Thomas Montag, the former head of sales and trading in the Americas at Goldman Sachs Group Inc., called a set of mortgage-linked investments sold by his firm “one shi**y deal,” according to an excerpt from internal e-mails released by Senate lawmakers.
Goldman Sachs Group Inc. executives were grilled by U.S. senators probing the bank’s mortgage business as Senator Carl Levin asked why it sold a set of investments the lender had itself labeled “shitty.”
Bank of America Corp., the second- biggest U.S. lender, took in more investment-banking fees than larger rival JPMorgan Chase & Co. for the first time since acquiring Merrill Lynch & Co. during the financial crisis.
Bank of America Corp. ’s investment banking division set aside about 10 percent less for employee compensation than a year earlier as revenue slipped, said two people with direct knowledge of the decision.
Citigroup Inc. failed to persuade an appeals court to throw out a lawsuit that claims it lied about the riskiness of securities valued at almost $1 billion, as the world’s biggest banks continue to defend against allegations they misled investors in the run-up to the financial crisis.
RE: “Buffett and the Prince” June 2010 I’ve read many articles on Warren Buffett. It was fascinating to see how yours interwove the personalities. It makes me want to read more about both men. Dick Wendelburg, Big Canoe, Georgia RE: “Rebuilding the House of Cards” June 2010 Your article explained a lot about the credit industry. I’ll hang on to my American Express and be aware of the tricks and traps. If consumers are abused by banks, banks will lose the consumers. Charles Westfall, Chula Vista, California RE: “Estate-Tax Trap” June 2010 Under the federal estate-tax law that expired on Dec. 31, when a family business owner or farmer passed away, heirs paid the Internal Revenue Service 45 percent or more of the value of all assets above $3.5 million. In 2001, the rate was 55 percent on assets above $675,000. If Congress fails to act this year, the rate returns to 55 percent on Jan. 1, 2011, on assets above $1