Word: goldman
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Dates: during 2000-2009
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...coming. In the months leading up to the current market chaos, the short sellers have been on the prowl. But now the witch hunt has begun. The shorts nailed Lehman and Bear Stearns by betting that their shares would continue to fall. And now they have Morgan Stanley and Goldman Sachs in their sights, sparking speculation that the last two remaining go-it-alone investment banking giants may have to find a deep-pocketed commercial bank to partner up with. "What's happening out there? It's very clear to me - we're in the midst of a market controlled...
...Also on Thursday Britain said it will ban all short selling of financial stocks until at least next January, while New York Attorney General Andrew Cuomo announced that he was launching an investigation into complaints of short sellers spreading false rumors about targeted companies like Lehman Brothers, AIG, Goldman Sachs and Morgan Stanley...
...market. His view is supported by academics such as MIT's Paul Asquith, who has done extensive research on short sales. Asquith reviewed two years of data during which short trades were tracked by the SEC, and found that 30% of all trades are short sales. And outfits including Goldman and Morgan Stanley are no strangers to going short in their proprietary trading strategies. All the short sellers are going to do is make the market react faster, he says. "The question is, Can the short seller take a firm down? The answer is no. Not by themselves. If there...
...Paulson was nominated by President George W. Bush to assume the secretary's post in 2006 and unanimously confirmed by the U.S. Senate, replacing John Snow. Previously he had served as Chairman and CEO of investment banking giant Goldman Sachs from 1999 to 2006, during which he led the firm through a period of whopping growth. He embraced risk, taking on debt and betting big when the odds dictated it. Now he is charged with cleaning up the sizable mess left by an epidemic of risk-taking run amok...
Disillusioned by the administration's corruption, Paulson joined Goldman's Chicago office in 1974. His rise in the investment bank was meteoric (he made vice president within four years), and in 1998 he became co-CEO alongside current New Jersey Governor Jon Corzine. Paulson presided over the firm's immensely profitable IPO in 1999 - an offering to which he had long objected - and reaped the dividends immediately. Overnight, his holdings in Goldman rocketed from $95 million to $315 million. Though his ascent to Treasury Secretary in 2006 was by all accounts a promotion, it was nonetheless a sharp blow...