Lloyd Blankfein

Gartman Is No Longer Bearish

"We turned openly, but moderately, bearish of shares late last week and for a day or two we appeared to have been wise in our decision. Clearly that wisdom has waned rather materially in the course of the last two trading sessions and following the Fed’s non-decision yesterday we found ourselves covering in the calls we had written against our “tanker” shares as well as covering in some of the derivatives we had had in place, thus taking our net position in our retirement funds from one that was modestly net bearish to one that is nearly net market neutral."

This Is The Biggest Paradox Facing The Fed Ahead Of Its Rate Hike Decision

Here is the paradox as succinctly summarized by Deutsche Bank, which notes that the current -29% year-over-year drop in the CRB index implies YoY headline CPI inflation falling from 0.1% to -0.9% over the next couple of months, or just in time for the September or December FOMC meetings both proposed as the "lift off" date. This would be the largest year-over-year drop since September 2009 (-1.3%) and one of the lowest prints in modern history.

Was Greece Set Up To Fail?

What have the bailouts achieved? Well, the Greek economy is doing worse than ever, and the people are poorer than ever; and both have a lot more bad ‘news’ to come. The bailouts needed to be as big as they were to 1) successfully make the international banks ‘whole’ that had lent as much as they had into the Greek economy, 2) get the IMF involved, 3) and absolve the notorious -and cooperative- domestic oligarchy from any pain. And make all the usual suspects a lot more money in the process. It therefore doesn’t look at all unlikely that Greece was saddled with an artificially raised deficit, and that the intention behind that, all along, was to get the Troika ‘inside’ for the long run. So the country could be stripped of all its assets.

Blankfein Joins The Billionaire Bankers' Club

Just a little over a month after we learned that Jamie Dimon recently became a billionaire, Bloomberg reports that yet another TBTF CEO has joined the billionaire banker club and frankly, we’re surprised it took this long because after all, when you’re the CEO of the blood-sucking cephalopod that holds the political and financial fate of the world in its tentacles, it seems only right that you would have been a billionaire long before any other banker on the Street.

Goldman Sachs Rookie Analyst Almost Escaped Before Falling To His Death

Taibbi called Goldman "a great vampire squid wrapped around the face of humanity." This time, their victim was Sarvshreshth Gupta, a rookie analyst just 22 years old from the University of Pennsylvania. Gupta was found dead in a parking lot next to his apartment building on the corner of Sacramento Street and Brooklyn Place in San Francisco. He apparently fell from the building.After working 100 hours a week, he told his father, "This job is not for me." In March, he quit. However, like the crazy woman in Fatal Attraction, Goldman was not going to be ignored.

The "Revolving Door" Goes Full Retard: SEC Hires Goldmanite Who Previously Worked At The SEC

Just when you thought the US regulators may have finally become less tone deaf to the shame of the revolving door, especially following last year's latest scandal confirming Goldman runs the New York Fed (and every other central bank), here comes the SEC with an absolute shocker, not only proving once and for all that when it comes to regulatory capture, there is nobody in charge quite like Lloyd Blankfein, but unveiling what may have been the first ever double revolving door in SEC history, after the SEC announced it had hired as its new chief of staff a former Goldman worker who had previously worked at... the SEC. And with that the we have gone not only full circle but full retard as well.

Guest Post: Russia's Central Bank Governor Is Way Smarter Than Ours

It wouldn’t be a first, but it would certainly be a – bigger – shock. That is to say, the Bank of England hijacked the head of Canada’s central bank some time ago, but, while unexpected enough, that would pale in comparison to the US hiring the present razor sharp and fiercely independent Governor of the Russian central bank, Elvira Sakhipzadovna Nabiullina. It would still seem to be a mighty fine idea, though. Not that we think it will happen. Yellen is obviously neither; she’s a cog in a machine that huffs and puffs and pumps and dumps to make sure her overlords in the blissful world of US finance make ever more profit no matter how bad things get in American society.

Happy 6th Birthday: The Day FASB Folded & "Mark-To-Fantasy" Was Born

The captured corporate MSM is celebrating the six year anniversary of when the stock market bottomed in March 2009. They will spin a false narrative of Bernanke, Obama and Geithner saving the world with TARP, QE, and the $800 billion Porkulus bill. In fact, Bernanke and Geithner stopped the market from falling in March 2009 by threatening the accounting geeks at the FASB and forcing them to allow fraudulent reporting by the insolvent Wall Street banks. The crisis ended – precisely – on March 16, 2009, when the Financial Accounting Standards Board abandoned FAS 157 "mark-to-market" accounting, and Mark to fantasy was born.

Frontrunning: March 4

  • RBS to cut up to 14,000 jobs in investment banking unit (FT)
  • Doctors, patients scramble ahead of high court Obamacare decision (Reuters)
  • Rajan Cuts India Rates After Modi Agrees to Inflation Target (BBG)
  • Russia’s Putin Makes First Public Comments on Killing of Boris Nemtsov (WSJ)
  • House breaks impasse, passes security funding without provisions (Reuters)
  • How a 25-Year-Old Investor Spurred Lumber Liquidators’ Plunge (BBG)
  • Jeff Immelt’s Overhaul of GE Impeded by Falling Oil Prices (WSJ)
  • Sahara India Defaults on Luxury Hotel Loans From Bank of China (BBG)

As Jeb Bush Pounces On The Hillary Email Scandal, The Real Winner Is... Goldman Sachs

One person who was obviously delighted by the latest Clinton scandal is her main Republican competitors, Jeb Bush, whose camp on Monday was quick to pounce on the email scandal, while also invoking the farcical IRS Lois Lerner "excuse" that emails were lost due to failed hard drives: "Hillary Clinton should release her emails. Hopefully she hasn’t already destroyed them,” Bush spokeswoman Kristy Campbell said. But while one could ascribe victory to the Florida republican in this latest scrimish, the real victor of this spat between the so-called "left" and "right" is the firm that stand to benefit no matter who wins: Goldman Sachs.

Chelsea Clinton's Husband Suffers Massive Hedge Fund Loss On Greek Investment

Despite having Goldman Sachs CEO Lloyd Blankfein as an investor and being Bill and Hillary Clinton's son-in-law, Marc Mezvinsky (and two former colleagues from Goldman Sachs who manage Eaglevale Partners hedge fund) told investors in a letter sent last week they had been "incorrect" on Greece, helping produce losses for the firm’s main fund during two of the past three years. By 'incorrect' Chelsea Clinton's husband means the Eaglevale fund focused on Greece lost a stunning 48% last year and, as The Wall Street Journal reports, is impacting the overall returns of the roughly $400 million fund which has spent 27 of its 34 months in operation below its "high-water mark."

Goldman Tumbles On Worst FICC Revenue Since Lehman, Average Employee Comp Drops To 2012 Levels

The FDIC-backed hedge fund may have beaten on the EPS and top line, the reason why investors are less than excited, is because as the chart below shows, the trend is most certainly not the friend of either Lloyd Blankfein or Goldman's shareholders. The culprit: the one most important category, FICC revenue, was nothing short of the Jefferies-hinted disaster, and at $1.218 billion, it was not only a huge miss to expectations of $1.6 billion, but was 30% lower compared to a year ago, and is the lowest FICC revenue since Lehman.

Wall Street Heathens: How Their Greed And Gambling Became The Axe Of Statist Policy

Goldman head Lloyd Blankfein was completely wrong when he declared his firm was doing “god’s work”. That couldn’t be. In fact, Goldman and its principal competitors have become nothing less than the devils workshop during the modern era of Keynesian central banking instigated by Alan Greenspan. Greenspan’s “committee to save the world” did no such thing. What it did was bury the American middle class in debt, while massively outsourcing US goods production capacity to China and elsewhere in the EM.