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Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
Under the Volcker Rule setup during the global financial crisis of 2008-2009, banks total investments in private equity, hedge funds and similar higher risk funds cannot exceed 3% of high quality capital. During the financial crisis investment banks were highly leveraged leading to the collapse of Bear Stearns and Lehman Brothers, and the precarious financial condition of other banks. Goldman has pared down about 60% of such investments. Remaining are $4.8 billion in private equity investments, $1.2 billion in real estate, and about $1.1 billion in both credit and hedge funds. Regulators have given the bank till July 2017 to comply. As banks recovered from the impact of the crisis, the tearing of the social fabric that happened with high unemployment in some groups especially older white men, has remained six years after the crisis- as evident in the U.S. election campaigns this year. As a result the mood has shifted for tighter regulation and both party platforms, Republican and Democratic, now call for reinstatement of the Glass Steagall Act, which separated commercial banking from investment banking as part of the lessons learned from the Great Depression. Volcker, was chairman of the U.S. Federal Reserve during the Carter administration, known for taking a tough line against inflation. He was the principal driver of the move to restrict banks from risky activity, and faced considerable opposition from banks during the 2009-2013 period when the rule was being formulated.
Implementation of the Volcker Rule in 2016-2017- Goldman Sachs and regulatory requirements for divesting $7 billion in private equity and hedge fund investments by July 2017
08/04/2016
Grouped Articles
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
Goldman Sachs No. 2 Seen as a Top Economic Adviser to Trump
The New York Times 12/09/2016
The U.S. Volcker Rule for bank regulation in its final form- Dec. 2013
12/05/2013
The U.S. Volcker Rule for banks in its final form does not allow portfolio hedging that creates new risks.
Grouped Articles
Volcker Rule Won't Allow Banks to Use 'Portfolio Hedging'
Wall Street Journal 12/05/2013
The Volcker rule is nearly finished. Here’s how we’ll know if it’s good. | Wonkblog
Washington Post 12/07/2013
Near a Vote, Volcker Rule Is Weathering New Attacks
New York Times 12/08/2013
Regulators Set to Approve Tougher Volcker Rule
New York Times 12/09/2013
What Wall Street is looking for in the Volcker rule - The Washington Post
Washington Post 12/09/2013
Volcker Trims the Banking Hedge
Wall Street Journal 12/10/2013
Enforcing the new Volcker Rule in 2014-
12/14/2013
Grouped Articles
New York Times 12/14/2013
Regulators Alter Volcker Rule on Some Debt
Wall Street Journal 01/15/2014
Fed Gives Banks More Time to Sell Private-Equity, Hedge-Fund Stakes
Wall Street Journal 12/19/2014
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
Goldman Sachs and the "Volcker Rule"
10/12/2011
Grouped Articles
Volcker Rule Might Just Be Kabuki Theater
Wall Street Journal 10/12/2011
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
The Volcker Rule on Bank Risks Approaches Its Final Edits
New York Times 12/03/2013
Regulators Set to Approve Toughened 'Volcker Rule'
Wall Street Journal 12/04/2013
At Goldman Sachs, Stress Test Results Could Endanger an Important Profit Source
New York Times 03/08/2015
Goldman Readies Fund Business for 'Volcker'
Wall Street Journal 02/07/2013
Glass Steagall, the "Citigroup Authorization Act," and Sanford Weill
01/15/2009
Sanford Weill pushed hard for repeal of the Glass Steagall Act, so much so that the legislation to repeal it was called the Citigroup Authorization Act. Weill said in July 2012 that the times had changed and he regretted repeal of Glass Steagall. He called for a breakup of the biggest banks because the experience of the housing bubble and the financial crisis had proved that this posed too many risks.
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
New York Times 04/10/2009
Wall Street Journal 07/15/2014
Big-Bank Pioneer Now Seeks Breakup
Wall Street Journal 07/25/2012
Sandy Weill Regrets Breaking Glass
Wall Street Journal 07/26/2012
Weill Calls for Splitting Up Big Banks
New York Times 07/25/2012
Letters to the Editors of the Wall Street Journal on the trading losses at JP Morgan Chase, the Volcker Rule and Glass-Steagall repeal
04/10/2009
Losses at Societe Generale by a single trader with losses over $7 billion in 2010, followed by a novice traders loss of $2 billion at UBS in 2011, and the ongoing loss at Chase of $2 billion in 2012, point to the dangers facing the banking systems in Europe and the U.S. without adequate regulatory oversight over risktaking by banks.
Grouped Articles
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
The Volcker Rule on Bank Risks Approaches Its Final Edits
New York Times 12/03/2013
New York Times 04/10/2009
The Lessons of JPMorgan's Trading Loss
New York Times 05/14/2012
Hedge or Bet? Parsing the J.P. Morgan Trade
Wall Street Journal 05/16/2012
Wall Street Journal 05/18/2012
Excessive leverage, off balance sheet accounting and the financial crisis of 2008
01/02/2009
Grouped Articles
Wall Street Journal 12/21/2010
Role of Auditors in Crisis Gets Look
Wall Street Journal 12/23/2010
Financial Crisis Was Avoidable, Inquiry Concludes
New York Times 01/25/2011
In Financial Crisis, No Prosecutions of Top Figures
New York Times 04/14/2011
Federal Agencies' Responses on Enforcement Actions
New York Times 04/14/2011
Red Flags on NovaStarâs Mortgages Were Unheeded
New York Times 05/21/2011
A changing Goldman Sachs in 2011-2013 takes on less trading risks
07/20/2011
Grouped Articles
This Trend Is No Friend to Goldman
Wall Street Journal 04/17/2013
Wall Street Journal 07/23/2013
Fall in Revenue at Goldman Sachs Raises Concerns
New York Times 10/17/2013
Exit Shows Blankfein Still Rows Goldman
Wall Street Journal 10/22/2013
A Moot Effort to Burnish the Reputation of Goldman Sachs
New York Times 10/23/2013
Goldman Dances to the New Street Beat
Wall Street Journal 12/18/2013
Goldman Sachs in the global financial crisis of 2008-2009
04/01/2010
Grouped Articles
BusinessWeek 04/01/2010
New York Times 04/17/2010
New York Times 04/17/2010
Paulson, Looking to Go Short on Mortgages, Found a Willing Partner
Wall Street Journal 04/17/2010
Trader Seized on Mortgage-Security Boom
Wall Street Journal 04/17/2010
U.S. Charges Goldman Sachs With Fraud
Wall Street Journal 04/17/2010
Goldman Sachs $835 million loan to Banco Espirito Santo of Portugal before its collapse
01/20/2015
Grouped Articles
Inside Goldman Sachs’s Loan to Banco Espírito Santo
Wall Street Journal 01/20/2015
At Goldman Sachs, Stress Test Results Could Endanger an Important Profit Source
New York Times 03/08/2015
Goldman Sachs Wants to Make More Giant Loans
Wall Street Journal 01/20/2016
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
Goldman Sachs efforts to correct errors from the period before 2009 and improve its image
07/23/2013
Grouped Articles
Wall Street Journal 07/23/2013
Exit Shows Blankfein Still Rows Goldman
Wall Street Journal 10/22/2013
A Moot Effort to Burnish the Reputation of Goldman Sachs
New York Times 10/23/2013
Goldman Sachs, Buying Redemption
New York Times 10/26/2013
Goldman Seeks to Improve Working Conditions for Junior Staffers
Wall Street Journal 10/29/2013
Fed Launches Review of Practices for Supervising Big Banks
Wall Street Journal 11/20/2014
Impact of the passing of the Volcker Rule on banks in 2014
12/17/2013
Grouped Articles
Volcker Rule Shows Its Wide Reach
Wall Street Journal 12/17/2013
Regulators Alter Volcker Rule on Some Debt
Wall Street Journal 01/15/2014
New Regulations Leave Buyout Shops Out on Their Own
Wall Street Journal 02/10/2014
Fed Gives Banks More Time to Sell Private-Equity, Hedge-Fund Stakes
Wall Street Journal 12/19/2014
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
The Volcker Rule in 2011-2012 - implementation of the spirit of the Volcker Rule
07/09/2010
A drafting of the Volcker Rule to ensure compliance to the ideas that motivated former Fed chairman Volcker to suggest the rule.
Grouped Articles
Volcker Plans to Restore Faith in Government
New York Times 05/29/2013
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
Paul Volcker Pushes for Reform, and Regrets His Past Silence
New York Times 07/09/2010
The Volcker Rule on Bank Risks Approaches Its Final Edits
New York Times 12/03/2013
Regulators Set to Approve Toughened 'Volcker Rule'
Wall Street Journal 12/04/2013
New York Times 12/14/2013
Private Equity and the Volcker Rule
02/10/2014
Grouped Articles
New Regulations Leave Buyout Shops Out on Their Own
Wall Street Journal 02/10/2014
Fed Gives Banks More Time to Sell Private-Equity, Hedge-Fund Stakes
Wall Street Journal 12/19/2014
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
The 2016 Republican and Democratic party platforms that call for reinstatement of Glass Steagall Act and changes in trade negotiations to put America first
07/20/2016
The Republican platform for 2016 is very different than the 2012 platform. The word deficit when it occurs is for trade deficit not fiscal deficit. Under both parties tougher regulation for banks with memories of the 2008 crisis and how it hurt ordinary Americans, The same for trade and the way it has hurt Americans in manufacturing- new trade negotiations will be tougher, companies in the domestic market will have better terms and exporters will face tougher environment overseas.
Grouped Articles
What the New GOP Means for Wall Street
WSJ 07/19/2016
Fact-Checking Donald Trump’s Remarks on Taxes, Debt and Crime
WSJ 07/22/2016
Hillary Clinton’s New Democrats
The New York Times 07/26/2016
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
More Wealth, More Jobs, but Not for Everyone: What Fuels the Backlash on Trade
The New York Times 09/28/2016
Bernie Sanders voters look for a path forward
CNN 10/21/2016
The perverse effects of lobbying in damaging the public interest.
04/10/2009
Finance industry lobbying, with $300 million alone spent to repeal the Glass Steagall Act which kept banks from getting involved in the securties business, is having the effect of making changes without the due diligence and care necessary for changing legislation that had deep reason embedded in experience during the Great Depression. Citigroup's failure is a result of its involvement in the securities business, and it was a principal backer for the repeal. Similar situation is playing out in the U.S. health-care area which has overtaken the finance industry in money spent for lobbying. Lobbying of this magnitude is having distortional effects on national priorities on necessary regulation, and on creating sustainable economical systems for health care in health care laws.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
New York Times 04/10/2009
Finance Lobby Cut Spending as Feds Targeted Wall Street
Wall Street Journal 07/02/2009
New York Times 07/20/2009
New York Times 07/20/2009
Doctors' Payments Snag Health Bill
Wall Street Journal 07/20/2009
The Glass-Steagall Act, its repeal and "too big to fail" in 2011-2014
04/10/2009
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Soothing Words on 'Too Big to Fail' But With Little Meaning
New York Times 12/11/2013
New York Times 04/10/2009
Big-Bank Pioneer Now Seeks Breakup
Wall Street Journal 07/25/2012
Sandy Weill Regrets Breaking Glass
Wall Street Journal 07/26/2012
Weill Calls for Splitting Up Big Banks
New York Times 07/25/2012
Risky bank lending to private equity and hedge funds and higher leverage in the U.S. -2009-2010.
01/19/2009
The return to risky investments and lending of financial institutions in the USA, as the 2008-2009 financial crisis recedes after heavy government intervention.
Grouped Articles
Hedge Funders Are All a Little Nuts
Wall Street Journal 08/27/2013
A Recent Surge of Leveraged Loans Rattles Regulators
New York Times 11/04/2014
The Private Equity Firm That Grew Too Fast
New York Times 04/24/2015
Citadel’s Ken Griffin Leaves 2008 Tumble Far Behind
Wall Street Journal 08/04/2015
Wasted Opportunity: Hedge Funds Falter
Wall Street Journal 01/02/2016
Banks' Loans To Funds Are Back at Levels Before Crisis
Wall Street Journal 01/09/2010
How debt can suddenly sink firms as business swings lead to a drying up of business.
10/14/2008
It can happen to GM and Chrysler, and a near miss for Ford and Morgan Stanley. Goldman Sachs is only pretending that it did not have a near miss after Lehman's collapse. The same can happen to an architectural firm Yamasaki as corporate real estate market collapses in 2009. The volatility and nervousness in financial markets in 2008 that shut companies out of credit markets and led to the government led auto industry bailout with planned bankruptcy filings.
Grouped Articles
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
After a Financial Flood, Pipes Are Still Broken
New York Times 09/14/2013
Morgan Stanley Memo by John Mack
Wall Street Journal 10/14/2008
Anatomy of the Morgan Stanley Panic
Wall Street Journal 11/24/2008
Wall Street Journal 03/14/2009
Morgan Stanley Comes Up Golden
Wall Street Journal 07/22/2011
Goldman Sachs bank and conflicts of interest at the New York Federal Reserve during the 2008-2009 global financial crisis
05/04/2009
Grouped Articles
New York Fed Chairman's Ties to Goldman Raise Questions
Wall Street Journal 05/04/2009
Economist 05/07/2009
New Scrutiny of Goldman's Ties to the New York Fed After a Leak
New York Times 11/19/2014
Fed Launches Review of Practices for Supervising Big Banks
Wall Street Journal 11/20/2014
New York Fed Is Criticized on Oversight
New York Times 11/21/2014
Fed’s New Bank-Regulation Tune Should Be One Direction
Wall Street Journal 12/02/2014
Goldman Sachs and the March 2015 U.S. Federal Reserve Stress Tests- going backs to the lessons of the 2009 financial crisis
03/08/2015
Grouped Articles
At Goldman Sachs, Stress Test Results Could Endanger an Important Profit Source
New York Times 03/08/2015
Big Banks Struggle to Pass Fed’s ‘Stress Tests’
Wall Street Journal 03/13/2015
Revised ‘Stress-Test’ Plans at Goldman, Morgan Stanley Succeed
Wall Street Journal 03/13/2015
Beware the Silence of the Banks
Wall Street Journal 03/16/2015
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
Questions about the narrative about Hillary Clinton's honesty- not a natural politician like Bill Clinton, some gaffes, but no less honest than Bill
04/23/2016
The gaffes Benghazi, using a personal email server as Secretary of State, being labeled by Sanders as a shifty "progressive," speeches at Wall Street firm Goldman Sachs. Benghazi and Libya described by Obama as his biggest mistake, Clinton struggling to push back with Panetta, and Gen. Keane and Jones against Obama's policy error. The personal email server an error that did not compromise national security. An old progressive in the style of Bill Clinton, but focussed on getting things done and reaching accomodation to do this. Wall Street connections now rightly seen as letting lobbyists influence policy, yet unlikely to influence policy just as Heidi Cruz's work as a director of Goldman is less likely to influence Ted Cruz's policies. The campaign financing are part of politics that determines U.S. elections, and the U.S. campaign financing needs to learn from the British system that extends from the parliamentary elections to the referendum on membership in the European Union. The gap with young women voters more a result of young women having less experience with the discrimination issues of an older generation of women, according to Pew Trust surveys.
Grouped Articles
New York Times 04/23/2016
How Hillary Clinton’s Rocky 1993 Washington Debut Bred Her Political Caution
WSJ 07/27/2016
Bill Clinton Praises His Wife’s Feminine Side
The New York Times 07/27/2016
WSJ 07/27/2016
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
Donald Trump’s new team of billionaire advisers could threaten his populist message
Washington Post 08/05/2016
Goldman Sachs and U.S. regulators in 2015-2017- cutting risks in trading activity and private equity/hedge fund investments following the excessive leveraging of the 2008 financial crisis
08/04/2016
Stronger regulation takes shape through the efforts of Daniel Tarullo at the Federal Reserve and the LISSC. The situation with Goldman Sachs, one of the highly leveraged banks during the 2008 financial crisis still hoping to earn high profits with large trading activities.
Linked Articles
At Goldman Sachs, Stress Test Results Could Endanger an Important Profit Source
New York Times 03/08/2015
Goldman Sachs Not Sure It Can Sell Private-Equity Stakes
WSJ 08/04/2016
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