Did Goldman Sachs Manipulate Markets?

Reading Time: 2 minutes [Update below – Ed.] Over Independence Day weekend, Sergey Aleynikov, a former Goldman Sachs computer programmer, was arrested by the FBI for allegedly stealing the firm’s high-speed stock- and commodities-trading programming code and uploading it to an unidentified Web server in Germany. At Aleynikov’s July 4 bail hearing, Joseph Facciponti, an assistant U.S. Attorney, told Read More

Citigroup’s Bogus Profits

Reading Time: 2 minutes Remember how Citigroup’s reported $1.6 billion first-quarter profits sparked a rally in financial stocks? Martin Weiss of Weiss Research Inc. thinks Citigroup really suffered a $2.5 billion loss: Citigroup’s $1.6 billion in first-quarter profit would vanish if accounting were more stringent, says Martin Weiss of Weiss Research Inc. in Jupiter, Florida. “The big banks’ profits Read More

Treasury’s Shadowy Bid to Bilk Taxpayers

Reading Time: 2 minutes The banks that received money under the Treasury’s Troubled Asset Relief Program also granted stock warrants so that taxpayers could capitalize on the risk of investing their money. Bloomberg reports that the Treasury is well on its way to screwing taxpayers on the deal: Banks negotiating to reclaim stock warrants they granted in return for Read More