Chanting and cheering down Wall Street on Saturday to mark six months since the birth of the Occupy movement, some protesters applauded the Goldman Sachs employee who days ago gave the firm a public drubbing, echoing the movement's indictment of a financial system demonstrators say is fueled by reckless greed.
Shares of Goldman Sachs Group Inc. plunged 9 percent today after word that the Justice Department had opened a criminal investigation of the Wall Street powerhouse over mortgage securities deals it arranged.
The government is accusing Wall Street powerhouse Goldman Sachs & Co. of defrauding investors in its disclosures about securities it sold tied to subprime mortgage securities as the housing market was faltering.
Americans are furious and "have a right to be" about the hefty bonuses banks paid out after getting billions of dollars in federal help, the chairman of the Financial Crisis Inquiry Commission told chief executives of four major banks this morning.
Daniel Wagner and Jim Kuhnhenn
, January 13, 2010
Some of New York's biggest companies, including Wall Street giants Goldman Sachs and Citigroup, received doses of swine flu vaccine for at-risk employees, drawing criticism that the hard-to-find vaccine is going first to the privileged.
The chairman of the panel that oversees the $700 billion federal bailout fund said this morning that the Obama administration is insisting on slashing the salaries of executives of companies that took money from the government. The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
Citigroup Inc., one of the biggest recipients of government bailout money, gave employees $5.33 billion in bonuses for 2008, New York's attorney general said today in a report detailing the payouts by nine big banks.
The department said today the banks, which were not named, will be allowed to repay the money they received from the $700 billion Troubled Asset Relief Program created by Congress last October at the height of the financial crisis.
American International Group Inc. used more than $90 billion in federal aid to pay out foreign and domestic banks, some of whom had received their own multibillion-dollar U.S. government bailouts. The embattled insurer's disclosure on Sunday came amid outrage on Capitol Hill over its payment of tens of millions in executive bonuses, and followed demands from lawmakers that the names of trading partners who indirectly benefited from federal aid to AIG be made public.
View your ad here! Cost effective targeted advertising. Contextual advertising starting as low as $79/month. This includes targeted ad delivery and search results! Add your business to the Marketplace »