The Magazine of Corporate Responsibility

Tag Archive for ‘Goldman Sachs’

Secret Tapes Hint at Turmoil in New York Fed Team Monitoring JPMorgan

As the Federal Reserve Bank of New York moved to beef up its oversight of Wall Street two years ago, the team charged with supervising the nation’s largest bank, JPMorgan Chase, was in turmoil. Fed examiners embedded at JPMorgan complained about being blocked from doing their jobs. In frustration, some requested transfers.

Inside the New York Fed: Secret Recordings and a Culture Clash

A special examiner hired – and fired – by the Federal Reserve Bank of New York recorded about 46 hours of meetings and conversations with her colleagues. Many of these events document key moments leading to her firing. But they also offer an intimate study of the New York Fed’s culture at a pivotal moment in its effort to become a more forceful financial supervisor.

Lessons Learned from the Financial Crisis

On the fifth anniversary of the Lehman Brothers’ bankruptcy, columnist Gael O’Brien says the biggest takeaway of the 2007-8 financial meltdown may be how leaders misjudged the “footprint” of their institutions and the impact they can have on “bystanders” – a community, a country, and potentially countries around the world.

Goldman Sachs, Not Criminal, Just ‘Deceptive and Immoral’

For more than two years, Goldman Sachs’ reputation has been under fire for its alleged role in the financial crisis. On August 9, 2012, the U.S. Justice Department (DOJ) announced it won’t prosecute the firm. Goldman Sachs’ spokesman said, “We are pleased that this matter is behind us.”

Hedge Funds Need More Accountability

A leading plaintiffs’ lawyer says the widespread acceptance of hedge funds – which now receive hundreds of billions of dollars from pension plans representing average workers – has not been matched by commensurate improvements in their level of transparency, accountability and corporate governance. As a result, he argues, “it’s time for hedge funds to be brought into the 21st century,” with broad changes in the legal regime that governs them.

Goldman’s Greg Smith: More the Rule Than the Exception

The head of the Ethics Resource Center says former Goldman Sachs executive Greg Smith’s very public resignation – and accusations that the bank had lost control of its culture and “moral fiber” – are backed up by a recent survey which spotlights a historic decline in culture in all business sectors across the country.

13 Reasons Goldman’s Quitting Exec May Have a Point

An executive at Goldman Sachs has left the firm with a bang, penning a New York Times op-ed accusing the company of increasingly putting profits ahead of clients. Greg Smith started as an intern 12 years ago and last headed a derivatives department. Not surprisingly, Goldman quickly and strongly disagreed with his take.

Extractive Industries Confront Pressure for Transparency

Transparency – the effective provision of credible information to stakeholders in a way that improves decision-making and increases legitimacy and trust – is a rapidly growing requirement for international corporations, particularly those in mining, oil and gas, also known as the extractive industries.

Scandalous Leadership and Organization Culture: A Theme Runs Through It

While there’s no excuse for recent leadership scandals, Art Stewart writes, “it is also irresponsible to dismiss outright our own role in engendering a culture of duplicity, incompetence, and corruption as if it all could manifest from unsupported solo acts.”

Crony Capitalism? Hank Paulson’s Extraordinary Meeting

A new report by Bloomberg News suggests that in July 2008, then-Secretary of the Treasury Hank Paulson met with “a dozen or so hedge-fund managers and other Wall Street executives” to discuss a possible scenario for placing mortgage enterprises Fannie Mae and Freddie Mac into “conservatorship.” Pulitzer Prize-winner Jesse Eisinger says Paulson’s meeting with his former Wall Street peers draws “a picture of a Treasury Secretary who took care of his buddies while allowing the system to blow up.”