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A former Goldman Sachs Group Inc computer programmer was sentenced to eight years in prison on Friday for stealing secret code used in the Wall Street bank’s valuable high-frequency trading system.
Sergey Aleynikov, was arrested by the FBI and charged in July 2009 with copying and removing trading code from Goldman before taking a new job at Teza Technologies LLC, a high-frequency trading startup firm in Chicago. Get the full story »
Goldman Sachs Group Inc.’s earnings easily beat analysts’ forecasts again, but the bank saw a big slowdown in trading, its most profitable business.
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Triton Container International Ltd., owned by Chicago’s Pritzker family, is up for sale, the latest attempt at selling the container leasing company that could be worth about $1 billion, several sources familiar with the matter said on Friday.
The auction is the latest in a series of asset sales by the Pritzkers, one of the wealthiest U.S. families. They have been selling assets after a 2001 settlement agreement, in which 11 heirs set a plan to break up the family fortune. Get the full story »
Penny Pritzker, one of America’s richest and most powerful businesswomen, is no longer considered an independent director of Hyatt Hotels Corp., the publicly traded company that her family controls.
Hyatt disclosed that change in its proxy statement in late April, when the list of independent directors no longer included the 51-year-old Pritzker, who was national finance chair for Barack Obama’s presidential campaign and leads several companies that are part of her family’s business empire. Get the full story »
From Dividend.com | Health care products maker Abbott Laboratories saw its rating cut on Monday by analysts at Goldman Sachs. The firm lowered its rating on ABT to “Neutral” from “Buy,” but maintained its $69 price target on the stock. That target represents a more than 48% upside to Abbott’s Friday closing price of $46.53.
Get the full story: dividend.com.
Associated Press | The CEO of Goldman Sachs testily defended his company’s ethics and business practices during the nation’s financial crisis on Tuesday, saying customers who bought securities from the Wall Street giant came looking for risk “and that’s what they got.”
“Unfortunately, the housing market went south very quickly,” Lloyd Blankfein told skeptical senators on an investigatory panel. “So people lost money in it.”
Get the full story: Goldman CEO denies wrongdoing in crisis.
From Bloomberg | In an article on Goldman Sachs published April 1 in Bloomberg BusinessWeek magazine, Chicago-based structured finance expert Janet Tavakoli accuses Goldman of taking advantage of a flaw in the system of collateralized debt obligations (CDOs), or what became known as toxic mortgages. She says Goldman squeezed global insurer AIG for cash by marking down mortgages underlying CDOs that were insured by a credit-default swap from AIG, thus creating a no-lose situation for Goldman’s clients at AIG’s expense. “Goldman is trying to pretend it didn’t know any better, while also trying to say they are great risk managers,” says Tavakoli, the president of Chicago advisory firm Tavakoli Structured Finance. “Goldman cannot have it both ways.”
Get the full story: businessweek.com.
