And it had to acknowledge, among other facts, that shortly before the fraud was revealed, the bank withdrew nearly $300 million of its money from Madoff-related funds.
Hillary strikes “soothing” note to Bankers
On a recent afternoon, executives at Goldman Sachs invited a few hundred major investors to the Conrad Hotel in lower Manhattan. The bankers and their guests filed into a large room and turned their eyes to Hillary Clinton
Soothing Words on ‘Too Big to Fail,’ but With Little Meaning
Historically, finance’s share of the economy has been at about 4 percent. Today, it’s about twice that. And the peak occurred not in pre-bubble 2007, but in post-crash 2010, at just under 9 percent, according to research from Thomas Philippon of New York University. That represents a shift of more than $600 billion of wealth a year, as Wallace C. Turbeville, a former investment banker-turned-financial reformist, has pointed out.
In Extracting Deal From JPMorgan, U.S. Aimed for Bottom Line
“Unless you hold the executives accountable, it really is just the cost of doing business,” said Bart Naylor, a policy advocate at Public Citizen, who noted that the settlements hurt shareholders more than executives.
And during a conference call on Tuesday, Marianne Lake, JPMorgan’s chief financial officer, emphasized that $7 billion of the settlement was tax-deductible.