Word: goldmans
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...practices what he preaches. Lured to Treasury from Goldman Sachs two summers ago by a President in need of domestic-policy credibility, Paulson has grabbed the rudder of a $14 trillion national economy churning its way through a maelstrom. There's always a danger in attributing too much economic impact to one government official, and Paulson certainly shares responsibility with Federal Reserve Chairman Ben Bernanke and Congress - and with his boss, President George W. Bush. But if there is one person whose actions right now will determine whether the combination of crashing house prices, struggling lenders and punishingly high energy...
...case unrelated to that of Levine, two weeks ago pleaded guilty to charges of insider trading and obstructing justice. In that turbulent climate, the Wall Street Journal stirred up instant thunder last week by claiming that unnamed investment bankers at the houses of Lazard Freres and Goldman Sachs were under SEC investigation in the Levine scandal. Officials at both firms promptly denied the report. One man that Government sources affirm is under investigation, however, is Robert Wilkis, 37, a former vice president at both Lazard Freres and E.F. Hutton. Wilkis resigned from his Hutton post earlier this month. While...
...took on the role of recapitalizing regional banks. Yet there's still no end to the crisis in sight. On July 11, U.S. regulators shut down IndyMac Bank, the second-largest largest financial institution to close in U.S. history. If current estimates are right and more losses are coming - Goldman Sachs says U.S. and European banks may need another $200 billion - where's the money going to come from to keep the financial system functioning...
...trading. European banks themselves say that most of the bad news is already out, and some - including Barclays, Crédit Agricole and the big Swiss banks - have raised billions of dollars in fresh capital to strengthen their balance sheets. That may not be enough: a recent report by Goldman Sachs estimated that European banks will have to raise a further $95-$140 billion in fresh capital. And in the event of another Northern Rock-style meltdown, all bets about the banks' stability - and Europe's economic resilience - will...
...line with demand is a step in the right direction, but hardly a cure-all. Morgan Stanley's Glass points to "deteriorating underlying trends," such as the slowing economy and stepped-up coffee competition from the likes of Dunkin Donuts and McDonald's. Steven Kron, an analyst at Goldman Sachs, pointed out in a research note that while short-term investors may be enthusiastic about store closings, long-term investors still need to know more about how broader business trends play out. He has made no change to 12-month price target. Starbucks still has a lot more work...