Find Real Estate Agents and Homes for Sale


Real Estate News --> Missouri News

Israel passes law legalizing thousands of settlement homes


The law retroactively legalizes several thousand homes built illegally on private Palestinian land ... which has been emboldened by the election of U.S. President Donald Trump. Missouri man gets probation in 8-year-old driver's death A Missouri man ...


Archived Story

New revelations in e-mails at Goldman Sachs show managers discussing profits to be made from the mortgage crisisThis comes just as Congress is to take up Wall Street reform legislation. By Brad Knickerbocker, Staff writer April 24, 2010 Goldman Sachs chairman and CEO Lloyd Blankfein and the company's president and COO Gary DCohn at Cooper Union college where President Barack Obama delivered a speech on financial regulation Thursday. Newscom View Caption About video ads View Caption of The impetus for Wall Street reform may be escalating.A Senate investigative panel Saturday released e-mails showing that Goldman Sachs executives discussed profiting from the subprime mortgage crisis in 2007.“Sounds like we will make some serious money,” one manager e-mailed“Yes we are well positioned,” his colleague responded, referring to the fact that the investment firm had bet against the mortgage market. Recommended: Could you pass a US citizenship test? Such revelations are red meat to those on Capitol Hill pushing financial reform. Test your knowledge Could you pass a US citizenship test? Photos of the Day Photos of the day 02/08 “Investment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis,” said Senator Carl Levin, chairman of the Senate Permanent Subcommittee on Investigations, in a statement“They bundled toxic mortgages into complex financial instruments, got the credit rating agencies to label them as AAA securities, and sold them to investors, magnifying and spreading risk throughout the financial system, and all too often betting against the instruments they sold and profiting at the expense of their clients,” said SenLevin.Goldman Sachs officials are to appear before the investigative subcommittee Tuesday.Lessons from DetroitMeanwhile, as Republicans and Democrats maneuver toward Wall Street reform, President Obama says a look at Detroit is instructive – both as a caution and also as a guide to what government can do to help clean up an economic mess.Major domestic automakers General Motors and Chrysler were in deep trouble last year, dropping some 400,000 jobsWashington stepped in, providing more than $60 billion in aid.“Many believed this was a fool’s errand,” Obama said in his radio/web address Saturday“But we decided that while providing additional assistance was a risk, the far greater risk to families and communities across our country was to do nothing.”Obama points to improvements in the auto industry since then: added jobs, loan payback, and profitability at Chrysler for the first time in three years.As Obama acknowledges, “We still have a ways to go.” And there are questions about the way in which GM has paid back Uncle Sam, raised by Republican SenChuck Grassley this week in a letter to Treasury Secretary Tim Geithner.But for Obama, the segue from Detroit to Wall Street is clear: “Part of what led to the crisis in our auto industry – and one of the main causes of the economic downturn – were problems in our financial sectorIn the absence of common-sense rules, Wall Street firms took enormous, irresponsible risks that imperiled our financial system – and hurt just about every sector of our economy.”That’s why Obama went to Manhattan Thursday, telling an audience at Cooper Union college that included some of America’s richest bankers that reform is "in the interest of your industry."Congressional debateIn Congress, debate on financial reform could begin as soon as Monday.While Republicans acknowledge the need for reform, they’re resisting Democratic efforts to push ahead on a bill authored by Senate Banking Committee Chairman Christopher DoddThat bill includes a new consumer protection agency, a regulatory council to monitor risk in the financial system, and a fund paid for by the financial industry that would be used to liquidate failed financial firms.The first maneuver is likely to be a cloture vote to halt a possible GOP filibuster.“This is a good political move for Democrats,” Larry Sabato, a political scientist at the University of Virginia, Charlottesville, told the Monitor’s Linda Feldmann“It’s populist, it’s anti-Wall Street, it helps to compensate for the fact that voters have tagged them, however unfairly, with the bailout.”Nobody wants to be seen as “bailing out” big banks and other financial institutions.“Republicans are working to ensure the bill would forbid any future bailouts of Wall Street banks,” Texas SenKay Bailey Hutchison said in the Republican weekly radio and internet address Saturday“The idea that a financial institution is ‘Too Big To Fail’ perverts free market capitalismIt suggests that large firms can privatize their profits, yet socialize their risks.” try { _402_Show(); } catch(e) {} Next up General Motors moves closer to recovery with 'chance' at profits Obama to Wall Street: financial reform is in your interest Chapter & Verse 'Why I Left Goldman Sachs': a viral op-ed expands into a memoir Print/Reprints

Trending Missouri News:


  • Morning Rush: Oak mite battle, Jamaal Charles to Broncos, Missouri Senate disarray
  • Greitens’ budget in line with GOP plans to overhaul Missouri health care system
  • Missouri voters to decide if taxes on services will be banned
  • Two Chaffee teens hurt in ATV accident
  • Venture capital firms launched funds totaling over $700 million in 2016
  • Property Rental a new Investment Trend, says Premier Real Estate Management
  • Missouri lawmaker wants civics test requirement for colleges
  • Summer Interns Comb Region for Stories
  • Expedia hosting forum on vacation rentals at Lake of the Ozarks
  • Fair property assessment measure passes in Missouri Senate
  • Inhance It! Home Staging
  • Missouri House passes bill to protect Airbnb, other rentals
  • Housing Sales Took A Hit In Missouri Last Month
  • Study: Golf is an $889 million industry in Missouri
  • Jennings, MO Homes For Sale & Real Estate
  • Mumps cases at a 10-year high, colleges hard hit
  • Union Ave. Medical Office Financed for $1.8 Million
  • Local Realtors push for taxpayer-protection amendment
  • McCune receives honor from Missouri Veterans Commission
  • Mercy expands real estate portfolio with acquisition near hospital