Thursday, June 29, 2017

Tag: Goldman Sachs

Can Corporate Raider Wilbur Ross Deliver on Trump’s Blue-Collar Promises?

Trump's pick for commerce secretary has a track record of saving American jobs. Whether he can bring many back to the Rust Belt remains to be seen. A decade ago, cheap Chinese cloth was hammering American textile makers. Companies like Burlington Industries and Cone Mills, two big U.S. makers of...

Swamp or no swamp, Goldman swims on

The investment bank’s network reaches the White House, again. Consider just this very partial list: Henry Fowler, Robert Rubin, and Hank Paulson, former US Treasury secretaries. Mark Carney, governor of the Bank of England. Mario Draghi, European Central Bank president. Malcolm Turnbull, prime minister of Australia. Bill Dudley, president of...
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Michael Hudson on the Orwellian Turn in Contemporary Economics

Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Killing the Host (2015), The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire...

The Nation’s Biggest Banks Have Gotten a $130 Billion Boost from Trump Win

Biggest winner: Bank of America. Donald Trump and the big banks appears to be this year’s biggest story of unrequited love. While Trump has accused Wall Street of trying to ruin the country on the election trail, investors banking on the fact that the next president will be good for nation’s...

Main Street Champion Trump Turns to Wall Street to Fill Treasury Post

President-elect Donald Trump won the White House by promising supporters he was an outsider who was not beholden to special interests on Wall Street. But it didn’t take long for him to look to lower Manhattan for help. According to CNBC, Trump is considering JPMorgan Chase chief Jamie Dimon as...

Donald Trump Recruits Corporate Lobbyists to Select His Future Administration

As Donald Trump finishes his campaign with a promise to break the control of Washington by political insiders, his transition team is preparing to hand his administration over to a cozy clique of corporate lobbyists and Republican power brokers. “Our movement is about replacing a failed and corrupt political establishment with a...
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Meet the Renegades: Michael Hudson

With every major financial recovery since the second World War beginning in a place of greater debt than the one before it, how could we not have foreseen the financial crisis of 2008? In this episode of Meet the Renegades, economics professor and author, Michael Hudson argues we did. How could...

Wikileaks Provides An Update On The Assange Internet Outage

It seems that the Obama administration's efforts to save the presidential candidacy of Hillary Clinton is finally starting to yield tangible results as WikiLeaks just provided the following update that Julian Assange was cut off from using the Internet at the Ecuadorian embassy in London effective Saturday evening. We can...

Understanding Deutsche Bank’s $47 Trillion Derivatives Book

Size of figure can be misleading, but some of those assets are hard to value, stoking concern among investors. Shares in Deutsche Bank AG have fallen by more than 48% this year amid concerns that the lender faces a hefty fine from the Justice Department and as its core lending...

Banks to Need Billions More Capital in Tests Under Fed Plan

Wall Street would have to come up with billions of dollars in additional capital in a proposed revamp of the Federal Reserve's annual stress tests that could also scrap some provisions that lenders have criticized. As the Fed has signaled for months, it is considering changes that would raise the...

Washington Tries to Break BRICS – Rape of Brazil Begins

Washington's regime change machinery has for the time being succeeded in removing an important link in the alliance of large emerging nations by railroading through a Senate impeachment of the duly elected President, Dilma Rousseff. On August 31 her Vice President Michel Temer was sworn in as President. In...

Bayer Clinches Monsanto Deal for $66 Billion With Fourth Bid

Bayer AG agreed to buy Monsanto Co. in a deal valued at $66 billion, winding up four months of talks to create the world’s biggest supplier of seeds and pesticides. Bayer will pay $128 a share in cash, the company said in a statement Wednesday. The bid -- this year’s...

Trump’s Top Fundraiser Eyes the Deal of a Lifetime

Steven Mnuchin might have a shot at Treasury secretary, but his Wall Street pedigree makes him the type Donald Trump fans love to hate. Until one Tuesday in April, Steven Mnuchin's life had been ordered meticulously. The son of a Goldman Sachs partner, he was publisher of the Yale Daily...

A Call to Keep The Fed’s Balance Sheet

Using the balance sheet to promote stability and scrapping the zero lower bound are among the fresh ideas. Another Jackson Hole economic symposium has come and gone. Fed Up, a group that's pushing for lower rates and asking the Fed to pay more attention to minorities and workers, is thrilled...

The Last Known Gold Mine

Gold is one of the rarest elements in the world, making up roughly 0.003 parts per million of the earth's crust. (For some perspective, one part per million, when converted into time, is equivalent to one minute in two years. Gold is even rarer than that.) If we took...

Europe’s Future Will Be Decided at a Quaint Renaissance Italian Bank

Italy's third largest bank needs a bailout. What happens next could mean a revolution in Rome – or in Brussels. Italy's Banca Monte dei Paschi di Siena would seem to be the archetype of a good, locally based, non-exploitative financial institution. The oldest bank in the world, with headquarters located...

Meet the Motley Crew Charged With Seeing Britain Out of the EU

The new government has no fewer than five officials appointed to implement the Brexit. And no one — including them — knows how they’re going to do it. The prime minister who took power because of the Brexit just formed a cabinet shaped by the Brexit — but it’s not...

Pound sterling could slide below $1.20 because of Brexit, Goldman Sachs warns

Analysts have said the pound still has further to slide. The pound fell as low as $1.28 against the dollar in overnight trading after warnings about the financial stability of the UK after Brexit spooked investors. Sterling was trading at $1.29 in mid-morning trading on Tuesday, down 0.63 per cent on...

Saudi Arabia said to weigh bond sale of up to US$15b

Saudi Arabia is considering selling as much as US$15 billion of bonds this year in what would be the country's first foray into international capital markets, people with knowledge of a matter said. Encouraged by Qatar's record issue last week, Saudi Arabia is weighing a sale of at least...

Brazil’s Democracy to Suffer Grievous Blow as Unelectable, Corrupt Neoliberal Is Installed

In 2002, Brazil's left-of-center Workers’ Party (PT) ascended to the presidency when Lula da Silva won in a landslide over the candidate of the center-right PSDB party (throughout 2002, “markets” were indignant at the mere prospect of PT’s victory). The PT remained in power when Lula, in 2006, was re-elected in...

Seven big banks settle U.S. rate-rigging lawsuit for $324 million

Seven of the world's biggest banks have agreed to pay $324 million to settle a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market. The settlement made public on Tuesday, which requires court approval, resolves antitrust claims against Bank of America...

To See the Real Story in Brazil, Look at Who Is Being Installed as...

It’s not easy for outsiders to sort through all the competing claims about Brazil’s political crisis and the ongoing effort to oust its president, Dilma Rousseff, who won re-election a mere 18 months ago with 54 million votes. But the most important means for understanding the truly anti-democratic nature of...

Deutsche Bank Turns on the Gold-fix Cartel

Deutsche Bank, Germany’s once-respected giant bank, has admitted being a party–together with a cartel of major Wall Street and select other international banks–in deliberately manipulating the price of gold over a period of years. As well, the German bank, in a court settlement with litigants in a US court,...

Oil Freeze: Everything You Need to Know About the Doha Summit

Nations representing almost 60 percent of the world’s oil production will gather in Doha on April 17 to discuss freezing their output at January levels in an effort to stabilize prices. Russia, Saudi Arabia, Qatar and Venezuela made a preliminary deal in February and are seeking to add more...

Temer eyes Goldman banker, investor for Brazil economic team: sources

Brazil's Vice President Michel Temer is considering a senior executive at Goldman Sachs Group Inc and an experienced money manager as candidates to join his economic team should he take over the presidency in coming weeks, two people familiar with the matter told Reuters on Friday. Paulo Leme, the chairman...

Oil Drillers Feel the Pain as Banks Slash Their Credit Lines

Chesapeake Energy Corp., the deeply indebted shale producer, said this week that it can hang on to its $4 billion bank line as long as it posts just about everything it owns as collateral. Many of its competitors are faring far worse. Almost two years into the worst oil bust...
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Days of Revolt: How We Got to Junk Economics

In this episode of teleSUR’s Days of Revolt, Chris Hedges interviews economist Michael Hudson on the history of classical economics and explores Marx’s interpretation of capitalism as exploitation. CHRIS HEDGES: Hi, I’m Chris Hedges. Welcome to Days of Revolt. Today in a two-part series we’re going to be discussing a...

When Donald Trump Needs a Loan, He Chooses Deutsche Bank

Despite some clashes, the Republican front-runner has been a regular client of the German lender. One of Donald Trump's closest allies on Wall Street is a now-struggling German bank. While many big banks have shunned him, Deutsche Bank AG has been a steadfast financial backer of the Republican presidential candidate’s business...

Brazil Needs A Stronger Currency Like It Needs A Hole In The Head, Goldman...

To say that the last seven days have been tumultuous in Brazil would be a laughable understatement. The country - which is on the fast track to “banana republic” status - plunged into chaos this week after a Sao Paulo state judge said a decision on the arrest of former...

Here’s What Happens if Britain Dumps the EU

A Brexit could make the U.K.'s special relationship with the United States a lot less special. The death of London as a financial center. A trade war between Germany and Britain. The possible collapse of a historic trade deal. When British voters head to the polls this summer to decide...

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