Following a massive second-quarter loss of $1.6 billion, Capmark Financial Group, a lender owned by Goldman Sachs and KKR & Co, among other companies, has filed for bankruptcy protection. As of June 30, Capmark had consolidated debt of around $21 billion and assets of $20.1 billion.
Capmark is one of the largest commercial real estate finance companies in the United States with more than $10 billion in originations. The company, formerly known as GMAC Commercial Holding Corp., controls more than $360 billion in debt and has struggled due to the rapid increase of the default rate on commercial mortgages held by …read more

To Americans that are struggling to make a living, the outrageous amounts of money that Wall Street executives receive in the form of salaries and bonuses seem excessive and unnecessary. However, Brian Griffiths, an international adviser for Goldman Sachs, has stated that such high executive compensation is helpful to all Americans.
Goldman Sachs is getting ready for a year that will see the company set aside an almost record-setting amount of money for the compensation of its executives. $16.7 billion will go to Goldman employees, an amount that increased 46 percent from a year earlier and one that is enough for …read more

Goldman Sachs Group Inc. executive Adam Storch has been tapped by the Securities and Exchange Commission to serve as its chief operating officer of the enforcement division. Storch will be the first person to ever hold the position as the SEC continues to shift its personnel in order to enhance its operations.
Robert Khuzami, the SEC’s Enforcement Division Director, announced earlier this year that his division would be undergoing a major restructuring effort, one that included the creation of Storch’s new post. Storch’s responsibilities will include overseeing the division’s budget, information technology, and administrative services. He will also be in charge …read more

Financial giant Goldman Sachs has gotten plenty flak from the public outrage over its role in initiating the financial crisis that has made life difficult for so many Americans. For the most part, Goldman Sachs has taken the criticisms of its greed and recklessness in stride.
However, chief executive Lloyd Bankfein has asserted that Goldman Sachs did not get any special treatment by the government to counter several suggestions that it did.
A variety of Goldman Sachs executives have gone on to hold top-tier positions in the United States government, such as Treasury Secretary Hank Paulson, who was once a Goldman CEO. …read more

John Stewart describes how the rest of us support big banks.

Goldman Sachs got a lot of help from a friend in a very high place.

Banks are profiting in this recession.

For the fourth straight day, the stock market finished the day in the positive. However, compared to the previous three days, Tuesday’s gains were minimal.
While strong news from the national housing industry helped some stocks, a number of financial institutions saw their stock prices drop substantially. For example, Goldman Sachs fell $1.20, American Express dropped nearly $1.30 and JP Morgan was down by more than $1.60.
Overall, the stock indexes showed that the market moved in the right direction. The Dow Jones industrial average was up 0.2% to finish Tuesday at 8.740.9. The S&P’s 500 was also up 0.2%, while the …read more

Thanks to good news coming out of the banking industry, Tuesday saw the stock market rally after a slow start. Many experts are saying Timothy Geithner, the Unites States Secretary of the Treasury, played a vital role in increases confidence in the nation’s banks.
By the end of the trading period, the Dow Jones industrial average was at 7,969.6 — up nearly 1.7% on the day. NASDAQ was up 2.2% to 1,643.9, Russell 2000 was up nearly 4% to 470.1 and the S&P’s 500 was up approximately 2% to 850.1.
On Monday, banks suffered mightily on the stock market. On Tuesday, they …read more

I was reading a MarketWatch article about how Goldman Sachs avoided the brunt of the bailout misfortune and has emerged even better. Better positioned, that is, since its field of competitors has undergone some shrinkage. 
Many reporters will point to Hank Paulson as the reason for Goldman’s uncanny success since he served as CEO of the bank until 2006. Hmmmm…
Eliot Spitzer weighed in Goldman’s dealings over the weekend, saying that the “web between AIG and Goldman Sachs” should be explored.
He was referring to the $12.5 billion payment that Goldman received from AIG and the fact that other banks were not so fortunate.
With …read more