 2003
Goldman Sachs was found to have “issued research reports that were not based on principles of fair dealing and good faith .. contained exaggerated or unwarranted claims.. and/or contained opinions for which there were no reasonable bases.” The firm was fined $110 million dollars, for a total of $119.3
million dollars in fines in six months.
September 4, 2003
In a settlement with the SEC, Goldman Sachs & Co., a unit of Goldman Sachs Group (NYSE: GS ), agreed to pay $4.3 million in restitution and a $5 million penalty related to improper trading in U.S. Treasury securities and futures. Without admitting or denying the findings, Goldman consented to the SEC's order. The restitution and penalty relate to improper trading in 30-year bonds on Oct. 31, 2001, that the SEC alleges was caused by embargoed information received by then senior economist John Youngdahl. The SEC has filed a civil complaint against Youngdahl and Peter Davis, a Washington, D.C.-based consultant, who allegedly supplied Youngdahl with a tip that the U.S. Treasury was about to announce the suspension of the 30-year bond. Youngdahl has also been charged with seven counts of criminal activity by the U.S. attorney for the Southern District of New York. Davis, also charged by the U.S. attorney, has already pleaded guilty. A lawyer for Youngdahl says that his client intends to fight the charges. (See "Goldman Scuffs Its Shoes.")
March 15, 2004
Goldman Sachs& Cowas (“Goldman”)censured and fined $15,000 for the following conduct. On 21 occasions during the fourth quarter 2002, and on 23 occasions during the first and second quarter of 2003, Goldman failed to expose customer orders it represented as agent for 30 seconds prior to entering offsetting and interacting firm proprietary orders. (ISE Rule 717(d)) Goldman failed to maintain satisfactory written procedures to assure compliance with proper facilitation of customer orders. (ISE Rule 401) The fine was composed of $10,000 for violations of 717(d) and $5,000 for the written supervisory procedures violation.
July 1, 2004
Goldman Sachs Group agreed to pay $2 million to settle an administrative proceeding with the SEC. According to the SEC, sales traders at Goldman violated the waiting period for marketing an IPO before a registration became effective. Additionally, the SEC alleged that a Goldman executive spoke to the media about an IPO by PetroChina (NYSE: PTR) before an initial registration was filed. In the settlement, Goldman neither admitted nor denied the findings.
February 17, 2005
Following several months of negotiations, the parent companies of the five largest specialists at the New York Stock Exchange revealed nearly $240 million in total fines and restitution related to alleged NYSE rule violations. In the agreements in principle, still being finalized by the SEC and NYSE, the companies claim they will neither admit nor deny findings that allege the specialists failed to maintain a fair or orderly market. The Spear, Leeds & Kellogg unit of Goldman Sachs (NYSE: GS ) will pay a total of $45.5 million.
January 26, 2005
Goldman Sachs and Morgan Stanley have agreed to pay a combined $80m (£43m) to settle allegations that they manipulated markets to ensure big first day gains in flotations during the stock market boom.
The Wall Street banks were accused of guaranteeing clients bigger allocations in initial public offerings if they agreed to buy more of the shares when they started trading. The scheme is known on Wall Street as "laddering".
March 22, 2005
The NASD fined a Goldman Sachs Group Inc. unit $1 million for hiding initial public offering allocations after being pressured by clients demanding anonymity. The regulator said Spear, Leeds & Kellogg LP, which in January was renamed Goldman Sachs Execution & Clearing LP, used its system to circumvent the Depository Trust Corp.'s IPO Tracking System, which lets underwriters monitor the quick trading, or "flipping," of new issues. DTC provides clearance and settlement services to the securities industry. The NASD fined a Goldman Sachs Group Inc. unit $1 million for hiding initial public offering allocations after being pressured by clients demanding anonymity. The regulator said Spear, Leeds & Kellogg LP, which in January was renamed Goldman Sachs Execution & Clearing LP, used its system to circumvent the Depository Trust Corp.'s IPO Tracking System, which lets underwriters monitor the quick trading, or "flipping," of new issues. DTC provides clearance and settlement services to the securities industry.
April 1, 2005
In Indonesia, Goldman has had an ongoing problem largely ignored by the U.S. media. According to the Hong Kong Standard, on 3-4: “Goldman Sachs Group colluded with Indonesia's state oil company, Pertamina, to ensure Frontline buys two supertankers for as much as US$56 million (HK$436.8 million) below the market price in July 2004, the country's anti-monopoly agency said.” Goldman was fined $15.76 million by Indonesia, a levy that came in close proximity to another fine, in which Goldman was fined $1 million by the NASD in a case that involved withholding IPO information from the market.
June 9, 2005
NASD today announced that it has ordered three firms - Morgan Stanley & Co, J.P. Morgan Securities, Inc., and Goldman, Sachs & Co. - to pay more than $2.9 million following sales of restricted securities in violation of lock-up agreements as required by Each of the firms, or entities or individuals affiliated with the firms, acquired the securities from issuers in private placements prior to each issuer's IPO. Each of the firms subsequently served as an underwriter of the issuer's IPO. Under NASD rules, certain of the private placement securities were deemed underwriting compensation and were restricted from sale for a period of one year from the date of the IPO. In addition, NASD rules provided that if a member firm agreed to restrict the sale of securities for an additional period of time - one or two years - additional discounts would be provided to the value assigned to the shares for purposes of determining underwriting compensation.NASD rules.
August, 2005
The NASD censured and fined 20 firms a total of $1.65 million for late and inaccurate reporting of municipal bond trades. Goldman Sachs was fined $140,000.
--------------------------------------------------------------------------------
June 18, 2004
Goldman Sachs Sued Over Use of Stock Pool
DENVER -- The former head of an HMO has sued Goldman Sachs & Co., blaming it for losses in a private stock pool whose contributors included executives at Tyco International, Enron Corp. and other scandal-ridden companies, The Associated Press reported Thursday.
www.nysscpa.org/home/2004/604/3week/article82.htm
October 10, 1995
COMPANY NEWS;GOLDMAN, SACHS IS SUED ABOUT A TRADING LOSS
BLOOMBERG BUSINESS NEWS
Goldman, Sachs & Company has been sued in arbitration for $45 million by the Minebea Company about a trading loss the Japanese maker of bearings and machine parts said it suffered, people familiar with the case said yesterday. Minebea, of Tokyo, says that Goldman sold it $40 million of debt securities in 1989 that were backed by corporate loans and whose principal was guaranteed in writing by a Goldman trader. The company contends that Goldman did not disclose the risks of the securities.
query.nytimes.com/gst/fullpage.html?res=9405E0DC1339F933A25753C1A963958260
December 23, 1989
Goldman Sued by Ex-Officer
By REUTERS
Goldman, Sachs & Company has been sued by a former vice president, who charges that he was dismissed for refusing to give confidential client information to a partnership made up of Goldman principals.
Leo Haviland, who had headed Goldman's Energy Futures and Options Group, filed the suit in Federal court in Manhattan on Wednesday, contending that Goldman had violated the Racketeer Influenced and Corrupt Organizations Act.
A Goldman spokesman said the suit was ''completely without merit.''
query.nytimes.com/gst/fullpage.html?res=950DE7DE123BF930A15751C1A96F948260
Sunday, June 19, 2005 7:05:38 PM ET
ETOYS SUED GOLDMAN SACHS FOR MISHANDLING THEIR INITIAL PUBLIC OFFERING.
Etoys sued Goldman Sachs for mishandling their initial public offering ("IPO"). Etoys filed for bankruptcy last year after their stock became worthless. Etoys is suing Goldman Sachs in New York State Supreme Court.
Etoys has filed this lawsuit after conducting a year long investigation regarding Goldman Sach's conduct. Unsecured investors of Etoys have sued Goldman Sachs for breach of contract, fraud, and breach of fiduciary duty for underpricing their stock and for receiving kick-backs from their customers.
www.newratings.com/analyst_news/article_879149.html
September 6, 2003
Ex-Goldman economist sued for insider trading
By Jonathan Fuerbringer
A former senior economist at Goldman Sachs in the US was indicted on Friday for insider trading, fraud, perjury and other charges in connection with the purchase of about $US318 million of 30-year bonds and bond futures minutes ahead of the Treasury's announcement in 2001 that it was ending the sale of 30-year bonds.
www.smh.com.au/articles/2003/09/05/1062549026468.html?from=storyrhs
Are Taxpayers Goldman Sachs' Santa Claus?
News Type: Opinion — Mon Dec 18, 2006 1:23 PM EST
If you haven't heard the news yet, Goldman Sachs is paying out $16 billion in Christmas bonuses to their traders and deal brokers this year. That's an extraordinarily large slush fund and it seems that business that good really doesn't need help from the taxpayers but they get it. The question is why?
The links are below but from the 2005 reports on the lower Manhattan rebuilding efforts here are the facts quoted from then Governor Pataki(R) about the reconstruction at ground zero. "As incentive for the tower's construction, the state and city offered Goldman Sachs a $115 million incentive package that includes $25 million in Job Creation and Retention Program funds and sales-tax exemption on construction costs and equipment purchases. The company also was given more than $1.6 billion in Liberty Bonds -- part of the federal government's $20 billion aid package to New York following 9/11."
pameladrew.newsvine.com/_news/2006/12/18/486907-are-taxpayers-goldman-sachs-santa-claus-
Briefing: 13 finance firms sued over short-selling fees
Bloomberg News
Monday, December 4, 2006
NEW YORK: 13 finance firms sued over short-selling fees
Morgan Stanley, Goldman Sachs, Merrill Lynch, J.P. Morgan Chase and nine other financial firms have been accused in a lawsuit of conspiring to rig the fees charged to short-sellers.
In a class action filed in federal court in New York on Friday, two short-sellers claimed that the 13 firms conspired to charge excessive fees for certain "hard-to-borrow" stocks, in violation of antitrust laws. The defendants locate, borrow and deliver stocks involved in most short sales, the complaint said.
The plaintiffs, Forza Capital Management and BHL Capital Partners, have not specified the damages they seek.
www.iht.com/bin/print.php?id=3776578
THE REGENTS OF THE UNIVERSITY OF
CALIFORNIA and NATHANIEL PULSIFER,
TRUSTEE OF THE SHOOTERS HILL
REVOCABLE TRUST, On Behalf of Themselves
and All Others Similarly Situated,
Plaintiffs,
vs.
MILBANK, TWEED, HADLEY & McCLOY
LLP, ANDREWS & KURTH L.L.P., THE
GOLDMAN SACHS GROUP, INC., and
GOLDMAN SACHS & CO.,Defendants.
COMPLAINT FOR VIOLATIONS OF THE SECURITIES LAWS
1. This is a securities class action on behalf of purchasers of Enron Corporation’s
(“Enron” or the “Company”) publicly traded equity and debt securities between 10/19/98 and
11/27/01 (the “Class Period”)1 against:
(a) Milbank, Tweed, Hadley & McCloy LLP;
(b) Andrews & Kurth L.L.P.;
(c) The Goldman Sachs Group, Inc. and Goldman Sachs & Co.
2. Each of the defendants sued for fraud engaged or participated in the implementation
of manipulative devices to inflate Enron’s reported profits and financial condition, made or
participated in the making of false and misleading statements and participated in a scheme to defraud
or a course of business that operated as a fraud or a deceit on purchasers of Enron’s publicly traded
securities between 10/19/98 and 11/27/01.2
www.universityofcalifornia.edu/news/enron/jan04complaint.pdf
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
________________________________________
:
VULCAN INTERNATIONAL CORPORATION, :
: CIVIL ACTION NO.:
: 99 Civ. (03023)
Plaintiff, :
:
v. :
: CLASS ACTION COMPLAINT
THE GOLDMAN SACHS GROUP, L.P.; :
GOLDMAN, SACHS & CO.; :
MORGAN STANLEY & CO. INCORPORATED; :
COWEN & COMPANY; SCHRODER & CO. INC.; :
AMF BOWLING, INC.; RICHARD A. FRIEDMAN; : JURY TRIAL DEMANDED
and DOUGLAS J. STANARD, :
:
Defendants.
securities.stanford.edu/1011/PIN99/001.html
Treasury Nominee Hank Paulson Needs to Answer Some Questions
by Steven Milloy (More by this author)
Posted: 06/13/2006
There are many unanswered questions that the Senate Finance Committee ought to pose to Treasury Secretary nominee Henry Paulson during his confirmation hearing.
Key inquiries should involve an unusual land deal Paulson oversaw while simultaneously serving as chairman and CEO of Goldman Sachs and as vice chairman and, later, chairman of The Nature Conservancy (TNC), which is an environmental group that acquires private lands to place them permanently off-limits to commercial and residential uses.
www.humanevents.com/article.php?id=15481
Insurance Companies Offer $67 Million Settlement
By Amy Beth Hanson
July 16, 2004
Insurance companies covering former Montana Power Co. directors and officers have offered to pay $67 million to settle a shareholders' lawsuit over the sale of the utility's assets, attorney Frank Morrison Jr. confirmed July 13.
The settlement offer "is a small step, but a very significant one because it shows the credibility of our case,'' Morrison said. "If we weren't right about this, they wouldn't have paid us 90 percent of their insurance coverage.''
Shareholders sued Montana Power Co., the investment firm Goldman Sachs Group Inc., and the New York law firm Milbank, Tweed, Hadley & McCloy LLC. The suits claimed the sale was illegal because it was done without shareholder approval.
"They didn't go to shareholders until the last part,'' Morrison said.
www.insurancejournal.com/news/west/2004/07/16/44057.htm?print=1
Goldman IPO Practices Unfair, Says Congress
Oct 3, 2002 | USA Today
Goldman Sachs awarded shares in hot initial public offerings to senior executives at 21 companies at the same time the companies were directing lucrative investment banking business to the brokerage firm, according to documents examined by congressional investigators.
www.yourlawyer.com/articles/read/2189
SEC, NYSE, NASD Fine Five Firms
Total of $8.25 Million for Failure
To Preserve E-Mail Communications
FOR IMMEDIATE RELEASE
2002-173
Washington, D.C., December 3, 2002 — The Securities and Exchange Commission, the New York Stock Exchange and NASD today announced joint actions against five broker-dealers for violations of record-keeping requirements concerning e-mail communications. The firms consented to the imposition of fines totaling $8.25 million, along with a requirement to review their procedures to ensure compliance with record-keeping statutes and rules.
www.sec.gov/news/press/2002-173.htm
By Keith Regan
E-Commerce Times
Part of the ECT News Network
04/29/05 10:42 AM PT
According to the lawsuit, Goldman Sachs offered eBay executives early access to IPO shares of technology companies between 1999 and 2001. That practice is known as "spinning" and has been used by investment banks to reward their best clients. The practice of spinning shares was banned in 2003 but was legal before that.
www.linuxinsider.com/story/42745.html
Posted on Thu, Dec. 07, 2006
Supreme Court to hear IPO lawsuit against Wall Street firms
WASHINGTON (AP) - The Supreme Court agreed Thursday to consider a lawsuit against major Wall Street firms accused of conspiring to manipulate prices on newly issued shares during the stock market boom of the 1990s.
www.siliconvalley.com/mld/siliconvalley/business/technology/16187468.htm?source=rss&channel=siliconvalley_tech
MORE,
tinyurl.com/22klrx