Word: goldmans
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Dates: during 2000-2009
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Meanwhile, a mastermind of one of the most elaborate insider-trading schemes in recent history remains on the lam. David Pajcin, a former Goldman Sachs analyst, pleaded guilty in 2006 of running a $6.7 million scam that authorities first detected when a retired underwear seamstress in Croatia earned $2 million in profit from a suspicious, two-day investment in Reebok. The 63-year-old, who did not own a computer, was Pajcin's aunt; he traded stocks in her name and in the name of an exotic dancer he was dating to escape scrutiny. In one ploy to glean inside...
...billion felt too small and $1 trillion politically impossible; one staffer, charged with justifying the figure, laughed "at the absurdity of it all." Sorkin's meeting-by-meeting account reveals just how close we came to any number of alternate realities: Morgan Stanley going bankrupt, AIG refusing government money, Goldman Sachs buying Wachovia. The detail is comprehensive and chilling, but the big picture is incomplete. The story of how the financial system arrived at such a brink and of the social and political fallout will have to be told by other books...
...With Goldman Sachs employees on track for their best bonus year ever, the investment bank's executives have been making the case that their bounty is good for all of us. "We contribute to growth," CEO Lloyd Blankfein said at a breakfast put on by FORTUNE. "Once the economy starts to turn, we get very involved." In a discussion about morality and markets at St. Paul's Cathedral in London, Goldman Sachs International vice chairman Brian Griffiths, a former adviser to Margaret Thatcher, described giant paychecks for bankers as an economic necessity. "We have to tolerate the inequality...
...shrewd business move. Competitors exploit that. But an alternative is quietly saying no and making sure to let your competitors know you are saying no so they can pile onto the policy of fiscal discipline. There are lots of other things you can give talent besides money. For years Goldman Sachs convinced people that their highest value was their connection to Goldman Sachs. And people hardly ever left the firm...
...Right. Money obviously means nothing to anyone at Goldman Sachs. A lot of people have sounded the death knell for print media, but you disagree. Why? People don't realize how much better a business it was to start with. The worst kind of business is the hit-driven business. One celebrity can hold up your entire enterprise. People are forever tricked into believing that somebody has the magic sauce and must be paid whatever they ask. Businesses such as newspapers, where the content is continuous and you're relying on the value of a franchise rather than a star...